READING, Pa. -- Boscov's, a privately held regional department store that filed for bankruptcy protection earlier this year, said Tuesday it is selling its assets to two retired former executives.
Boscov's is being purchased by Albert Boscov and Edwin Lakin, the son and the son in law of Solomon Boscov, who founded the Reading, Pa.-based company in 1911.
Terms of the deal for the privately held 39-store chain were not disclosed.
The deal "maximizes the value of our business and the return to our creditors," Boscov's Chief Executive Ken Lakin, son of Edwin Lakin, said in a statement.
Boscov's said it terminated an earlier agreement to sell its assets to Versa Capital Management Inc., a Philadelphia-based private equity firm.
Financing for the deal has yet to be completed. Boscov's said it aims to close the transaction by the end of November. The deal is subject to the approval of a Delaware bankruptcy judge.
Boscov's filed for Chapter 11 protection in August and announced that it would close 10 of its 49 stores.
