UPDATE 2-Auction for bankrupt Filene's heats up

Fri Jun 12, 2009 11:04pm BST
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* Syms-Vornado bids $61.3 mln, for fewer leases

* Men's Wearhouse-Crown bids $63.3 mln (Adds details on latest bids)

By Phil Wahba

NEW YORK, June 12 (Reuters) - Interest in bankrupt discount department store Filene's Basement heated up on Friday, with two sets of bidders upping the ante in a reopened auction.

With the auction still open, Syms Corp (SYMS.O: Quote, Profile, Research) and Vornado Realty Trust (VNO.N: Quote, Profile, Research) had raised their joint bid to $61.3 million from $60 million, said Terry Corrigan of Abacus Advisors, which is overseeing the restructuring of the Boston retailer.

A rival bid by Men's Wearhouse Inc (MW.N: Quote, Profile, Research) and Crown Holdings, a retail estate investment firm, had reached $63.3 million, he said.

The bids cover different Filene's stores, Corrigan said, explaining the difference in offers.

Corrigan said he expected the auction to finish on Friday.

Walrath has scheduled a hearing for the sale for Monday.  Continued...

 
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