Aug. 5--For months, family members scraped and scrounged to save their beloved Boscov's. The pressure was intense. An "emotional roller coaster," according to chief executive officer Ken Lakin.

They cut costs. Dumped millions of their own money into the nation's largest family-owned department store chain. Refinanced debt and promised vendors they'd make good on late payments. They even courted private-equity investors.

"Will it be enough?" they asked themselves time and again.

By Friday night, it had become clear: Bankruptcy was inevitable. "There was no going back," Lakin said.

The Reading company, whose stubbornly old-style stores anchor many of the region's malls and which proudly flaunts customer service with a smile (homemade fudge, too), filed yesterday for Chapter 11 bankruptcy protection.

The filing of the voluntary petition in U.S. Bankruptcy Court in Delaware gives Boscov's Department Store L.L.C., the last of a dying breed, breathing room to keep operating despite owing restless creditors $90 million.

The bankruptcy filing made possible a $250 million emergency loan that will enable Boscov's to pay employee wages, buy merchandise, and live to see another day.

Vendors had stopped shipments a few weeks ago because of unpaid bills. This provoked a furious search by company officials for emergency cash -- an effort made all the more difficult by the credit crisis that has tightened lending.

As part of its planned reorganization, the 97-year-old company said it would close 10 of 49 stores (in Montgomeryville Mall and Oxford Valley Mall in this region).

Seven of the stores on the chopping block were snapped up by Boscov's in early 2006, after Strawbridge's and other chains vanished, leaving behind vacant mall anchors.

Boscov's said its acquisition of those 10 stores did not meet expectations in that they "have not generated the increases in profit and cash flow anticipated."

Despite its fragile financial state, brought about in part by declining sales and consumer hardship, Boscov's will continue sponsoring Philadelphia's Thanksgiving Parade, Lakin said.

The company also hopes to stick to its plan to open a new store at Willow Grove Park mall, though that decision and others will have to be put to creditors. No date has been set.

The company will spend the next three months drafting a reorganization plan that could potentially include putting itself up for sale to generate cash to pay off the debts that triggered the crisis.

While Lakin and other family members have abdicated some control in return for bankruptcy protection, the third-generation Boscov's offspring hope to keep the company intact.