Boscov's Department Store LLC

Boscov's Signs Asset Purchase Agreement for Sale of Company to Family Group Led by Albert Boscov and Edwin Lakin

Published in Lab Law Weekly, November 21st, 2008

Boscov's Department Store LLC (Boscov's), announced that it has signed an Asset Purchase Agreement (APA) for the sale of substantially all of its assets to a family group led by Albert Boscov and Edwin Lakin. Boscov's also announced that the Company has formally terminated the previously announced agreement with Versa Capital Management, Inc.

"On behalf of the Company, I am very pleased that we have been able to sign an APA that has the support of the Official Creditors Committee," said Ken Lakin, Chairman and CEO. "I believe that this agreement maximizes the value of our business and the return to our creditors. It also provides certainty about the future direction of...

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Source: Lab Law Weekly (2008-11-21)

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