Boscov's Inc. has filed for Chapter 11 bankruptcy protection.
The department-store chain, which had $538 million in assets and $479 million in
debts, claims decreased consumer spending is to blame.
Boscov's operates 49 stores in six states in the
eastern U.S. Boscov's will immediately close 10 unprofitable stores, according to the petition.
Boscov's is the latest in a series of retailer to file for Chapter 11. Regional department store Mervyn's LLC filed for bankruptcy last week and Steve & Barry's LLC in early July. As Dealscape's Matt Wurtzel recently wrote, many regional retail chains are crunched between raising operating costs and facing downmarket competition from national department
stores such as J.C. Penny Co. as well as discount retailers such as
Target Corp. and Wal-mart Stores. - Maria Woehr
It's really a shame. Being so large, yet still family-owned, Boscov's was a representation of how business once WAS. Therein lies the problem - times are changing. In difficult times like today, the convenience of the internet and high gas prices have left large retailers like Wal-Mart and Target at the forefront of success.
Today, it doesn't matter how you get there. All that matters is that you have a profit to show at the end of the quarter and the most creative and innovative companies that streamline themselves with today's world prevail.
Boscov's Inc. has filed for Chapter 11 bankruptcy protection.
The department-store chain, which had 
It's really a shame. Being so large, yet still family-owned, Boscov's was a representation of how business once WAS. Therein lies the problem - times are changing. In difficult times like today, the convenience of the internet and high gas prices have left large retailers like Wal-Mart and Target at the forefront of success.
Today, it doesn't matter how you get there. All that matters is that you have a profit to show at the end of the quarter and the most creative and innovative companies that streamline themselves with today's world prevail.