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Pocono News Section
Boscov's In Financial Trouble?
Boscov's In Financial Trouble? - Monday, July 28, 2008 at 6:02PM EST
? Reported by: Jill Konopka
Monday, Jul 28, 2008 @ 06:02pm EST
((WILKES-BARRE, Luzerne County) -
Boscov's department store has been a mainstay in Center City Wilkes-Barre since 1981. It's anchored the downtown, offering a little something for everyone.
Now there's word the company may be in financial hot-water. For nearly 30 years, satisfied shoppers have taken advantage of the Boscov's Department store in downtown Wilkes-Barre.
Barbara Ledden lives in Plymouth, "I do a lot of my shopping there. Almost all of my shopping as a matter of fact. It's in central city, convenient, great location, wonderful buys, bargains, coupons all the time." Chris Ward will be a junior at Kings College this fall. Ward told Eyewitness News, "I’m a student, and everyone goes down there for their dorm rooms once classes start up again to get clothes and supplies."
But according to Friday's New York Post, some suppliers stopped sending merchandise to Boscov's 49-stores because the retail chain is slow on their payments. The company's C. E.O. told several Pennsylvania newspapers sales are down due to the economy. But, Ken Lakin also said the retailer isn't collapsing and won't file for bankruptcy. Still, shoppers are left wondering.
Ward added, "If Boscov's shut down, it'd be a detriment to the community because it's a staple for the downtown." Officials here at the Wilkes-Barre Chamber of Business and Industry say it's not going anywhere anytime soon."
Todd Vonderheid is the President of the Wilkes-Barre Chamber of Commerce, "I don't think anything will happen. We look to the upturn in the economy. We believe Boscov's investment in the community and will make upgrades to the store. Hopefully that's the story you'll be covering in the next couple of months. "
Todd Vonderheid runs the Wilkes-Barre Chamber of Business and Industry. He says they've been a terrific corporate neighbor and he last spoke to company officials a few months ago. Vonderheid added, "Its tough, in a retail business. They always are harder during economic downturn.
They know what they're doing, for a long time." Two phone calls to the Corporate Offices of Boscov's were not returned Monday afternoon. Some newspapers were reporting that Boscov's will shut at least one of its New York locations down. | | |
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