Boscov's To Sell Assets To Family Group

Law360, New York (November 5, 2008, 12:00 AM EST) -- Bankrupt retailer Boscov's Department Store LLC says it will sell substantially all of its assets to a family group led by Albert Boscov and his brother-in-law Edwin Lakin.

The terms of the deal were not disclosed. Along with the announcement of the sale, the Pennsylvania-based, family-owned department store chain said it has formally terminated its previously announced agreement to sell most of its assets to Versa Capital Management Inc.

Boscov's had filed a letter of intent with the bankruptcy court in September, designating Versa as the...
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