Following on the troubles of Steve & Barry’s and most recently Mervyn’s, it appears another industry retailer is facing major hurdles. Boscov’s, a Reading, Pa.-based department-store chain, is scrambling to keep itself afloat as a drop in consumer spending across the Mid-Atlantic region has hammered its sales and drained its cash, reports the New York Post.
Unnamed sources told The Post that about half of Boscov’s major suppliers have halted merchandise shipments for lack of payment. In addition, big commercial lenders including CIT, GMAC and Milberg have stopped guaranteeing deliveries to Boscov’s stores.
The report also noted that Boscov’s management is seeking alternatives to a bankruptcy filing, including the closing non-profitable stores.
