Boscov's in bankruptcy (Balto Sun)

[eppur_se_muova]

Chapter 11 filing means 3 stores in Baltimore area will close soon
By Andrea K. Walker, Paul Adams and Julie Scharper | Sun Reporters
August 5, 2008

Regional department store chain Boscov's Inc. filed yesterday for Chapter 11 bankruptcy protection and said it would close 10 stores, including anchors in three of the Baltimore area's largest malls, as the company suffers from slumping sales amid the housing and credit crunch.

Boscov's, based in Reading, Pa., will begin liquidation sales immediately and will close those "underperforming stores" when the entire inventory is sold, which officials estimate will take one to two months. About 1,400 employees, including about 400 in the Baltimore area, will lose their jobs.

Officials from the 49-store chain said in court filings and interviews that the collapse in the housing market, skyrocketing energy prices and higher food costs cut the discretionary spending of its shoppers and in turn put pressure on the company's finances. The decline also emerged after the 87-year-old privately held company began an aggressive expansion strategy into new markets two years ago.

"There was no way that we could have ever anticipated these tough economic times," said Maralyn Lakin, Boscov's senior vice president of marketing and public relations. "So many people were affected with their mortgages and high gas and food prices. This is beyond what anybody expected."
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more: http://www.baltimoresun.com/business/bal-te.bz.boscovs05aug05,0,807258.story

There's that "no one could have anticipated ..." theme again.

[aquart]

1. Odd. Not a bit beyond what I expected.

Who were these fools listening to? The same people who couldn't imagine stealing a plane to fly it into a building?

[PM7nj]

2. It doesn't help that they have shitty stores, merchandise, service, etc.

I hate Boscov's.