Retired Exec Bids for Boscov's

Reading, Pa. The retired chairman of Boscov's Inc. has submitted a bid for the chain that his family founded in 1921, according to the Associated Press. The move comes just days before the company’s bankruptcy court hearing.

Albert Boscov, 76, passed the chairmanship of Boscov's to his nephew, Kenneth S. Lakin, in 2006. He worked with several people to submit a bid for the company ahead of the scheduled auction of Boscov's assets next week in U.S. Bankruptcy Court in Wilmington, Del., the report said.

The deadline for submission of bids was Wednesday.

The auction of Boscov's assets is to be held Monday and the results certified Tuesday.