4 More Filene's Basement Stores Closing
BOSTON (CBS/AP) -- Filene's Basement is closing four more stores in Massachusetts.
The stores in the Square One Mall in Saugus, the South Shore Plaza in Braintree, the North Shore Mall in Peabody and the Arsenal Mall in Watertown will close by the end of the year.
"The four Filene's Basement stores located in Simon Malls in Massachusetts were earmarked to close during the bankruptcy two and a half years ago," company spokesperson Hannah Arnold told WBZ-TV in a statement Tuesday.
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"An agreement was reached with Simon Malls to keep the stores open until December, 2011 and we are in the process of fulfilling that agreement. It has always been our expectation that the stores would close at that time and, as a result, we have begun the planned wind-down of these locations."
WBZ NewsRadio 1030's Mary Blake reports
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Only three Filene's Basement stores will remain open in Massachusetts in Newton, Norwood and the Back Bay.
Secaucus, N.J.-based Syms Corp. acquired Filene's Basement out of bankruptcy protection in the second quarter of 2009 for $62.4 million, but has struggled to turn the chain around.
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