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FILENE'S BASEMENT TO OPEN SECOND FLAGSHIP STORE IN CHICAGO

 FILENE'S BASEMENT TO OPEN SECOND FLAGSHIP STORE IN CHICAGO
 WELLESLEY, Mass., July 24 /PRNewswire/ -- Filene's Basement Corporation (NASDAQ: BSMT) today announced plans to further advance its expansion program and open a second flagship store in downtown Chicago, following recent bankruptcy court approval of certain property owned by R.H. Macy's. As previously announced, Filene's Basement is in the midst of an accelerated program to build new stores in targeted markets outside the Northeast corridor.
 Specifically, yesterday, Filene's Basement received approval by the U.S. Bankruptcy Court for the southern district of New York to acquire the lease held by R.H. Macy's for the I. Magnin store located on North Michigan Avenue in downtown Chicago. The sale agreement remains subject to certain conditions, which are expected to be met in the near future.
 Jim Anathan, president of Filene's Basement, said, "Our recent agreement with Macy's presents a unique opportunity to solidify the Filene's Basement franchise in Chicago. Chicago is one of retailing's strongest and most dynamic markets; North Michigan Avenue, one of the world's premier shopping destinations. We look forward to opening up to approximately 50,000 square feet of selling space there later this fall, and to further build on the reputation for exceptional quality and value that we have established among Chicagoans."
 With the North Michigan Avenue store, Filene's Basement will have seven stores in the Chicago marketplace by the end of the current fiscal year. Two new stores are scheduled to open during the early fall season in the Randhurst Mall and Heritage Square in Naperville.
 Filene's Basement is also moving aggressively in developing a presence in the Minneapolis marketplace, the second major market outside the Northeast corridor which the company has targeted for expansion. Filene's Basement plans to open five stores in this market from August through November.
 Filene's Basement Corp. operates specialty stores which offer focused, quality branded assortments of men's and women's apparel at discount prices. the company operates 40 stores, primarily in the Northeast corridor and in the greater metropolitan Chicago market.
 -0- 7/24/92
 /CONTACT: Jim Anathan, president of Filene's Basement 617-348-7042/
 (BSMT) CO: Filene's Basement Corporation ST: Massachusetts, Illinois IN: REA SU:


PB -- NE003 -- 2930 07/24/92 09:20 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
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