"It's through his tireless efforts that we're here today," attorney Claudia Springer told the judge before pointing to Boscov, her client.
The family offer that Boscov assembled himself is worth nearly $300 million - an eye-popping $100 million of that being cash from friends and family, Boscov revealed yesterday.
"That's enough to convince the court that we're for real," the retail hound from Reading said with a smile. His spunk and legendary charm gushed as he fielded questions from a knot of reporters during a recess from the sale hearing - his first public remarks about a deal sure to leave the most savvy dealmakers in awe.
If Judge Gross signs off on the asset-purchase agreement at a hearing Friday, Boscov's Department Store L.L.C. and its 8,000 mostly regional employees will stay in business. It would be a stunning result during an economic crisis that has taken out bigger and bolder retail chains in recent months, and during a time when few investors are willing to let go of any of their cash.
"We would like to be able to get the store back by Black Friday," Boscov said.
Black Friday marks the launch of the retail industry's most profitable few weeks. Banking the cash from heavy sales during that lucrative few weeks would help show vendors and customers that "a new company can flourish," Boscov said.
Officials said there were "loose ends" to tie up in the coming days.
"The contours of the deal are almost finalized," one of the company's lead bankruptcy attorneys, Brad Erens, told the judge.
