It was in Bank of America 's best interests to keep it alive .They support companies based in Pennsylvania .They like to support companies that are sinking into debt .They are generous with their loans .
Why did Bank of America give a failing company a large loan ?
The Boscovs department store chain , based in Reading , filed for bankruptcy today in Wilmington , Delaware . The company will close ten stores and get $ 250 million in rescue loans from Bank of America and others to remain in business . Boscovs rapidly expanded into malls when consumers were gravitating away from them and began opening stores farther and farther away from its Pennsylvania base . As the economy went south and consumers began pulling back on shopping the stores sank into debt .