Another company is hit hard by the failing markets. 97-year-old Pennsylvania-based retailer, Boscov’s, filed for Chapter 11 protection today in a Delaware court, citing a slowing consumer spending environment as a main factor necessitating bankruptcy.
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The department store chain plans to immediately close 10 of its unprofitable stores of a total 49 locations, and is seeking a buyer to end the bankruptcy proceedings. Furthermore it will liquidate about $34 million in merchandise at sales set to commence August 15.