Pocono News Section

Al Boscov To Buy Boscov's Back

Al Boscov To Buy Boscov's Back - Tuesday, November 4, 2008 at 5:36PM EST

Reported by: Jeff Chirico
Tuesday, Nov 4, 2008 @ 05:36pm EST
The bankrupt Boscov's Department Store is returning to a familiar hands. Former CEO Albert Boscov has agreed to purchase the chain. Consumer reporter Jeff Chirico is here with the details and reaction to today's big news.

This is big news --especially because Boscov's brings a lot of shoppers downtown including to the cities of Wilkes-Barre and Scranton.

Today we learned the 39-store chain will be bought by Albert Boscov and his brother-in-law Edward Lakin. This is video of Al several years ago. Al is 78. Lakin is in his mid-80s. But this is huge news because both these men helped grow this family business from the 1960s until their retirement 2 years ago.

In August, Boscov's declared bankruptcy. Yesterday, an agreement was signed and shoppers are optimistic. Laurie Tomsho of Reading says "Being from the eading area where 3 of the original Boscov's came from, I have a deep connection to Boscov's and I know Al Boscov is very deeply invested in the community so its good to have him involved in Wilkes-Barre." Marne Greenley of Tunkhannock says "I hope its a good thing for us down here because we need some good business down here."

A statement from the Boscov's family members reads “We are pleased that we can save the jobs of many of our local employees and have a positive impact on the ...communities we are located.”

There are 5 Boscov's in our area including Hazleton and Sunbury. The terms of the deal have not been released. There's a hearing on the sale later this month.

The employees at the Wilkes-Barre store told us off camera, they are happy about the sale and feel confident that Al Boscov can help turn around the struggling business.