Albert Boscov
| Albert Boscov | |
|---|---|
| Born |
September 22, 1929 Reading, Pennsylvania |
| Education | Drexel University |
| Occupation | Chairman, Boscov's Department Store, LLC. |
| Spouse(s) | Eunice Boscov |
| Children | Ruth Aichenbaum, Ellen Boscov, and Meg Boscov |
| Parent(s) | Solomon Boscov and Ethel Fogelson Boscov |
Albert Boscov (born September 22, 1929)[1][2] is the chairman and chief executive officer of Boscov's Department Stores.
Biography
Boscov was born in Reading, Pennsylvania, the son of Russian Jewish immigrant, Solomon Boscov,[3] who arrived in Reading in 1911.[4] In 1918, his father founded a dry goods store in a row house in Reading[3] which Boscov assumed the helm of in 1954 and grew it into the nation’s largest family owned department store with more than 50 stores in Pennsylvania, Maryland, New York, New Jersey, Delaware and Virginia.[3] In early 2006, Boscov retired as chairman[5] transferring control to his nephew, Ken Lakin, who soon after purchased a 10 department store chain by borrowing heavily.[6][7]
In August 2008, Boscov's filed for Chapter 11 Bankruptcy, citing deteriorating consumer and credit conditions due to the economic crisis of 2008. In October 2008, Albert Boscov and his brother-in-law Edwin Lakin both confirmed that they would be making a bid to purchase back the chain, competing against Versa Capital Management, Inc.. On November 4, 2008, it was confirmed that Boscov's would be selling its assets back to Albert Boscov and Edwin Lakin, canceling the earlier agreement with Versa, and keeping the 98-year-old chain under family control.[8] In March 2015, he retired for the second time and handed control of the company to his nephew, Jim Boscov.[9]
In 2010, Politics Magazine named him one of the most influential Democrats in Pennsylvania.[10]
Boscov is a philanthropist and has donated money to Penn State Berks campus for its library, and to Genesius Theatre for restoration and further improvement of its main-stage building in Reading, Pennsylvania. He has also performed at Genesius Theatre as Tevye from Fiddler on the Roof at Genesius's "Broadway Musical Revue". Boscov is an Ashkenazi member of the Jewish community of Reading, PA.
References
- ↑ "Boscov's Exit from Chapter 11 Is Feel-Good Moment". The New York Times. September 18, 2009.
- ↑ Al Boscov Retiring
- 1 2 3 Lehigh Valley Business News: "BOSCOV ON A READING REVIVAL Retail leader says the city can be renewed, and the blueprint includes housing, education and the arts" September 23, 2013
- ↑ Reading Eagle: "Albert R. Boscov's impact stretches beyond Berks, and beyond business" By Mike Urban March 3, 2013
- ↑ http://archive.dailyitem.com/archive/2006/0201/biz/stories/01biz.htm
- ↑ Patriot News: "Honoring Albert Boscov: The octogenarian CEO on a retailing life, his future at the helm and his love of newspapers" by John Luciew March 07, 2013
- ↑ Philadelphia Inquirer: "Boscov's emerges from bankruptcy" by Maria Panaritis September 18, 2009
- ↑ Sage, Alexandria (November 4, 2008). "UPDATE 1-Boscov's signs deal to sell assets to family group". Reuters.
- ↑ Philly.com: "Jim Boscov" November 30, 2015
- ↑ Roarty, Alex; Sean Coit (January 2010). "Pennsylvania Influencers" (PDF). Politics Magazine. pp. 44–49. Archived from the original (PDF) on 2010-02-07.