The Boscov family today closed on the deal to buy back its 39-store department store chain from bankruptcy for about $300 million.
The investor group led by Albert Boscov, 79, and his brother-in-law Edwin Lakin of Reading, missed their Black Friday buyback deadline by a week because of financing delays.
But the deal went through after Susquehanna Bank and other lenders agreed to provide short-term loans to cover about $50 million in state and other public aid expected to come in over the next two months, said J. Scott Victor of NatCity Investments, Inc., investment banker for the Boscov-Lakin group.
