Boscov’s finds a buyer
-- Home Textiles Today, 9/19/2008 12:05:00 PM
One of the few department stores still operating under family ownership, the company told the bankruptcy court the sale was vital to avoiding liquidation. It also said in court papers that it needs to complete the sale by the end of October so it can address inventory shortages ahead of the holiday selling season.
The deal “will result in Boscov’s being well-capitalized and allow us to move quickly toward completion of our restructuring," said Ken Lakin, chairman and ceo, in a release announcing the arrangement.
Boscov’'s and Versa are in the process of negotiating an Asset Purchase Agreement (APA). Boscov's filed for Chapter 11 bankruptcy Aug. 4 and soon thereafter announced it would close 10 stores. The company now operates 39 units.
Philadelphia-based Versa Capital Management --formerly known as Chrysalis Capital Partners – has more than $900 million of committed capital invested in middle market companies in a variety of industries.
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