| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
 Bankrupt retailer Boscov's Inc. is selling its assets to a familiar buyer. The company is being purchased by Albert Boscov and Edwin Lakin, two retired former executives and also family of the founder of the company, according to Forbes.
The company filed for Chapter 11 bankruptcy reorganization on Aug. 4,
and at the time announced it would close 10 of its 49 stores.
Terms of the deal were not disclosed, and apparently financing is not in place just yet, but the transaction is set to be completed by the end of November. Boscov's terminated an earlier deal with Versa Capital Management Inc., which wanted to pay $11 million for the chain and assume its debts ( $90 million in debts to vendors and $157 million in outstanding loans with Bank of America NA, General Electric Co. and Wells Fargo & Co.), according to The Baltimore Business Journal. Boscov and Lakin will seek approval of the deal in the U.S. Bankruptcy Court on Nov. 13 and hope to have Boscov's back in business. This is great news for residents and employees of the store in Philadelphia because Boscov's is the sponsor of Philadelphia's annual Thanksgiving Day Parade. - Maria Woehr Categories Deal Video
    Community
 Elsewhere on The Deal.comDealwatch
The Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||||
|
|
|
|
|
©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.
