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Three bankruptcies, you're out: Goodbye, Filene's Basement
By Ron Newman on Wed, 11/02/2011 - 1:03pm
Filene's Basement will close all remaining stores and liquidate by the end of January 2012. As will the chain's current parent, Syms (which once had its own store on Summer Street, a block away from Filene's).
The Globe reports that this is the Basement's third bankruptcy filing in little over a decade -- and presumably the last.
It's also the second high-profile liquidation to afflict the Newbry (New England Life) building in Back Bay, which recently saw the closure of Borders Books.
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Damn, that throws Downtown Crossing for a loop
What are they going to put in the basement at the Hole now?
It's a shame they covered it up
I used to lead out-of-towners there and point: "Hey look, it's Filene's basement."
People STILL look for it
I've had a number of visitors ask where it is, and get bummed when they hear that it isn't anymore.
Not surprising.... they
Not surprising.... they eliminated the quirks and the graded discounting scheme which the company was known for. The thrill of the hunt was eliminated, and the basement became indistinguishable from any other big box chain discount clothier. It's like if priceline wholly abandoned its "name your price" deal.... that is what their identity was set by, and without it it is just another discount travel website.
I'll miss it, but I have to think the brand is too valuable, in New England at least, to just lapse into the nether. If the DTX hole ever gets filled I have to think having a store there called Filene's Basement, the Basement, or some clever derivation would be the most profitable business prospect for that location.
Automatic markdown system
I never understood why they didn't just transfer that whole concept to the Back Bay store once the Downtown Crossing flagship closed.
The original Basement is where I always bought replacements for lost hats, gloves, scarves, etc.
Replacements
"The original Basement is where I always bought replacements for lost hats, gloves, scarves, etc."
Where did you buy the original items before they were lost? :-)
It's about time...
Just stick a fork in it, and let it go. We will always have the memories...
What a shame.
What a shame.
The name, the name, the name
Their most valuable asset in the bankruptcy auction will always be the name "Filene's Basement". Someone will buy that and try again, maybe in the infamous hole on Washington Street.
Just like the owners of what used to be called the Boston & Maine Railroad bought the rights and logos to Pan American World Airways, so now they run Pan Am freight trains throughout New England. (And you wondered who was getting the royalties from that TV show....)