Boscov’s Department Store, America’s largest family-owned independent department store, filed for chapter 11 bankruptcy protection on Monday, August 4th. According to this story from the Associated Press, the company blamed it’s current predicament on the current economic turmoil, with shoppers struggling with higher food and gas bills, tighter credit, a persistent housing slump and increasing layoffs. This has caused consumers to spend less on discretionary items. As a result, the company has been having difficulty paying suppliers. The company will close 10 stores while it reorganizes.

Boscov’s received approval from the bankruptcy court to continue the redemption of gift cards. If you have a Boscov’s gift card, NOW is the time to use it or lose it.