Filene's Basement Is Shutting Its Doors

America's original discount store has filed for federal bankruptcy protection and plans to close its 46 stores. This isn't the first time the company 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.

Copyright © 2011 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

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 – 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.

Copyright © 2011 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: