Just a couple of years ago Boscov's looked like a mover in the seemingly ever-troubled department store sector. It bought 10 stores from Macy's and the 97-year-old company seemed on the road to more expansion. Today, it apparently sits near collapse.
About half of the major suppliers to the 97-year-old, family-owned chain have halted merchandise shipments for lack of payment, sources told The Post.
Additionally, commercial lenders including CIT Group Inc , GMAC and Milberg have stopped guaranteeing deliveries to Boscov's stores, the paper said citing sources.
Pennsylvania-based Boscov's, which operates about 50 mid-price stores that sell clothing, appliances, electronics and furniture, is looking for alternatives to a bankruptcy filing, including the closing of up to 10 underperforming stores, The Post said.