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Filene's Basement for sale

BOSTON - Landmark Boston area discount retailer Filene's Basement is for sale.

The 25-store chain's owners said in a regulatory filing Thursday that sales have "continued to deteriorate" since the company closed 11 stores in January.

Retail Ventures Inc. said an attempt to renegotiate leases for the remaining stores, corporate offices in Burlington and warehouse, "is not likely to lead to sustainable operations for Filene's Basement."

The store, famous for its "Running of the Brides" wedding gown sale, was founded more than a century ago in downtown Boston as a place for the Filene's department store to sell excess merchandise.

Bankrupt Polaroid sold

ST. PAUL, Minn. - Concord, Mass.-based Polaroid Corp. has been sold in bankruptcy court for $85.9 million in cash and equity.

The winning bid from liquidators Hilco Consumer Capital of Toronto and Boston-based Gordon Brothers Brands was approved Thursday by a federal bankruptcy judge in St. Paul.

Polaroid filed for bankruptcy in December after Minnesota businessman Tom Petters was indicted on charges of running a $3.5 billion Ponzi scheme. Petters bought Polaroid in 2005 for $426 million.

Losing bidder Lynn Tilton, chief executive of the New York-based private equity firm Patriarch Partners LLC, bid about $500,000 higher and plans to appeal.

Sale by Mass Megawatts

WORCESTER - Mass Megawatts Wind Power Inc. has sold a 550-kilowatt wind power project to Electric City Wind Power Corp., a Pittston, Pa., wind power development company, for $1.1 million. The sale comes on the heels of a $1 million, 500-kilowatt wind power project sold by Mass Megawatts to Catherine and Daniel Donnelly, principals of Donnelly Mechanical.

Lease agreement

AUBURN - Glickman Kovago & Co. has brokered a lease agreement between Hasting Bros. Realty Co. and SB Mortgage Group Inc. at 319 Southbridge St. A total of 1,750 square feet of space remains available at 319 Southbridge St.

Netezza stock sold

MARLBORO - Patricia Cotter, a vice president at Netezza Corp., exercised 15,000 shares of company stock at $1 to $2.50 per share on Thursday, and sold them the same day at $7.50 per share, according to a company filing yesterday with the U.S. Securities and Exchange Commission. She retains 100,000 shares directly, and 2,000 indirectly. (The Washington Service)

Sepracor patent disputes

MARLBORO - Sepracor Inc. announced that the U.S. Patent and Trademark Office has combined three patent interference proceedings into one case and has set Jan. 6, 2010, for oral arguments. The issue is a drug that Wyeth sells under the name Pristiq for depression. Sepracor said it is seeking three patents, and the earliest one was filed before Wyeth's.

From local and wire service reports
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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:Apr 18, 2009
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