Filene's Basement files for Ch. 11 reorganization
Bankruptcy
Discount retailer Filene's Basement says it has filed to reorganize under Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options."
The privately held company also reached a deal that will allow a Crown Acquisitions affiliate to buy 17 of its 25 stores, including its flagship locations in Boston and New York. The agreement is subject to a bankruptcy court auction, which is expected in about five weeks.
The auction will allow other companies to submit bids for the 17 stores, as well as for the rest of the Filene's Basement locations and the chain's other assets.
New York-based Crown, a real estate and asset management company, plans to continue running the 17 stores under the Filene's Basement name.
Buxbaum Group, a California-based liquidator, acquired Filene's last month through an affiliate company, FB II Acquisition Corp. The sale came after the previous owner, Retail Ventures Inc., said the chain was experiencing "significant liquidity problems."
Filene's Basement, known for its "Running of the Brides" wedding gown sale, was founded more than a century ago in Boston.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.