Boscov’s announced yesterday that a judge has approved the sale of the company’s assets to a group led by former chairman Albert Boscov and Edwin Lankin. In August, the retailer filed for Chapter 11 Bankruptcy Protection and closed 10 of their stores. There has been some debate over who would receive the assets, as a judge reviewed competing bids from the family led group and Versa Capital Management.
I am personally happy to see the retailer remain in family control. Although I lost the Boscov’s in my area with the August closings, it was always a good mid-size department store alternative to the national chains. I hope the new owners can bring better days back to the retailer and see them through this economic mess.