Boscov’s Files Chapter 11

Add Boscov’s to the list of retailers that have filed for Chapter 11. The Reading, PA-based department store chain filed for bankruptcy protection on Monday.

Boscov’s says it will close 10 of its 49 stores– five in Pennsylvania, three stores in Maryland, one in New Jersey and one in Virginia.
But it will otherwise continue to operate while it reorganizes.

The retailer has secured $250 million in debtor-in-possession financing from Bank of America. This will allow Boscov’s to pay for shipments of merchandise for the back-to-school and holiday shopping seasons. (Some of its suppliers had stopped shipping merchandise to the company.)

Boscov’s news follows the announcement last week that West Coast department store Mervyns had Chapter 11; low price fashion retailer Steve & Barry’s had filed for bankruptcy protection last month.

Partner Content

3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Build the Foundation for Great Customer Experiences - NetSuite
Understand how consistent, timely, relevant and personalized experiences are enabled by having the right technology foundation in place.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.