Boscovs Department Store LLC signed an asset purchase agreement for the sale of substantially all of its assets to a family group, reported DNR. The family group involved in the purchase is led by former Boscov chairman Albert Boscov and former president Edwin Lakin, both of whom retired in 2006.
With this agreement, the company has ended the agreement signed in September with Versa Capital Management Inc.
The Boscov-Lakin purchase agreement is subject to bankruptcy court approval in Delaware on Nov. 13, said DNR, and the ability of the Boscov and Lakin families to complete financing. The transaction is expected to close before the end of November.