Burlington, Mass. Syms Corp. and Men's Wearhouse are vying to buy the majority of the stores of Filene's Basement, which filed for bankruptcy protection earlier this month, according to the New York Post.
Syms is joining forces with real-estate giant Vornado Realty Trust to boost its bid, with Vornado's main interest being Filene's flagship store in Boston, which sits on a "dirt-cheap" lease, the report said.
The companies, which plan to buy at least 15 Filene's locations, would operate them under either the Syms or Men's Wearhouse brands, the report said.
Filene's Basement had originally agreed to sell 17 of its 25 stores to an affiliate of Crown Acquisitions for $22 million, including flagship stores in New York and Boston.