Credit Crunch Drives Boscov's To Bankruptcy

Law360, New York (August 4, 2008, 12:00 AM EDT) -- Just a week after rumors of a bankruptcy filing hit the press, department store Boscov's Inc. has filed for Chapter 11, blaming current economic conditions and their effect on consumer spending.

Pennsylvania-based Boscov's, a family-owned department store chain, filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The retailer listed $538 million in assets and $479 million in liabilities in its Chapter 11 petition.

“Despite the cost savings, operational and merchandising improvements Boscov’s has put in place over the last few months,...
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