| Business Summary | | Filene's
Basement
Corp.
has
been
operating
its
business
as
a
debtor-in-possession
subject
to
the
jurisdiction
of
the
United
States
Bankruptcy
Court
for
the
Eastern
District
of
Massachusetts
since
filing
for
relief
under
Chapter
11
of
the
United
States
Bankruptcy
Codes
on
August
23,
1999.
In
February
2000,
Value
City
Department
Stores,
Inc.
and
Filene's
Basement
Corp.
announced
that
Base
Acquisition
Corp.,
a
wholly-owned
subsidiary
of
Value
City,
has
signed
a
definitive
purchase
agreement
to
acquire
substantially
all
of
the
assets
and
assume
certain
liabilities
of
Filene's
Basement.
The
Company,
through
its
wholly
owned
subsidiary
Filene's
Basement,
Inc.,
operated
a
chain
of
off-price
specialty
stores
offering
focused
assortments
of
timely,
fashionable,
branded
and
private
label
merchandise
at
prices
significantly
below
traditional
department
store
prices. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Filene's
Basement
Corp.
currently
operates
as
a
debtor-in-possession
under
Chapter
11
of
the
U.S.
Bankruptcy
Code.
Formerly,
the
Company
operated
a
chain
of
off-price
specialty
stores.
For
the
39
weeks
ended
10/99,
net
sales
fell
1%
to
$409.7
million.
Net
loss
totalled
$73.2
million,
up
from
$17
thousand.
Revenues
reflect
lower
comparable
store
sales
due
to
insufficient
quantities
of
inventory.
Higher
loss
reflects
the
inclusion
of
a
$32.3
million
reorganization
charge. | More
from
Market Guide: Significant
Developments |
| Officers | | | FY1998 Pay | |
| Samuel Gerson, 57 Chairman,
CEO | $723K | Steven Siegel, 54 Exec.
VP, CFO, Treasurer | 345K | Dollar amounts are as of 30-Jan-1999 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|