Filene's Basement, also called The Basement, is a Massachusetts-based chain of department stores which was owned by Retail Ventures, Inc. until April 2009 when it was sold to Syms. The oldest off-price retailer in the United States, Filene's Basement focuses on high-end goods and is known for its distinctive, low-technology automatic markdown system. As of late 2006, the company operated stores in metropolitan areas in eight U.S. states and Washington, D.C. and uses a 470,000-square-foot (44,000 m2) distribution center in Auburn, Massachusetts.
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