READING – A popular department store chain has confirmed rumors of the past few weeks.  Boscovs’ will seek Chapter 11 reorganization.  The largest family-owned independent department store chain in the nation is also putting itself up for sale.

Boscov’s closest store to the Poconos is at the Steamtown Mall in downtown Scranton, and it does attract customers from this area.  That store will remain open, as will others in northeast Pennsylvania.

The company will close ten of its 49 stores.  Most of the stores in the 97-year-old chain are in Pennsylvania.  Other stores are located in New York, New Jersey, Maryland, Delaware and Viginia.  The company recently closed a large store in Nanuet, New York.  That store was in a mostly vacant old mall about a mile from a much larger and newer mall.

Chapter 11 reorganization allows a company to reorganize its debt while remaining in business.