The retailer employs what many call a throwback strategy of selling everything from appliances to apparel under one roof - an effort some retail analysts weren't sure new shoppers in larger markets would embrace.
Department stores already were facing challenging times, hurt by a proliferation of discounters and specialty stores. Consumers had begun to shop less in the enclosed malls that department stores anchored.
But Lakin said Boscov's expansion strategy would have worked in better times. The company never expected new stores to be profitable immediately, she said.
"In any other economic time, we would have been able to cover it," Lakin said.
Boscov's took over 10 stores from Federated, which owns Macy's department stores among other chains. Seven of the stores Boscov's is closing were locations previously held by Federated. Besides the three Maryland locations, Boscov's is closing stores at five malls in Pennsylvania and one each in New Jersey and Virginia.
Michael J. Hughes, Boscov's executive vice president, said in a court filing that the locations acquired by Federated "have not generated the increases in profit and cash flow anticipated."
Some analysts said that Boscov's might have done better in a more stable economy.
"I felt like it was a robust business model for a decent economy," said David Fick, an analyst with Stifel Nicolaus & Co. "But they served the average household. That is who is feeling the stress from the economy.
"I think they expanded too fast and the economy caught up with them - and that combination was toxic," Fick added.
Shoppers at Marley Station mall yesterday said that they had developed a loyalty to the chain.
"This is my store," said Ann Price, 67, as she walked into Boscov's at Marley Station. "I used to be a Hecht Co. person and now I'm definitely a Boscov's person."
Price, a school secretary who made the trip from her Dundalk home to visit the store, said that Boscov's offered quality merchandise, good customer service and prices "better than the outlets."
Linda Dinar, 68, a retired technical writer from Arnold, hurried to Boscov's yesterday after a friend told her about a deal on bedding sets.
As she lugged a cream-colored embroidered comforter set to her car, she said that she would miss the store.
"They have things in there you don't find anywhere else," she said. "I like their merchandise and their prices have always been outstanding. It's a shame that the economy is not supporting it."
Customers said that they were disappointed to see another department store chain close.
"My grandmother worked at Hutzler's for years and years. I used to work at Stewart's downtown in the beauty section," said Michelle Shek, 57, a hairdresser from Catonsville. "It seems all the department stores are closing."
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Also closing
* Monroeville Mall, Monroeville, Pa.
* South Hills Village Mall, Pittsburgh, Pa.
* Oxford Valley Mall, Langhorne, Pa.
* Montgomery Mall, North Wales, Pa.
* Harrisburg East Mall, Harrisburg, Pa.
* Monmouth Mall, Eatontown, N.J.
* Piedmont Mall, Danville, Va.
