Boscov's Department Store LLC

Boscov's Signs Letter of Intent for its Sale to Versa Capital Management

Published in Medicine and Law Weekly, October 10th, 2008

Boscov's Department Store LLC (Boscov's), announced that it has signed a Letter of Intent (LOI) for the sale of substantially all of its assets to Versa Capital Management, Inc., a Philadelphia-based private equity investment firm. Versa intends to operate the Boscov's business post-closing.

"With the full support of our Committee of Creditors, we are very pleased to have entered into an LOI with Versa, which will result in Boscov's being well capitalized and allow us to move quickly toward completion of our restructuring," said Ken Lakin, Chairman and CEO. "Versa appreciates Boscov's commitment to its customers, co-workers and the communities we serve and is well...

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Source: Medicine and Law Weekly (2008-10-10)

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