The oldest off-price retailer in the United States, Filene's Basement focused on high-end goods and was 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 used a 470,000-square-foot (44,000 m2) distribution center in Auburn, Massachusetts.

Filene's "Automatic Bargain Basement", as it was originally called, opened in 1909 beneath the Downtown Crossing location.

Top executives, at the time, included: Sam DiPhillippo (Marketing), Audie Dunham and Kathleen Collman (HR), and others.

It became a privately held venture in a LBO arrangement led by then-CEO & President Jim Anathan, Chairman Sam Gerson, and other investors.

Filene's Basement, now a separate company, embarked on a massive but ill-advised strategy of expansion that, ten years later, in August 1998, forced the chain to seek Chapter 11 bankruptcy protection; more than 30 outlets were shuttered.

All Aisle 3 location were closed following the purchase of Filene's Basement by Value City Department Stores Inc. (later Retail Ventures, Inc.) in March 2000.

Due to a number of factors, renovations on the Downtown Crossing site came to a halt during late 2008, leaving the building partially gutted; as 2009 came to a close, Filene's Basement had not moved back into their former space, as originally planned.

They also provided information on how to purchase rights to the company's brands, trademarks, and other intangible assets and erected a website to view the bankruptcy case and pertinent phone numbers.

The film features stories from the people who worked and shopped in The Basement and include former Massachusetts Governor Michael Dukakis, congressman Barney Frank, Mayor Tom Menino, Estelle Parsons, and Mike Wallace.

The film is the work of filmmakers Michael Bavaro and Susan Edbril premiered at the Omni Parker House in Boston.

[citation needed] Starting in 1947, the Boston flagship store held an annual one-day bridal gown sale.