No deal yet for Filene's Basement

So far, Men's Wearhouse Inc., in a joint bid with real estate firm Crown Acquisitions Inc., has submitted the highest proposal, $64.9 million for 20 shops, including the shuttered flagship in Downtown Crossing; inventory; and the trademark name, according to Terry Corrigan of Abacus Advisors, which is overseeing the Basement's restructuring. The Men's Wearhouse deal allows the company to decide later whether to maintain the Basement's headquarters in Burlington, which employs about 49 people, and the warehouse in Auburn, where about 50 people work, Corrigan said.

Syms, in partnership with real estate firm Vornado Realty Trust, has offered $61.2 million for 23 stores and the chain's inventory, along with the headquarters and warehouse. Both transactions would close immediately following approval from a bankruptcy judge next week. "We're hopeful we have a final answer on Monday," Corrigan said.

The bidders could not be reached for comment yesterday evening.

The auction for the famed Filene's Basement has dragged on for more than a week. Men's Wearhouse's was tapped on June 5 as the successful bidder, beating out Syms and Crown Acquisitions with a $62 million offer that included an additional $5 million if Filene's Basement won a lawsuit over rent disputes. But complaints about the auction raised by the two losing bidders, along with a sweetened proposal from Syms, prompted a judge to reopen the process this week.

On Wednesday, Stanley Chera of Crown Acquisitions said Men's Wearhouse, the Texas men's clothier, had dropped out of the auction. But then Chera decided to team up with Men's Wearhouse against Syms and Vornado Realty Trust, which owns the Downtown Crossing property where the shuttered Filene's Basement flagship is located.

Jenn Abelson can be reached at abelson@globe.com.