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Cafaro, PREIT Help Keep Boscov's Afloat

Philly.com has an interesting breakdown of the financing involved in keeping regional department store chain Boscov's afloat. A couple of weeks ago, a bankruptcy court approved a plan under which a family group led by Albert Boscov and Edwin Lakin purchased the chain in a deal worth about $300 million.

It turns out that a couple of big mall owners are involved in keeping the operator of 39 stores going. Anthony Cafaro Sr. and family put in $20 million in equity. And PREIT provided a $10 million unsecured loan. PREIT has at least 8 operating Boscov's at its 56 properties, according to a Q3 08 supplemental filing dated Nov. 4. Cafaro, as a private company, does not provide a detailed breakout of its portfolio.

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