Boscov's gets approval for bankruptcy financing

NEW YORK, Sept 4 (Reuters) - Bankrupt U.S. department store chain Boscov's Inc said on Thursday it has received final court approval for financing that will allow it to continue operating during bankruptcy.

Boscov's, which calls itself the largest U.S. family-owned full service department store chain, said the U.S. Bankruptcy Court in Delaware approved $250 million of debtor-in-possession financing from Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), in a hearing on Aug. 29.

The company filed for bankruptcy protection from creditors on Aug. 4, citing a decrease in consumer spending and inability to locate new equity investors. The chain is closing some stores and exploring a possible sale. (Reporting by Emily Chasan, editing by Gerald E. McCormick)

Source: Reuters