WILMINGTON, Del. — A Delaware bankruptcy judge on Wednesday approved fast-tracked plans for an auction sale of Pennsylvania-based department store chain Boscov's later this month.

Judge Kevin Gross accepted Boscov's proposed bid deadline of Oct. 15, followed by an auction on Oct. 20 and sale hearing the next day. Boscov's attorney David Heiman told the court that investors interested in bidding for Boscov's want assurances that they will be able to take advantage of sales during the upcoming holiday shopping season.

"The survival of Boscov's as a going concern is greatly at risk unless we are able to consummate a transaction prior to the Christmas season," Heiman said.

While acknowledging that certain aspects of the proposed sale procedure were unusual, Gross said Boscov's has "a sterling reputation," and that the company, along with its creditors, employees, customers and the communities in which it operates, warrants "some greater leeway from the court than what otherwise may be the case."

"The timing is appropriate," the judge said. "The court is fully aware that the Christmas season is critical to the sale process ... If we allow delay, then we're just going to be hurting the estate."

Philadelphia-based Versa Capital Management has emerged as the lead bidder for Reading-based Boscov's, which filed for Chapter 11 protection in August and announced that it would close 10 of its 49 stores. Boscov's has a store at the Clearview Mall. Versa has offered to pay $11 million in cash and assume Boscov's debt in a deal valued at about $288 million.