Boscov bets $300M on retailer's future

December 30, 2008 5:32:40 AM PST
Albert Boscov has a lot to learn about retail. He says so himself. The department store mogul spent more than 50 years at the Pennsylvania-based chain that bears his name, but Boscov retired three years ago - a lifetime in retail. He returned as chairman and CEO in early December to guide the troubled company out of bankruptcy.

So he needs to bone up. That's why the 79-year-old Boscov has been doing a lot of listening as he gets reacquainted with the business his father started in 1921.

Boscov and his brother-in-law, Edwin Lakin, made a last-minute bid for the privately held company when it became clear that liquidation was imminent.

The gamble comes at a challenging time for retailers, with the economy in recession and holiday sales shaping up to be the worst in decades.

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