READING, Pa.–The Delaware Bankruptcy Court approved Boscov’s Department Stores auction process with Versa, a private-equity firm formerly known as Chrysalis Capital Partners, as the $1 billion retailer’s stalking horse—or lead—bidder.
It also approved a deadline of Oct. 15 for competing bids, and a hearing on the sale of the bankrupt chain on Oct. 21, a Boscov’s spokesman said.
Boscov’s, a 39-unit retailer, bills itself as the largest family-owned department store.
Boscov’s filed for Chapter 11 in August.