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READING, PA-Al Boscov, a former executive of the department-store chain that bears his name, is acquiring the retail operation out of bankruptcy. The deal for the 39-store chain, of which terms were not disclosed, is said to be “substantially higher” than an $11-million-in-cash offer put forth earlier by Philadelphia-based private-equity firm Versa Capital Management, according too the 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.

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