U.S. retailer Boscov's fights for survival: report

July 25 12:05:01 PM, Yahoo News

Reuters - U.S. department store chain Boscov's is struggling to keep itself afloat as a drop in consumer spending across the mid-Atlantic region has hammered its sales and drained its cash, The New York Post said.

About half of the major suppliers to the 97-year-old, family-owned chain have halted merchandise shipments for lack of payment, sources told The Post.

Additionally, commercial lenders including CIT Group Inc (CIT.N), GMAC and Milberg have stopped guaranteeing deliveries to Boscov's stores, the paper said citing sources.

Pennsylvania-based Boscov's, which operates about 50 mid-price stores that sell clothing, appliances, electronics and furniture, is looking for alternatives to a bankruptcy filing, including the closing of up to 10 underperforming stores, The Post said.

No one at Boscov's could immediately be reached for comment.

(Reporting by Dhanya Skariachan in Bangalore; Editing by Greg Mahlich)

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