Filene's Basement is at death's door


Filene's Basement, the Boston-based discount chain that claims to be the very place where bargains are born, is on its deathbed.

Vendors, who have been stiffed for months, have threatened to push the 25-store chain into bankruptcy, according to the Boston Globe. In January, Filene's Basement shuttered 11 stores in an desperate attempt to conserve cash. Business conditions have deteriorated "significantly" since then and efforts to renegotiate leases are "not likely to lead to sustainable operations for Filene's Basement," the chain's owner, Retail Ventures, said in an SEC filing.