Crain’s reports:
Time may be running out for brides to dash to Filene’s Basement. The off-price retailer, famous for its Running of the Brides discount wedding dress events, is on the block. In a filing with the Securities and Exchange Commission Friday, the chain’s Columbus, Ohio-based parent Retail Ventures Inc. said efforts to cut costs “is not likely to lead to sustainable operations for Filene’s basement.”
In January, Retail Ventures had announced the closing of 11 underperforming Filene’s stores, including one in Levittown, N.Y. Yet performance at the remaining 25 locations, which include four in New York City, “has continued to deteriorate significantly since that time,” according to the filing. Retail Ventures, which also owns footwear chain DSW Inc., said it will delay the filing of its annual results with the SEC.