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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.

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.

To read the full Philadelphia Inquirer story, click here.

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