New York City According to a report in Women’s Wear Daily, Boscov’s Department Store has signed an agreement to sell its assets to a family group led by former chairman Albert Boscov and company president Edwin Lakin. A previously announced agreement to sell the company to Versa Capital Management has been terminated. Terms of the Boscov-Lakin offer were not available but the transaction is expected close this month.
Boscov’s, which operates 39 department stores in the Northeast and Mid-Atlantic states, filed for Chapter 11 bankruptcy protection on Aug. 4. In September, Versa offered $11 million and the assumption of existing liabilities to buy Boscov’s.