CORRECTING and REPLACING Crown Acquisitions and Chetrit Group Acquire 17 Filene`s Stores to Operate and Grow Venerable Brand

Stanley Chera`s Crown Acquisitions Returns to its Retail Roots; Partners with
Chetrit to Save Thousands of Jobs, Rebuild Brand
NEW YORK--(Business Wire)--
Please replace the release with the following corrected version due to multiple
revisions.

The corrected release reads:

CROWN ACQUISITIONS AND CHETRIT GROUP ACQUIRE 17 FILENE`S STORES TO OPERATE AND
GROW VENERABLE BRAND

Stanley Chera`s Crown Acquisitions Returns to its Retail Roots; Partners with
Chetrit to Save Thousands of Jobs, Rebuild Brand

Retail real estate owner Stanley Chera`s Crown Acquisitions, in partnership with
The Chetrit Group, announced the purchase of 17 profitable stores from Filene`s
Basement chain. The $22 million asset purchase agreement with Filene`s Basement
was signed on Friday, May 1.

The stores are primarily located on the East Coast, including New York, Boston,
Chicago, Atlanta and Florida. Because of the Filene`s Basement bankruptcy filing
this morning, this transaction saves the chain`s 17 most profitable stores and
thousands of jobs.

The partnership of New York-based Crown Acquisitions and The Chetrit Group, also
of New York, will capitalize the stores with strong equity and no bank debt.
Both companies have roots in the fashion and retailing industries that will
support their management and revitalization of the Filene`s Basement chain. The
partnership stressed that it will not liquidate the inventory or real estate,
but will instead use its real estate expertise and retail/fashion background to
grow the company by adding the best locations and injecting fresh capital to the
already profitable stores.

Morris Missry of Wachtel, Masyr represented the partnership of Crown
Acquisitions and The Chetrit Group in this acquisition.

Crown Acquisitions has, at its core, more than 50 years of retail experience,
owning and operating chain apparel stores on the East Coast. Having expanded
from retail operations into real estate acquisition and management, the company
now owns more than 10 million square feet of commercial space, including the
retail property at 666 Fifth Avenue, 600 Broadway, and 358 Fifth Avenue.

The Chetrit Group is a real estate owner with its roots in the fashion business,
as a manufacturer of denim and ladies apparel. The company`s substantial real
estate holdings include the Sears Tower and 620 Sixth Avenue, the property which
houses one of Filene`s most successful Manhattan stores.

Crown Acquisitions

Crown Acquisitions, founded by Stanley Chera, has an ownership interest in more
than 15 million square feet of retail and office property throughout North
America. With assets in major cities including New York, Chicago, Toronto,
Philadelphia, Boston and Miami, Crown Acquisitions is recognized for its ability
to optimize value through hands-on asset management and a keen focus on
improving the retail components of each property. An investor, owner, operator
and developer, Crown Acquisitions` holdings include interests in more than 50
properties, such as World Trade Center towers 2, 3 and 4, Herald Center, 551
Fifth Avenue, 600 Broadway, 717 Fifth Avenue and 598 Madison Avenue in New York;
645 North Michigan Avenue in Chicago, IL; and the Miami Merchant`s Mart in
Miami, FL.

Great Ink
212-741-2977
Roxanne Donovan
Roxanne@greatink.com
or Jordana Marks
Jordana@greatink.com
or Jimmy Lappas
Jimmy.Lappas@greatink.com

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