Albert Boscov

Albert Boscov (September 22, 1929 – February 10, 2017) was an American businessman and philanthropist. He was the long-time head of Boscov's Department Stores and served as the company's chairman and CEO until retiring in 2015. In 2009, Boscov led a buyout of his eponymous company in an effort to rescue it from bankruptcy. Boscov died on February 10, 2017 from pancreatic cancer.

Early life and education

Boscov was born in Reading, Pennsylvania in 1929, the son of immigrants Solomon and Ethel Boscov.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 His father had arrived in Reading in 1911 where he founded a dry goods store in a row house in 1918.

Boscov graduated from Reading High School and Drexel University. At Drexel, Boscov started his first business, a sandwich delivery service called U-Eat-Em. Boscov was a member of the Sigma Alpha Mu fraternity at Drexel. He served in the Navy during the Korean War. After military service, he returned to Reading and joined his father's business.

Career

After taking over the family business, Boscov expanded the original store at Ninth and Pike Streets in Reading. In 1962, he opened Boscov's West in Sinking Spring, Pennsylvania, the company's first full-line store. Boscov's North opened in Muhlenberg Township, Pennsylvania in 1965 and Boscov's East opened in Exeter Township, Pennsylvania in 1967. During the 1970s and 1980s, Boscov and his brother-in-law, Edwin Lakin, expanded the chain to Pennsylvania, Maryland, Delaware, New York, and New Jersey. By 2005, Boscov's had 39 stores with $1 billion in sales.

In early 2006, Boscov retired as chairman, transferring control to his nephew, Ken Lakin, who soon after purchased ten department store locations from Federated Department Stores by borrowing heavily.

In August 2008, Boscov's filed for Chapter 11 Bankruptcy, citing deteriorating consumer and credit conditions during 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. In March 2015, Boscov retired for the second time and handed control of the company to his nephew, Jim Boscov.

In 2010, ''Politics Magazine'' named Boscov one of the most influential Democrats in Pennsylvania.

Boscov donated money to the Penn State Berks campus for its library, and to Genesius Theatre for restoration and further improvement of its main-stage building in Reading. He also performed at Genesius Theatre as Tevye from '' Fiddler on the Roof'' at Genesius's "Broadway Musical Revue". Boscov was an Ashkenazi member of the Jewish community of Reading.

Personal life

In 1959, he married Eunice, with whom he had three children: Ruth Aichenbaum (ne. Ruth Boscov) (married to Michael Aichenbaum); Ellen Boscov (married to Todd Taylor), and Meg Boscov (married to Randall Brown). He died on February 10, 2017, from pancreatic cancer in Reading.

Legacy

On June 22, 2000, the section of U.S. Route 422 Business and U.S. Route 422 between Pennsylvania Route 562 and Shelbourne Road in Exeter Township, Pennsylvania, was designated by an act of the Pennsylvania General Assembly as the Albert Boscov Commemorative Highway in honor of Boscov.

In 2006, Boscov co-founded Goggleworks Center for the Arts in downtown Reading, PA, renovating the former Wilson Goggle Factory into one of the largest art centers in the country. GoggleWorks was one of several development projects that he spearheaded to catalyze downtown revitalization in Reading. There he established the city’s Entertainment Square, which today features several anchor institutions along with restaurants and businesses, including an IMAX theatre, Miller Center for the Arts, GoggleWorks Apartment Complex, and Boscov Plaza, along with GoggleWorks Center for the Arts.

References

{{DEFAULTSORT:Boscov, Albert
1929 births
2017 deaths
People from Reading, Pennsylvania
Drexel University alumni
Businesspeople from Pennsylvania
Jewish American philanthropists
American people of Russian-Jewish descent
Pennsylvania Democrats
Deaths from pancreatic cancer
20th-century American businesspeople
20th-century American philanthropists
21st-century American Jews