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Bankruptcy Judge Approves Boscov's Sale

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While acknowledging that certain aspects of the proposed sale procedure were unusual, Gross said Boscov's has "a sterling reputation," and that the company, along with its creditors, employees, customers and the communities in which it operates, warrants "some greater leeway from the court than what otherwise may be the case."

Philadelphia-based Versa Capital Management has emerged as the lead bidder for Reading-based Boscov's, which filed for Chapter 11 protection in August and announced that it would close 10 of its 49 stores.

Versa has offered to pay $11 million in cash and assume Boscov's debt in a deal valued at about $288 million.

Anup Sathy, an attorney representing Versa, said that if the investment group doesn't take control of Boscov's by Halloween, "it's a much different economic situation from our perspective."

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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