Pocono News Section

Al Boscov Talks Business

Al Boscov Talks Business - Friday, March 20, 2009 at 6:31PM EST

It's been nearly four months since Bscov's received millions to save its store chain.

On Friday we heard how the company is doing from the owner himself.

Al Boscov talked with us at his Wilkes-Barre store.

He said, "We are not worried. I think that we'll be ok."

Boscov says sales in his Wilkes-Barre store will be up to 5 or 6 percent by years end.

That's good news compared to last year.

The cities of Wilkes-Barre and Scranton each loaned Boscov's three million to avoid bankruptcy.

"The city did help us out, without it we wouldn't be here," said Boscov.

Mr. Boscov says the company is well on its way to paying the money back.

Boscov said, "They're partially paid, about half paid back in Scranton and we'll be paying every penny of this back to the city so they aren't going to lose anything, but it did help us."

Boscov's also borrowed 35 million from the state and the boscov family put up millions.

Mr. Boscov says that money helped immediately.

The company saw record profits in December.

Boscov also says the rough economy could actually be helping the store.

"I think it's helping us in the sense that people are looking for value, they aren't going to spend any amount of money for an item because it's convenient or more prestigious store. I think they're here because the value is here," said Boscov