Kenneth Lakin, chairman and CEO of the 49-store company, said the downturn in the economy and consumer spending, along with the credit crunch, "have put severe pressure on our company's financial position." The 10 stores being closed are scattered throughout Pennsylvania, Maryland, New Jersey and Virginia. Most of them are part of the 10-store package Boscov's acquired in early 2006 from Federated Department Stores Inc., now Macy's, as part of a diverstment resulting from Federated's merger with The May Department Stores Co. In one of the company's multiple filings Monday in the Delaware Bankruptcy Court in Wilmington, Michael J. Hughes, executive vice president-capital development, said the company's recent expansions "have not generated the increases in profit and cash flow anticipated" by the company. "I'm sure those guys regret those acquisitions," Beemer said. Boscov's -- and other retailers -- will continue to have problems dealing with a troubling economic environment, Beemer said.