BOSCOV’S FILES FOR CHAPTER 11 by Ken Mahoney

BOSCOV’S FILES FOR CHAPTER 11

Former Nanuet Mall tenant Boscov’s has filed for Chapter 11 bankruptcy protection. The department store chain is for sale, recording $538 million in assets and $479 million in liabilities as of May 3rd. With 49 locations in Pennsylvania, Delaware, Maryland, New Jersey, New York and Virginia, the Reading- based family owned company employs about 9500 people. It’s total annual sales for the last fiscal year ending February 2nd came in at one and a quarter billion. Boscov’s Vice President Michael Hughes hopes to steer out of bankruptcy by the first quarter of next year. Bank of American is lending Boscov’s $250 million to keep it operating and Lehman Brothers has been hired to find new capital.