Bankrupt Boscov's Finds a Buyer

READING, PA-The retailer, which filed for Chapter 11 bankruptcy protection in August, found a buyer in the founder's son.

By Philadelphia Inquirer | November 05, 2008 at 05:12 AM

Philadelphia Inquirer

Boscov's filed for Chapter 11 in August and owed $90 million to vendors and $195 million to various creditors. During that time, the chain also closed 10 stores.

Boscov, 79, and brother-in-law Edwin Lakin, cashed out their stakes in the chain in 2006 and handed management over to Lakin's son, Ken. The elder Lakin and Boscov originally joined the business in 1954 when hired by Solomon Boscov, the company's founder.

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