Reading, PA-based Boscov's, regional department store retailer that filed bankruptcy and initiated the closing of 10 stores in August, has been saved by its founding family. A group led by former CEO and chairman, Al Boscov, paid $305 million for the chain -- a deal comprised of $50 million in equity, $210 million in senior loans from banks, and additional loans by unidentified lenders. The company reported $1.25 billion in sales last year.
"I am thrilled to be once again heading the company that I spent 50 years building along with a tremendous team of co-workers whose commitment has been immeasurable. The completion of the sale provides us with the solid financial footing necessary to rebuild the Company and prosper this holiday season and beyond," said Al Boscov in a statement.
The retailer has 39 stores left in PA, NY, NJ, MD, and DE.
This story appears in CoStar's Retail News Roundup: Dec. 7 to Dec. 13, 2008, a weekly column covering retail store expansions, closings, bankruptcies, acquisitions/mergers/sales, new retail developments, personnel changes, sustainability, and more.
This week in the Retail Roundup, CoStar reports on expansions or new concepts at The Human Bean and Giant Eagle; new retail developments in OH and MO; acquisition, merger, loan or sale activity at Boscov's and CNL Lifestyle Properties; closings, cutbacks or bankruptcies at B. Moss, Bally Total Fitness, iFloor, and the nation's oldest shopping mall; personnel announcements at KPMG Corporate Finance, Tanger Factory Outlet Centers, Acadia, Kite, and Wilson Commercial Real Estate; sustainability at Wal-Mart, and more.