"We are looking at all of our alternatives," Lakin said, "and the process is continuing."
Customers outside two of Boscov's four stores in the Pittsburgh region yesterday said they hope the Reading-based chain survives its financial troubles, which came to light in the past week. Family-owned Boscov's runs 50 midpriced department stores in six states.
Fashion trade publication Women's Wear Daily, citing unnamed sources, reported this week that a bankruptcy filing is imminent. Lakin has admitted that sales have slowed, that some suppliers were holding off delivering merchandise until they're paid and that the chain is working to shore up its financial base.
He said Boscov's is looking to private equity investors, who could provide capital in exchange for an ownership stake.
Retail analyst C. Britt Beemer of Charleston, S.C.-based America's Research Group said even if Boscov's does seek protection from creditors, bankruptcy isn't the kiss of death it was years ago. Stores could stay open, and the chain could rebound.
What's critical, he said, would be for Boscov's to keep stores stocked and staffed. In the end, "It isn't the bankruptcy filing that impacts the department store. It's whether consumers can still find their size."
Boscov's stores at Monroeville Mall and South Hills Village appeared well stocked yesterday, if not especially busy.
Lakin has said Boscov's customers are spending less due to high gas prices and other economic worries, and several shoppers agreed they've been cutting back.
"I shop here occasionally. They do have a lot of bargains," Laurene Rymer of Monroeville said outside the Monroeville Mall location. "I can't say I dislike anything about the store. I don't think the clothing is as good as Kaufmann's or Macy's."
Boscov's opened its Monroeville and South Hills stores two years ago, after acquiring the two former Kaufmann's and several other stores from the former Federated Department Stores Inc., now Macy's Inc. Boscov's has stores at Beaver Valley Mall in Monaca and Clearview Mall in Butler.
Margaret Soboslay of Squirrel Hill said Boscov's is her favorite department store, with items that differ from Macy's. "It was a nice addition when Kaufmann's left," she said.
Kim Foscetti of Churchill shops at Boscov's a couple times each month and said her daughter likes the junior-size clothing. "Financial problems? It doesn't surprise me -- they're not very busy," she said.
Beemer said the chain, should it enter bankruptcy, might close some underperforming stores and negotiate better leases with malls. He said Lakin could reassure customers with steps such as a letter to credit card holders asking for their understanding, with a coupon attached.
Many shoppers realize retailers are in troubled times. "I think it's the economy, rather than the store itself -- the store is nice," Helen DuCarme of North Strabane, Washington County, said outside the South Hills store.
Jackie Fields of the North Side likes Boscov's clothing selection and its range of sizes. Barb Mannella of Brookline said she shops there as often as possible.
And Suzy Ruskin of Dormont favors the children's items. Ruskin, director of the Green Tree Public Library, learned about Boscov's two years ago at a luncheon to introduce its Friends Helping Friends charity program to local organizations.
"I started going there knowing it was owned by a family and not a big, gigantic corporation," she said, adding the wide range of merchandise is another plus. "It's nice to have a department store with everything in it -- from kids' stuff to chocolates to appliances."
Still, regional department stores have struggled for many years.
"They don't have the buying power to compete with the bigger guys" such as Kohl's and J.C. Penney, along with Macy's and discount retailers, said George Whalin of Retail Management Consultants in San Marcos, Calif.
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