Retailers Feel The Pain Of The Credit Crunch

Law360, New York (July 28, 2008, 12:00 AM EDT) -- Boscov's may soon file for Chapter 11 and become the latest casualty of the credit crunch — but it is unlikely to be the last. Experts predict that the wave of retail bankruptcies has yet to crest.

Pennsylvania-based Boscov's, which operates 49 stores across six states, has begun working with advisers in an effort to restructure the company without declaring bankruptcy, CEO Ken Lakin said on Friday.

Last week, the New York Post reported that many of the department store chain's suppliers had stopped delivering due...
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