Wilmington, Del. Boscov's is seeking approval of a Delaware bankruptcy court for a possible buyout, according to the Associated Press.
Philadelphia-based Versa Capital Management has emerged as the lead bidder for Boscov's, which filed for Chapter 11 protection in August and announced that it would close 10 of its 49 stores.
According to papers filed on Wednesday, Versa has offered to pay $11 million in cash and assume Boscov's debt.
Attorneys for Boscov's are asking for a hearing next week to approve the proposed bid procedures and schedule an October auction or sale date.
In addition, attorneys for Boscov's said any sale must be closed before the upcoming holiday season. They say that failing to close by the end of October could hurt Boscov's ability to avoid liquidation.