Albert Boscov

{{Short description|American businessman and philanthropist}} {{Infobox person | name = Albert Boscov | image = | caption = | birth_date = {{birth date|1929|9|22}} | birth_place = Reading, Pennsylvania, U.S. | death_date = {{Death date and age|2017|2|10|1929|9|22}} | death_place = Reading, Pennsylvania, U.S. | education = Drexel University | occupation = Chairman, Boscov's Department Store, LLC. | spouse = Eunice Boscov | children = Ruth Aichenbaum<br> Ellen Boscov<br> Meg Boscov | parents = Solomon Boscov<br> Ethel Fogelson Boscov | relatives = Jim Boscov, nephew | URL = }}

'''Albert Boscov''' (September 22, 1929 – February 10, 2017) was an American businessman and philanthropist. He was the long-time head of Boscov's Department Stores and served as the company's chairman and CEO until retiring in 2015. In 2009, Boscov led a buyout of the chain in order to rescue it from bankruptcy.

Boscov died on February 10, 2017, from pancreatic cancer.

==Early life and education== Boscov was born in Reading, Pennsylvania, in 1929,<ref>{{cite news| url=https://dealbook.nytimes.com/2009/09/18/boscovs-chp-11-exit-is-feel-good-moment/ | work=The New York Times | title=Boscov's Exit from Chapter 11 Is Feel-Good Moment | date=September 18, 2009}}</ref><ref name="Retire">{{Cite web |url=http://abclocal.go.com/wpvi/story?section=news%2Fbusiness&id=3862215 |title=Al Boscov Retiring |access-date=2020-06-12 |archive-url=https://web.archive.org/web/20120916092336/http://abclocal.go.com/wpvi/story?section=news%2Fbusiness&id=3862215 |archive-date=2012-09-16 |url-status=dead }}</ref> the son of immigrants Solomon and Ethel Boscov.<ref name="LBVNrevival">{{Cite web |last=admin |date=2013-09-23 |title=BOSCOV ON A READING REVIVAL Retail leader says the city can be renewed, and the blueprint includes housing, education and the arts. |url=https://lvb.com/boscov-on-a-reading-revivalretail-leader-says-the-city-can-be-renewed-and-the-blueprint-includes-housing-education-and-the-arts/ |access-date=2023-09-18 |website=LVB |language=en-US}}</ref> His father had arrived in Reading from Russia,<ref name="Berksiana. Charles Schuyler Castner 1976. Page 321">Charles Schuyler Castner. ''Berksiana''. 1976, p.321.</ref> in 1911<ref>Mike Urban. [http://www2.readingeagle.com/article.aspx?id=456203 Reading Eagle: "Albert R. Boscov's impact stretches beyond Berks, and beyond business]", March 3, 2013.</ref> where he founded a dry goods store in a row house in 1918.<ref name=LBVNrevival />

Boscov graduated from Reading Senior High School in Reading and Drexel University in Philadelphia. At Drexel, Boscov started his first business, a sandwich delivery service called U-Eat-Em. Boscov was a member of the Sigma Alpha Mu fraternity at Drexel. He served in the Navy during the Korean War. After military service, he returned to Reading and joined his father's business.<ref name="Fascinating">{{cite news |title=The fascinating life of retailer Albert Boscov |url=http://www.lehighvalleylive.com/news/index.ssf/2017/02/the_fascinating_life_of_albert.html |last=Novak |first=Steve |publisher=lehigvalleylive.com |date=February 11, 2017}}</ref>

==Career== After taking over the family business, Boscov expanded the original store at Ninth and Pike Streets in Reading. In 1962, he opened Boscov's West in Sinking Spring, Pennsylvania, the company's first full-line store. Boscov's North opened in Muhlenberg Township, Pennsylvania, in 1965, and Boscov's East opened in Exeter Township, Pennsylvania, in 1967.

During the 1970s and 1980s, Boscov and his brother-in-law, Edwin Lakin, expanded the chain to Maryland, Delaware, New York, and New Jersey. By 2005, Boscov's had 39 stores with $1 billion in sales.<ref name="Remembered">{{cite news |title=A LIFE WELL-LIVED: Retail legend Albert Boscov is remembered |url=http://www.timesherald.com/business/20170211/a-life-well-lived-retail-legend-albert-boscov-is-remembered |last=Rovins |first=Donna |date=February 11, 2017}}</ref>

In early 2006, Boscov retired as chairman,<ref>{{Cite web |date=2006-02-07 |title=Boscov's chairman retires after 50 years on the job |url=https://www.readingeagle.com/2006/02/07/boscovs-chairman-retires-after-50-years-on-the-job/ |access-date=2023-09-18 |website=Reading Eagle |language=en-US}}</ref> transferring control to his nephew, Ken Lakin, who soon after purchased ten department store locations from Federated Department Stores by borrowing heavily.<ref>{{Cite web |last=Luciew |first=John |date=2013-03-08 |title=Honoring Albert Boscov: The octogenarian CEO on a retailing life, his future at the helm and his love of newspapers |url=https://www.pennlive.com/midstate/2013/03/honoring_albert_boscov_the_oct.html |access-date=2023-09-18 |website=pennlive |language=en}}</ref><ref>{{Cite web |last=Panaritis |first=Maria |date=2009-09-18 |title=Boscov's emerges from bankruptcy |url=https://www.inquirer.com/philly/business/20090918_Boscov_s_emerges_from_bankruptcy.html |access-date=2023-09-18 |website=The Philadelphia Inquirer |language=en}}</ref>

In August 2008, Boscov's filed for Chapter 11 Bankruptcy, citing deteriorating consumer and credit conditions during the 2008 financial crisis. 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 the pair, canceling the earlier agreement with Versa, and keeping the 98-year-old chain under family control.<ref>{{cite news| url=https://www.reuters.com/article/mergersNews/idUSN0447564320081104 | work=Reuters | title=UPDATE 1-Boscov's signs deal to sell assets to family group | first=Alexandria | last=Sage | date=November 4, 2008}}</ref> Under Boscov's guidance the chain recovered, and in March 2015 retired for the second time and handed control of the company to his nephew, Jim Boscov.<ref>{{Cite web |agency=Associated Press |title=Boscov's gets new CEO from family's third generation |url=https://www.pressconnects.com/story/news/local/2015/05/09/boscov-gets-new-ceo/27040975/ |access-date=2023-09-18 |website=Press & Sun-Bulletin |language=en-US}}</ref> The chain continued to thrive pursuing a slow-growth policy, and opened its 50th store, in Bridgeport, West Virginia, on October 7, 2023.<ref>[https://wvmetronews.com/2023/10/07/boscovs-officially-opens-in-bridgeport/ "Boscov’s officially opens in Bridgeport", ''Metro News'', October 7, 2023</ref>

==Personal life== In 1959, he married Eunice, with whom he had three children: Ruth (married to Michael Aichenbaum); [https://www.imdb.com/name/nm4401092/ Ellen Boscov] (married to Todd Taylor), and Meg Boscov (married to Randall Brown).<ref name="Fascinating" />

==Death== Boscov died on February 10, 2017, from pancreatic cancer in Reading.<ref>{{cite web|url=http://www.pressofatlanticcity.com/business/boscov-s-chairman-albert-boscov-dies-at/article_a18746cc-082e-55e3-91df-850fe47ebebd.html |title=Boscov's chairman Albert Boscov dies at 87 | Money |publisher=pressofatlanticcity.com |date= 10 February 2017|accessdate=February 11, 2017}}</ref> He was an Ashkenazi member of the Jewish community of Reading.{{Citation needed|date=September 2023}}

==Philanthropy== Boscov donated money to the Penn State Berks campus for its library, and to Genesius Theatre for restoration and further improvement of its main-stage building in Reading. He also performed at Genesius Theatre as Tevye from ''Fiddler on the Roof'' at Genesius's "Broadway Musical Revue". ==Legacy== On June 22, 2000, the section of U.S. Route 422 Business and U.S. Route 422 between Pennsylvania Route 562 and Shelbourne Road in Exeter Township, Pennsylvania, was designated by an act of the Pennsylvania General Assembly as the Albert Boscov Commemorative Highway in honor of Boscov.<ref>{{cite web|title=Various Commemorative Highways and Exit - Designations - Act of Jun. 22, 2000, P.L. 402, No. 56|publisher=Pennsylvania General Assembly|date=June 22, 2000|url=https://www.legis.state.pa.us/WU01/LI/LI/US/PDF/2000/0/0056..PDF|accessdate=December 28, 2018}}</ref>

In 2005, Boscov co-founded Goggleworks Center for the Arts in Reading, Pennsylvania, renovating the former Willson Goggle Factory into one of the largest art centers in the country.<ref>{{Cite web|url=https://www.readingeagle.com/news/article/the-goggleworks-turns-10|title=The GoggleWorks turns 10|last=Devlin|first=Don SpatzandRon|date=2015-10-11|website=Reading Eagle|language=en|access-date=2019-08-05}}</ref> GoggleWorks was one of several development projects that he spearheaded to catalyze downtown revitalization in Reading. There he established the city's Entertainment Square, which today features several anchor institutions along with restaurants and businesses, including an IMAX theatre, Miller Center for the Arts, GoggleWorks Apartment Complex, and Boscov Plaza, along with GoggleWorks Center for the Arts.<ref>{{Cite web|url=http://www2.readingeagle.com/article.aspx?id=305484|title=Restaurant opens in Reading's Entertainment Square|website=Reading Eagle|access-date=2019-08-05}}</ref>

In 2010, ''Politics'' magazine named Boscov one of the most influential Democrats in Pennsylvania.<ref>{{Cite news|last=Roarty |first=Alex |author2=Sean Coit |title=Pennsylvania Influencers |newspaper=Politics Magazine |pages=44–49 |date=January 2010 |url=http://politicsmagazine.com/uploads/Image/Politics_PA_influencers_web.pdf |archive-url=https://web.archive.org/web/20091229023006/http://politicsmagazine.com/uploads/Image/Politics_PA_influencers_web.pdf |archive-date=December 29, 2009 |url-status=dead }}</ref>

==References== {{reflist|30em}}

{{DEFAULTSORT:Boscov, Albert}} Category:1929 births Category:2017 deaths Category:People from Reading, Pennsylvania Category:Drexel University alumni Category:Businesspeople from Pennsylvania Category:American people of Russian-Jewish descent Category:Pennsylvania Democrats Category:Deaths from pancreatic cancer in Pennsylvania Category:20th-century American businesspeople Category:20th-century American philanthropists Category:21st-century American Jews