Retailer Boscov's seek bankruptcy protection

August 4, 2008 8:08:44 AM PDT
The troubled department store chain Boscov's is filing for Chapter 11 bankruptcy protection. The Reading, Pa.-based chain also will close 10 stores. It otherwise will continue to operate without interruption during the reorganization.

The retailer, America's largest family-owned independent department store, says filing for Chapter 11 protection give it the tools and time to strengthen its balance sheet.

Boscov's has stores in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia. It is closing five stores in Pennsylvania, three stores in Maryland, one in New Jersey and one in Virginia.

The company recently acknowledged that some suppliers have stopped shipping merchandise to the company. Boscov's blamed credit issues.