Boscov's said today that it won final approval from the bankruptcy court in Delaware to receive $250 million to help the company operate during its bankruptcy reorganization.
The debtor-in-possession financing will come from the Bank of America and will provide cash to enable the 97-year-old Reading retailer to buy merchandise, pay employees and keep its stores open.
Owing creditors $90 million, Boscov's Department Store L.L.C. filed for Chapter 11 bankruptcy protection on Aug. 4.
Interim approval for the financing was approved the next day. Before the bankruptcy filing, vendors had stopped shipments because of unpaid bills.