Men's Wearhouse buys Filene's for $67 million in bankruptcy auction

An affiliate of Men's Wearhouse won a bankruptcy auction to buy the Filene's Basement chain for $67 million and plans to keep operating most stores.

The sale prevents the demise of a retailer well-known for brand-name discounts and its famous "Running of the Brides" annual wedding dress sale.

K&G Acquisition Corp. beat out two other bidders, Crown Acquisitions and a group consisting of Syms and Vornado Realty Trust, in an auction that ended Sunday. A Filene's at The Waterfront in Homestead closed in February.