Judge approves sales of Boscov's

November 21, 2008 4:09:18 PM PST
A Delaware bankruptcy judge has approved the sale of regional department store chain Boscov's to two former executives.Boscov is former chairman of the company. Lakin is a former president and co-owner.

The deal is valued at between $275 million and $300 million.

Al Boscov was not in court Friday. Instead, he was working on ways to attract new shoppers.

Shopping should be fun, he says. He plans holiday promotions involving candies and other goodies to rev things up. And while the economy is causing some competitors to cut plans, he plans to hire workers.

"So we will add more than 1,000 people very quickly," Boscov said.

The sale was approved one day after Pennsylvania Gov. Ed Rendell said his state was offering $35 million in state-guaranteed federal loans to help Boscov's exit bankruptcy.

"He made it happen," Boscov said. Boscov's filed for Chapter 11 protection in August and announced that it would close 10 of its 49 stores.

If all goes as planned, Al Boscov will be back in charge on the day before Thanksgiving.


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