Boscov's chain gets government loan

August 6, 2009 12:50:50 PM PDT
The regional department store chain Boscov's is getting a loan of more than $43 million from the Department of Housing and Urban Development. The 20-year loan to the Reading-based chain was announced Thursday by U.S. Sens. Arlen Specter and Bob Casey. The retailer is also getting $200 million in bank financing and personal equity contributions of over $60 million by the Boscov family.

The chain went bankrupt last year and was rescued from liquidation when relatives of the store's founder bought it.

Boscov's has 39 department stores, mostly in Pennsylvania. It also has stores in New Jersey, New York, Maryland and Delaware.

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