Boscov's Finds a Buyer

Boscov's Department Store LLC, the U.S. department store chain that filed for bankruptcy protection last month, said it signed a letter of intent for a sale of most of its assets to private equity firm Versa Capital Management Inc.

The terms of the deal were not immediately available.

Under the bankruptcy procedures, Versa will serve as the "stalking horse" bid that sets a minimal level for any other offers. The auction process will be overseen by the U.S. Bankruptcy Court in Delaware.

Boscov's said it was in the process of negotiating a definitive agreement with Versa and any deal is subject to financing. A higher offer also could emerge in the auction process, Boscov's said.

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