Boscov's Files Chapter 11 - Will Close Two Philadelphia Area Stores

Times are tough economically as we all know very well. It's not just the small mom and pop stores that are suffering, but also some of the big names we've grown up with. Linens 'n Things announced in May that as part of its ongoing financial restructuring, the Company would be closing 87 of its stores. It has since reduced the number of store closings, but 57 stores will still close including several in our area.

Today Boscov's, the last of the family owned department stores in the area, announced that it has filed for Chapter 11 bankruptcy and will be closing 10 unprofitable stores after liquidating their inventories with going-out-of-business sales. The chain operated 49 stores in the northeast. Two of the stores identified for closure are in the Philadelphia area.

The Philadelphia area stores closing are in Langhorne at the Oxford Valley Mall and North Wales at the Montgomery Mall. If you live in those areas, keep an eye out for big sales in upcoming weeks.

Boscov's will continue to operate their other local Pennsylvania stores in Bensalem, Exton, Media, Plymouth Meeting and Pottstown as well as South Jersey locations in Atlantic City, Deptford, Voorhees, Moorestown and Vineland.

The Chapter 11 filing indicates that Boscov's owes creditors about $90 million for merchandise and other goods and services. Those creditors include several local businesses which are also likely to feel the impact of the filing.

Boscov's CEO, Ken Lakin, told the Philadelphia Inquirer that Boscov's intends to continue to sponsor the annual Thanksgiving Day Parade in Philadelphia which was long sponsored by another, now defunct, local department store, Gimbels.