All of this comes in the wake of a motion filed less than a week ago by Crown Acquisitions, which alleged that Men's Wearhouse had violated court-ordered bidding procedures when it won the initial auction on June 5. Crown Acquisitions had been named the "stalking-horse bidder" lined up by Filene's Basement in the original auction, and had set an original bid of $22 million.
Last Wednesday, a Delaware bankruptcy court judge ordered the re-opening of the auction. The Boston Herald reports that the auction resumed on Friday, with locally based Men's Wearhouse joining forces with its former rival to make a new offer of just under $65 million for the bankrupt Filene's Basement. Bidding continued through this morning, the Boston Herald added.
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