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Boscov's Survives
Boscov's Survives - Friday, November 21, 2008 at 6:19PM EST
Friday, Nov 21, 2008 @ 06:19pm EST
Two years after selling his stores, Albert Boscov is back!
The legendary salesman hadn't missed a beat as he returned to a store near Reading Friday, an hour before a judge gave Boscov the green light to buy back the troubled chain.
His return isn't coming cheap. The deal will cost 300 million dollars. It includes vital loans from the state, Wilkes-Barre and Scranton.
Al Boscov: “It's tremendously important. Because it's inexpensive money."
He blames the bankruptcy on the current operators who he says expanded too quickly. Boscov takes the problems personally.
“I think we have a lot of apologizing to do. I think we have to apologize to our creditors, suppliers, to our employees because hey were forced to cut back and cut back."
Once Boscov takes control of the store --possibly as early as next week, Boscov says he plans to hire more employees and add fun.
“I think fun is coming up....come up with food ideas."
Although daunting to turn around any company in this economy, Boscov is convinced he can do it --even in his 80th year.
“That’s a challenge, it's fun. We always love challenges and this is one too."
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