Albert Boscov

Albert Boscov (born September 22, 1929) is the chairman and chief executive officer of Boscov's Department Stores.

Biography

Boscov was born in Reading, Pennsylvania, the son of Russian Jewish immigrant, Solomon Boscov, who arrived in Reading in 1911. In 1918, his father founded a dry goods store in a row house in Reading which Boscov assumed the helm of in 1954 and grew it into the nation’s largest family owned department store with more than 50 stores in Pennsylvania, Maryland, New York, New Jersey, Delaware and Virginia. In early 2006, Boscov retired as chairman transferring control to his nephew, Ken Lakin, who soon after purchased a 10 department store chain by borrowing heavily.

In August 2008, Boscov's filed for Chapter 11 Bankruptcy, citing deteriorating consumer and credit conditions due to 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 2010, Politics Magazine named him one of the most influential Democrats in Pennsylvania.