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$30 Armani, Anyone?

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Madison Avenue Spy investigates the closing sale at Chelsea's shuttering Filene's Basement: "So what deals are to be found? Um. Not much quality, that's for sure. We did, however, find a few racks of Armani reduced an extra 75%. Slacks that once retailed for $500 are now $30, a straight-off-the-runway looking rouched blazer was $12,600 at retail but is now $650 and a velvet blazer started at $3,700 at retail but is now $200." [MAS]