Boscov's Sale Hearing Delayed

New York City A court hearing to approve the sale of Boscov's was delayed for a fourth time on Thursday as the company's founding family worked to finalize loans with lenders for the deal.

The company, which filed for bankruptcy protection in August, said on Nov. 4 that it had signed an agreement to sell its assets to a family group led by Albert Boscov and Edwin Lakin, terminating a previously announced deal with Versa Capital Management Inc.

The lawyer representing Boscov's said the company is close to closing the deal.

Boscov's has rescheduled its sale hearing for Tuesday, Nov. 18.

The company had originally planned to have its sale approved to Versa on Oct. 21, but delayed the hearing several times to address the new bid.

Both bidders offered the company a cash consideration of $11 million and the assumption of certain liabilities. Boscov's said in court papers that Versa had been seeking to delay the closing of the sale until January, which could have meant a lower purchase price.