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Boscov's Secures Financing

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A day after filing for bankruptcy protection, Boscov's Inc. won approval Tuesday for funding to keep its stores operating.

It also moved a step closer to approval of a liquidator to conduct store-closing sales at the 10 stores the firm said Monday that it intends to shutter.

Kenneth S. Lakin, chairman and chief executive of the 49-store chain, said Tuesday that Judge Kevin Gross in U.S. Bankruptcy Court for the District of Delaware, Wilmington, approved a debtor-in-possession loan to Boscov's of $250 million. The lender is Bank of America.

"This is good news," Lakin said. "That allows us to fund receipts of new goods so we can fully get the back-to-school program in place and get back to business in the 39 stores we want to keep open. That was critical."

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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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