filene's basement

Frugal fashionistas have counted on Filene's Basement for discounted designer duds for years. Photo: Getty Images

Last month, we reported that Filene's Basement had filed for bankruptcy, and that there were several parties interested in acquiring the discount retail store (famous for its annual "Running of the Brides" event).

Now, the wait is over. WWD reports that Syms Corp, a discount chain, along with its financial partner Vornado Realty Trust will take over Filene's Basement. The winning bid was $62.4 million.

Men's Wearhouse and Crown Acquisitions also placed bids, and although they offered more money ($64.9 million), Syms/Vornado's bid was for more stores. Sold!