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Boscov's In Bankruptcy, 2 Local Stores To Close

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Aug 4, 2008 1:17 pm US/Eastern

Boscov's In Bankruptcy, 2 Local Stores To Close

READING (KDKA/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, including its South Hills Village Mall and Monroeville Mall locations.

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.

The company recently acknowledged that some suppliers have stopped shipping merchandise to the company.

Boscov's blamed credit issues.

A Boscov's spokesperson tells KDKA that roughly 300 full and part time jobs will be eliminated.

The company has not determined yet whether it will offer those employees other positions in their stores.

The going-out-of-business sales and merchandise scale downs will begin within the next few weeks.

The stores will be closed by mid-October.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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