Monday, August 04, 2008

Chapter 11

Retail troubles.

Boscov's, the last department store chain based in this region, filed for Chapter 11 bankruptcy this morning, seeking protection from creditors while it slims down into a company that can compete successfully and provide high-quality goods and services.

The 50-store chain, based in Reading, is a presence at most area malls. It said in the filing that it plans to close about 10 unprofitable stores after liquidating their inventories with going-out-of-business sales.

That'll eliminate quite a few jobs.