05 Aug
Boscov’s files bankruptcy
The bankruptcy filing made possible a $250 million emergency loan that will enable Boscov’s to pay employee wages, buy merchandise, and live to see another day. Vendors had stopped shipments a few weeks ago because of unpaid bills. This provoked a furious search by company officials for emergency cash - an effort made all the more difficult by the credit crisis that has tightened lending. As part of its planned reorganization, the 97-year-old company said it would close 10 of 49 stores (in Montgomeryville Mall and Oxford Valley Mall in this region). More
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