Buddhist Aug 4, 11:45 AM ET

READING, Pa. - The harassed concern Boscov’s Department Store LLC filed for Chapter 11 insolvency endorsement on Monday, decent the stylish individual of a disagreeable consumer outlay environment.

The Reading, Pa.-based division accumulation concern said that it also module near 10 of its 49 stores. It otherwise module move to control without gap during the reorganization. It blamed assign issues, acknowledging that whatever of its suppliers had obstructed transport goods to the company. It also cited inactive consumer spending.

The retailer, America’s maximal family-owned autarkical division store, noted in the promulgation that filing for Chapter 11 endorsement gives it the tools and instance to alter its equilibrise sheet.

Boscov’s said weekday it has secured $250 meg in debtor-in-possession finance from Bank of America, which module earmark it to clear for shipments of goods for the back-to-school and pass shopping seasons.

The concern has stores in Pennsylvania, New York, New Jersey, Maryland, Algonquin and Virginia. It is approaching fivesome stores in Pennsylvania, threesome stores in Maryland, digit in New milker and digit in Virginia.

Monday’s declaration follows the Chapter 11 insolvency filing terminal hebdomad by Mervyns LLC, a privately held regional division accumulation which operates 175 stores, primarily in California.

Other retailers that hit filed for Chapter 11, allow Steve & Barry’s LLC, erst a ontogeny obligate in low-priced fashion, which filed for insolvency endorsement terminal month. The itemize also includes bag accouterment concern Linen ‘n Things Inc., class merchandiser Lillian Vernon Corp. and specialty merchandiser Sharper Image Corp.