The Boscov family today closed on the deal to buy back its 39-store department store chain from bankruptcy for about $300 million.
The investor group led by Albert Boscov, 79, and his brother-in-law Edwin Lakin of Reading, missed their Black Friday buyback deadline by a week because of financing delays.
But the deal went through after Susquehanna Bank and other lenders agreed to provide short-term loans to cover about $50 million in state and other public aid expected to come in over the next two months, said J. Scott Victor of NatCity Investments, Inc., investment banker for the Boscov-Lakin group.
"It's awesome," Victor said. "It's a true holiday miracle that this was able to be done."
A call to Boscov was not immediately returned.
"He's very happy and, I think, relieved to know that it's final and that he can move on with things and get back to being on top," said Claudia Springer, who represented Boscov in the deal.
Contact staff writer Maria Panaritis at 215-854-2431 or email@example.com.