Filene's Basement Is Shutting Its Doors
RENEE MONTAGNE, HOST:
And our last word in business is farewell Filene's. America's original discount store, Filene's Basement, is shutting its doors. It's filed for federal bankruptcy protection and plans to close its 46 stores. This isn't the first time Filene's has filed for bankruptcy, but it appears to be its last. The company cited increased competition from department stores, private label discounters and the economic downturn for its woes.
Filene's Basement was founded in Boston in 1909. That's when Edward A. Filene began to sell surplus, overstock and closeout merchandise out of the basement â the real basement - of his father's department store. And that's the business news on MORNING EDITION from NPR News. I'm Renee Montagne.
STEVE INSKEEP, HOST:
And I'm Steve Inskeep. Transcript provided by NPR, Copyright NPR.