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Discount chain Filene's Basement has filed for Chapter 11 bankruptcy protection, reports the Times. "Legendary bargains were not enough to keep the troubled chain going....While discount chains have performed far better than their upscale peers in this recession, Filene’s got hammered by much lower-price chains as well as by high-end chains like Saks and Neiman Marcus, which suddenly began offering the latest designer fashions at deep discounts." [NYT]