A day after filing for bankruptcy protection, Boscov's Inc. won approval Tuesday for funding to keep its stores operating.
It also moved a step closer to approval of a liquidator to conduct store-closing sales at the 10 stores the firm said Monday that it intends to shutter.
Kenneth S. Lakin, chairman and chief executive of the 49-store chain, said Tuesday that Judge Kevin Gross in U.S. Bankruptcy Court for the District of Delaware, Wilmington, approved a debtor-in-possession loan to Boscov's of $250 million. The lender is Bank of America.
"This is good news," Lakin said. "That allows us to fund receipts of new goods so we can fully get the back-to-school program in place and get back to business in the 39 stores we want to keep open. That was critical."