Some Marylanders will have one less place nearby to buy clothes and home furnishings. Boscov’s has announced that it filed for Chapter 11 bankruptcy and will be closing 10 stores.
Three of those stores that will be closing are right here in Maryland. They include the store in Marley Station Shopping Center in Glen Burnie, the one in Owings Mills, and the Boscov’s at the White Marsh Mall in Baltimore. If you’re near one of these locations, look out for the going-out-of-business liquidation sales. The 10 stores that will be closing will be trying to sell off their inventories.
Closing the stores and filing for bankruptcy allows the department store chain to reduce debt and other costs. After closing the 10 stores, the chain will still have 39 left in states that include Maryland, Pennsylvania, New York, New Jersey, Delaware, and Virginia.
It’s really a shame. Being so large, yet still family-owned, Boscov’s was a representation of how business once WAS. Therein lies the problem – times are changing. In difficult times like today, the convenience of the internet and high gas prices have left large retailers like Wal-Mart and Target at the forefront of success.
Today, it doesn’t matter how you get there. All that matters is that you have a profit to show at the end of the quarter and the most creative and innovative companies that streamline themselves with today’s world prevail.