Boscov’s Department Store LLC has extended the bankruptcy court-supervised sale process of its assets, with a hearing now scheduled for November 5. Earlier this month, the company agreed to sell substantially all its assets to Versa Capital Management.
PRESS RELEASE
Boscov’s Department Store LLC (Boscov’s) announced today that it has extended the court-supervised sale process related to the sale of the Company’s assets. A hearing on the sale is now scheduled for November 5 before Judge Kevin Gross.
Despite the current financial environment, the sale process continues to move forward. It is business-as-usual in Boscov’s stores, with the Company continuing to receive new merchandise daily in preparation for the holiday season.
As previously announced, Boscov’s entered into an Asset Purchase Agreement with Versa Capital Management, Inc., a Philadelphia-based private equity investment firm, pursuant to which the Boscov’s business would continue to operate as a going concern post-closing. In early October, Versa was designated by the Court as the ‘Stalking Horse’ bidder in the auction process for the Company’s assets.
Boscov’s filed to reorganize under Chapter 11 on August 4, 2008 in the United States Bankruptcy Court for the District of Delaware.
About Boscov’s
Boscov’s, with 39 stores in Pennsylvania, New York, New Jersey, Maryland and Delaware, has been providing customers with a wide selection of merchandise, competitive prices and superior service for nearly a century. The Company is committed to the communities it serves and has a long and distinguished history of civic and charitable activities. Boscov’s serves consumers across the country with a robust online shopping capability as well. For more information or to shop online please visit www.boscovs.com.
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