By  on June 4, 2009

Boscov’s Inc.’s hopes of survival in family hands advanced Tuesday night when Atlantic County, N.J., freeholders voted to guarantee a $3 million federal loan to help complete the $300 million refinancing of the 39-unit department store chain.

The Department of Housing and Urban Development, which would process the loan, requires two public hearings and a 30-day comment period to allow for public reaction, which is expected to stretch out the process to about six weeks.

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