Albert Boscov, chairman of family-owned department store chain, dies at 87

[modrepub]

Albert Boscov, 87, chairman of the family-owned department store chain founded by his father, died Friday in Reading of pancreatic cancer.

Mr. Boscov had revealed in a Feb. 1 letter to his 7,500 employees in 45 stores in seven states that he had end-stage cancer.

The company announced his death Friday night in a statement that described Mr. Boscov as a dynamic retailer and philanthropist who believed in hard work, honesty, and treating his employees like family, and his customers fairly and with respect.

"Albert Boscov was truly one of the giants in the retail industry, " said his nephew Jim Boscov, 67, the company's chief executive officer and vice chairman. "He was a man of vision and passion and he had a profound influence on the retail business community and the community at large. We are committed to continue on the strong foundation he has created and to carry on in the spirit and philosophy he’s instilled. Building on his legacy we will remain the largest family-owned department store in the country."

Boscov said he made a promise to his beloved Uncle Albert as recently as a week ago.

"I promised him that I would maintain our commitment to not only excellence and taking care of our customers, but also caring for our co-workers and maintaining strong relationships with our vendors so our customers ultimately benefit," Boscov said in an interview late Friday night.

Mr. Boscov took over the company from his father, Solomon, in 1950. After Mr. Boscov retired, the company took a fall and filed for bankruptcy in 2008. But in an extraordinary turnaround, Mr. Boscov rescued the company the following year by buying it lifting it out of bankruptcy.

Boscov's is now the largest family-owned department store chain in the country with sales of more than $1 billion from locations spanning from Ohio to Connecticut to Maryland.


http://www.philly.com/philly/obituaries/Albert-Boscov-chairman-of-family-owned-department-store-chain-dies-at-87.html

[Freddie]

1. My Dad grew up in Reading near the Boscov family

Rowhouse neighborhood. Dad always said what great people they were. Hope the nephew doesn't sell the chain to one of the huge dept store outfits.