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Boscov's Files Chap. 11, To Close 10 Stores

8/18/2008 02:00:00 AM Eastern

Boscov's, the privately held department store based here, has filed for Chapter 11 bankruptcy protection and will close 10 stores.

The chain, a member of the NATM Buying Group that was ranked No. 69 in the TWICE Top 100 CE Retailers Report with $108 million in CE sales for calendar year 2007, will continue to operate during the reorganization. During 2007 Boscov's operated 50 locations in Pennsylvania, Delaware, New Jersey, New York, Maryland and Virginia.

When the chain made the filing the Wall Street Journal quoted Maralyn Lakin, Boscov's senior VP, as saying in reference to the economy and market conditions, "We are middle America. I have never seen anything like this."

The retailer was quoted in various reports that the department store will use the filing to regroup and strengthen its balance sheet.

The electronics and major appliance suppliers listed as among the 40 largest creditors of unsecured claims are (with the debt in parentheses) are: Whirlpool ($716, 532), Toshiba ($597,300), Panasonic ($436,953) and Ritz Camera ($418,690).