Filene

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An auction was to have begun at9 a.m. Friday, a week aftedr the bankrupt discount retailer was sold to an affiliatreof Men’s Wearhouse (NYSE:MW) in a bidding war that lasted several hours. Limited and formal objections tothat $67 million deal have sincs been filed in Delaware bankruptcy prompting a judge to send the chain back for auctionm again. Among those objectin to the sale isCrown Acquisitions, the companuy that was first in line to buy Filene’s The company in a filing this week claimed the Men’d Wearhouse transaction didn’t follow bidding procedures and describesd the auction itself as “a Crown claimed that Men’s Wearhouse originalluy said it had no interest in buyinf Filene’s assets through an outright sale, but as part of a Crown said Men’s Wearhouse latetr swooped in with a bid that was filefd after a court deadline.
The new auction was to have begujn at9 a.m. A hearing following the auction is scheduledfor 12:300 p.m., according to court documents. Filene’s Basement sought protectionm from creditors in May in Delawarebankruptcy court, months after closing several Columbus-based Retail Ventures Inc. (NYSE: RVI), whic h maintains a majority stake in discoung shoe retailerDSW Inc. (NYSE:DSW), sold the chaijn this year to FB IIAcquisitiohn Corp., a new entity owned by liquidation and turnarouned firm Buxbaum Group.