READING, Pa.–A bankruptcy court judge has approved the sale of Boscov’s department stores to a family group led by Al Boscov, former chairman, and Ed Lakin, his brother-in-law, for between $275 million and $300 million, confirmed a spokesman.
“The money is being provided by the family, existing lenders and the state of Pennsylvania is giving them a loan of $35 million,” the spokesman said.
Ed Lakin is the father of Ken Lakin, the current chief executive officer. Al Boscov is the son of Solomon Boscov, who founded the company.
“I expect as early as today the formal deal to be signed,” the spokesman said.
Boscov’s filed for Chapter 11 in August. In September, the retailer signed a letter-of-intent to be acquired by Versa, a private-equity firm, which was then its stalking horse—or lead—bidder.