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Retail chain Boscov’s Department Store has agreed to an asset purchase agreement with a family group led by Albert Boscov and Edwin Lakin. The company filed to reorganize under Chapter 11 in August.
Boscov’s Department Store LLC has entered into an asset purchase agreement with a family group led by former chairman Albert Boscov and top executive Edwin Lakin. The company terminated a previous agreement to sell its assets to private equity investment firm Versa Capital Management Inc. Although not addressed specifically, the agreement is expected to include the company’s e-commerce site, Boscovs.com
“I believe that this agreement maximizes the value of our business and the return to our creditors. It also provides certainty about the future direction of our company. As we move toward the completion of our restructuring process, Boscov’s will be well-capitalized and have the resources to build a stronger and more competitive business,” says Ken Lakin, chairman and CEO.
A hearing on the agreement in a U.S. Bankruptcy Court is scheduled for this week. The company filed for Chapter 11 bankruptcy protection in August.
Reading, PA-based Boscov’s, No. 258 in the in the Internet Retailer Top 500 Guide, operates 39 stores in Pennsylvania, New York, New Jersey, Maryland, and Delaware.