Albert Boscov and in-law Edwin Lakin say they've agreed to buy the bankrupt, family-run, Reading department store chain, ending an agreement with Ira Lubert's Versa Capital Management Inc.
"We have been able to sign an (agreement) that has the support of the Official Creditors Committee," said Ken Lakin, chairman and CEO, in a statement. "As we move toward the completion of our restructuring process, Boscov's will be well-capitalized and have the resources to build a stronger and more competitive business" with its remaining 39 stores.
The Boscovs are still working on a financing agreement. They're due to review the sale agreement in front of federal Bankruptcy Court Judge Kevin Gross in Wilmington on Nov. 13. They hope to close the deal by the end of November.
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