16 minutes ago READING, Pa. - The troubled chain Boscov's Department Store LLC filed for Chapter 11 bankruptcy protection on Monday, becoming the latest victim of a harsh consumer spending environment.The Reading, Pa.-based department store chain said that it also will close 10 of its 49 stores. It otherwise will continue to operate without interruption during the reorganization. It blamed credit issues, acknowledging that some of its suppliers had stopped shipping merchandise to the company. It also cited sluggish consumer spending.
The retailer, America's largest family-owned independent department store, noted in the release that filing for Chapter 11 protection gives it the tools and time to strengthen its balance sheet.
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