Boscov's agrees to sell assets

READING, Pa. Boscov’s Department Store LLC announced that it has signed an Asset Purchase Agreement (APA) for the sale of substantially all of its assets to a family group led by Albert Boscov and Edwin Lakin. Boscov’s also announced that the company has formally terminated the previously announced agreement with Versa Capital Management.

The Boscov/Lakin families have had positive discussions regarding funding for the transaction and believe that they will soon be able to conclude a formal financing agreement. The company hopes to receive Bankruptcy Court approval and to close the transaction prior to the end of November. A hearing on the sale is scheduled for Nov. 13 before Judge Kevin Gross.

Boscov’s filed to reorganize under Chapter 11 on Aug. 4 in the United States Bankruptcy Court for the District of Delaware.