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BOCA RATON, Fla.--Sep. 6--Montgomery Ward, the venerable Chicago retailer, plans to acquire nearly 20 percent of Levitz Furniture, investing $65 million in exchange for 7.2 million new shares of the Boca Raton company.
The deal announced Tuesday links two of the nation's largest furniture retailers and gives Montgomery Ward the opportunity to boost its stake in the troubled Levitz to 42 percent in the future.
"It's a positive move for Levitz in terms of bolstering their capital," said Budd Bugatch, senior vice president of Raymond James & Associates in St. Petersburg. "Now, more than anything else, Levitz needs time."
Levitz earned $2.4 million in fiscal …