Monday, August 04, 2008

Boscov's seeks bankruptcy protection

READING, Pa. (AP) - The troubled department store chain Boscov's is filing for Chapter 11 bankruptcy protection.

The Reading, Pa.-based chain also will close 10 stores. It otherwise will continue to operate without interruption during the reorganization.

The retailer, America's largest family-owned independent department store, says filing for Chapter 11 protection gives it the tools and time to strengthen its balance sheet.

Boscov's has stores in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia. It is closing five stores in Pennsylvania, three stores in Maryland, one in New Jersey and one in Virginia.

The company recently acknowledged that some suppliers have stopped shipping merchandise to the company. Boscov's blamed credit issues.
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4 comments:

  1. MuddyMonday, August 25, 2008 2:15:00 PM

    Is the VA one that is closing the one in Danville?

    This is certainly a shame as I found it to be a very interesting place and had hoped (and wrote asking for) they might consider coming to Burlington in particular the Burlington Square mall. I got a nice response back thanking me for the suggestion. I certainly am not counting on it anymore by any means.

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  2. LivemallsTuesday, August 26, 2008 7:23:00 PM

    I forgot that you had a chance to go to Boscov's for a moment! I will miss it too. It was always a little hokey, but it was different, too, in a good way.

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  3. American ElegySaturday, March 14, 2009 2:48:00 PM

    We have a Boscov's here in Butler, PA., and it's become rather controversial. They are asking the local municipalities to guarantee large loans to keep the stores running. Boscov's is a nice store and it would be a major blow to our local mall to have it close, but people are very divided as to whether to subscribe to this financing plan. In the end, it ended up being approved, so for the time being, it looks like Boscov's is staying put.

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  4. LivemallsSunday, March 15, 2009 9:46:00 PM

    Every other industry is getting government money, why not Boscov's? ;-)

    Seriously, a department store doesn't seem like the most likely recipient of this kind of intervention, but it makes sense. the store provides a social and economic anchor for the community and its loss would cripple the mall and the local retail economy.

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