READING, Pa. (AP) - December 30, 2008
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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