Boscov's blames credit issues, acknowledging that some suppliers have stopped shipping merchandise to the company. It also cites sluggish consumer spending.
The company says, though, it has secured $250 million in financing from Bank of America, which will allow it to pay for shipments of merchandise for the back-to-school and holiday shopping seasons.
The retailer - America's largest family-owned independent department store - has stores in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia.
In a statement on July 29th, when asked about the store's financial situation, officials with Boscov's said "it is currently working with its lenders and advisors exploring a range of alternatives to improve our company's financial base".
Boscov's is the nation's largest family-owned, full-service department store chain with 49 locations.
The store's roots date back to 1911 when founder Solomon Boscov sold items in Berks and Lancaster counties using a horse and wagon. Eventually the first store was created at 9th and Pike Streets in Reading.
Boscov's first expanded outside of reading in 1972 by opening a store in Lebanon.
The other Boscov's stores that are closing are:
- MARYLAND
- Marley Station Mall, Glen Burnie
- Owings Mills Mall, Owings Mills
- White Marsh Mall, Baltimore
- NEW JERSEY
- Monmouth Mall, Eatontown
- PENNSYLVANIA
- Harrisburg East Mall, Harrisburg
- Monroeville Mall, Monroeville
- Montgomery Mall, North Wales
- Oxford Valley Mall, Langhorne
- South Hills Village Mall, Bethel Park
- VIRGINIA
- Piedmont Mall, Danville
Information from wire reports was used in this story.
