READING, Pa.–Boscov’s will stay in the family.
Boscov’s department stores has signed an asset purchase agreement for the sale of substantially all of its assets to a family group led by Albert Boscov, Boscov’s retired chairman, and his brother-in-law, Edwin Lakin. As a result, the $1 billion, family-run chain has terminated the previously announced agreement with Versa Capital Management, its stalking horse—or lead—bidder.
“I believe that this agreement maximizes the value of our business and the return to our creditors. It also provides certainty about the future direction of our company,” said Ken Lakin, chairman and chief executive officer, in a statement. “As we move toward the completion of our restructuring process, Boscov’s will be well-capitalized and have the resources to build a stronger and more competitive business.”