Small businesses and retailing markets cannot resist the impact of recession. For your information, Filene's Basement has filed for Chapter 11 protection. Filene's Basement is a surprise filing, as discount and second hand retailers are typically into the black during recessions, but it's not as bad as you'd think. They are in need of a quick payday loan, but instead of going straight into liquidation, they are being bought by Crown Acquisitions (whose CEO bears no resemblance to Steve McQueen or Pierce Brosnan) who are partnering with Chetrit Group for the sale. (Both are large real estate firms.) The basic premise will still work, as the chain specializes in selling high fashion items at a discount, so people will still get Prada without payday loans at Filene's Basement.
