![]() The history of Filene's Basement is intertwined with that of the venerable Filene's chain. In fall of 2015, Filene's Basement was reopened exclusively as an online retailer. In 2012, private equity firm Trinity Place Holdings acquired by brand copyright to Filene's Basement. The last Filene's Basement stores closed permanently on December 29, 2011. In November 2011, Syms filed for bankruptcy, resulting in a liquidation sale. Filene's Basement was then sold to Syms Corporation, which also owns the Syms chain of off-price stores. to Buxbaum Group, which filed for bankruptcy in May 2009. The 2009 economic crisis negatively impacted the chain, prompting the closing of many stores and the eventual sale of the chain from Retail Ventures, Inc. The flagship Downtown Crossing store closed in September 2007 while the building above it underwent construction and had been set to reopen following the conclusion of the construction. The store's name was derived from the subterranean location of its flagship store, in the basement of the former Filene's department store at Downtown Crossing in Boston, Massachusetts. and used a 470,000-square-foot (44,000 m 2) distribution center in Auburn, Massachusetts. As of late 2006, the company operated stores in metropolitan areas in eight U.S. The oldest off-price retailer in the United States, Filene's Basement focused on high-end goods and was known for its distinctive, low-technology automatic markdown system. until April 2009 when it was sold to Syms. ![]() Filene's Basement, also called The Basement, was a Massachusetts-based chain of department stores which was owned by Retail Ventures, Inc.
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