In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Monday, August 04, 2008

Boscov's Files for Bankruptcy

by Calculated Risk on 8/04/2008 10:31:00 AM

From Bloomberg: Boscov's Department Stores Seek Bankruptcy Protection (hat tip Chris & Sean)

Boscov's Inc., the 9,500-employee department-store chain founded in 1911 in Reading, Pennsylvania, filed for Chapter 11 bankruptcy protection in Wilmington, Delaware, today, citing decreased consumer spending.

Boscov's, the biggest family-owned full-service department store chain in the U.S., said in court papers it will immediately close 10 of its 49 stores.
The two keys are "decreased consumer spending" and closing 10 stores (not many, but the number is adding up).