NEW YORK — Boscov’s, the 97-year-old chain based in Reading, Pa., Monday filed a voluntary Chapter 11 petition in Delaware for bankruptcy court protection.
Tightening credit terms from factors amid the backdrop of a slowing consumer spending environment hurt the retailer, which is the latest in a string of firms to file for Chapter 11. Last month, Mervyns filed for bankruptcy, as did Shoe Pavilion. And earlier this year, so too did Whitehall Jewelers, Goody’s Family Clothing and Linens-N-Things.
Boscov’s, which operates 49 stores in six states, posted sales of slightly over $1.1 billion in 2007. Sources said it could close 10 unprofitable sites, and seek to find a buyer as its exit strategy from bankruptcy proceedings.