Boscov's To Sell Assets To Versa Capital

Law360, New York (September 19, 2008, 12:00 AM EDT) -- Bankrupt department store chain Boscov's Inc. announced today that it will sell most of its assets to Versa Capital Management Inc., a Philadelphia-based private equity investment firm.

The company filed a Letter of Intent with the U.S. Bankruptcy Court for the District of Delaware on Thursday, designating Versa as the “stalking horse” and offering a proposed outline and schedule for the court-supervised auction process.

“With the full support of our committee of creditors, we are very pleased to have entered into an LOI with Versa, which...
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