updated 8/4/2008 11:37:50 AM ET 2008-08-04T15:37:50

The troubled department store chain Boscov’s is filing for Chapter 11 bankruptcy protection.

The Reading, Pa.-based chain also will close 10 stores. It otherwise will continue to operate without interruption during the reorganization.

The retailer, America’s largest family-owned independent department store, says filing for Chapter 11 protection gives it the tools and time to strengthen its balance sheet.

Boscov’s has stores in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia. It is closing five stores in Pennsylvania, three stores in Maryland, one in New Jersey and one in Virginia.

The company recently acknowledged that some suppliers have stopped shipping merchandise to the company. Boscov’s blamed credit issues.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.03%
$30K home equity loan FICO 5.68%
$75K home equity loan FICO 4.87%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com