Boscov's

Infobox_Company
company_name = Boscov's
company_
company_type = Private
foundation = 1911
key_people = Kenneth S. Lakin, Chairman & CEO
Burton Krieger, President and Chief Merchandising Officer
location = flagicon|USA Reading, Pennsylvania
industry = Retail
products = Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares.
revenue = $1.051 billionUSD (2006)
homepage = http://www.boscovs.com/

Boscov's is an American department store founded by Solomon Boscov in 1911. The first store was in Reading, Pennsylvania, and today 39 additional stores are spread throughout the Mid-Atlantic states of Pennsylvania, New Jersey, Maryland, New York, and Delaware.

Boscov's filed for bankruptcy protection on Monday, August 4, 2008 saying it is reorganizing and that its bankruptcy was precipitated by slowing sales and a nationwide credit crunch.

Boscov's, along with Belk, is one of the last family-owned department store chains in the United States, and has yearly revenue of over $1 billion. The chain of stores competes with the prices and products of The Bon-Ton. In some cities, Boscov's now competes with JCPenney, Macy's and Sears.

The current company chairman is Kenneth S. Lakin, who took the job upon the retirement of Albert R. Boscov.

Many of the stores still offer several of the traditional services and departments that others discontinued years ago, such as a bridal registry, gift wrapping, layaway, candy department, toy department, sporting goods, optical and a travel center. However, the stores no longer have hardware or automotive accessory departments. Eight stores include in-store restaurants called The Greenery. The Boscov's North store in Reading used to offer the same basic automotive services as Wal-Mart and Sears, and also offered state inspection service as JCPenney once did. Boscov's still operates two downtown department stores in Binghamton, NY, and Wilkes-Barre, Pennsylvania.

The company, along with Philadelphia station WPVI-TV, is an annual title sponsor of the 6abc Boscov's Thanksgiving Day Parade in Philadelphia, having taken over when Gimbels Department Stores went out of business.

History

Solomon "Sol" Boscov was a Russian Jew who emigrated to Reading, Pennsylvania in 1911. [Berksiana. Charles Schuyler Castner. 1976. Page 321] He had $1.37 in cash on arrival in the United States. [Berksiana. Charles Schuyler Castner. 1976. Page 321] He worked as a traveling salesman with an initial $8 worth of merchandise. Because he spoke Yiddish, he was able to converse with those people in Berks County who spoke Pennsylvania Dutch. [Berksiana. Charles Schuyler Castner. 1976. Page 321]

The first Boscov's was founded in downtown Reading as the Economy Shoe Store and Dry Goods Annex. [Berksiana. Charles Schuyler Castner. 1976. Page 319] Boscov's began opening satellite stores in the Reading suburbs in the 1960s. As early as 1968, Boscov's had five stores, 2200 workers and annual sales exceeding $50 million. [Berksiana. Charles Schuyler Castner. 1976. Page 323] Solomon Boscov retired and was succeeded by his son Albert "Albie" Boscov as head of the company in 1968. [Berksiana. Charles Schuyler Castner. 1976. Page 323] Boscov's began opening stores in nearby counties, starting with the Lebanon, Pennsylvania, store in 1972. [ [http://www.boscovs.com/static/about_boscov/history.html About Boscov's Department Stores ] ]

In late July 2008, reports began swirling that the company may be forced into bankruptcy after a number of its suppliers began halting future shipments of merchandise due to lack of payments. [ [http://www.marketwatch.com/news/story/suppliers-halting-shipments-boscovs-report/story.aspx?guid={A0E19F2F-4201-408A-808A-A3E55C3C72D7}&dist=msr_1#comments Suppliers halting shipments to Boscov's] ] On August 4, 2008, Boscov's officially filed for Chapter 11 bankruptcy protection [ [http://www.pennlive.com/midstate/index.ssf/2008/08/boscovs_files_for_chapter_11_b.html Boscov's Files for Bankruptcy Protection ] ] in which they announced 10 underperforming stores will be closed: 5 in Pennsylvania, 3 in Maryland, and one each in New Jersey and Virginiahttp://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] .

On September 18, 2008, Boscov's announced that it had named Philadelphia-based Versa Capital Management Inc. (parent company or major shareholder of Republic Storage Systems,Polartec, and Black Angus Steakhouse steakhouses, among others) as the preferred, or "stalking horse" bidder for a complete sale of the company, with an offer of $11 million cash plus assumption of all debt. The purpose of a stalking horse is to provide a rough estimate of the value of a company, as a basis for possible bidding by other parties. If no other bids are received, Versa is reportedly prepared to go through with the acquisition. The Boscov and Lakin families are also rumored to be working on an alternative plan that would allow retention of family voting control. Both companies are, at present, reserving comments on any possible sale.

Current locations

Delaware

*Christiana: Christiana Town Center
*Dover: Dover Mall "(Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/dover.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Wilmington: Concord Mall - "(former Pomeroy's)"

Maryland

* Frederick: Frederick Towne Mall - "(former JC Penney)"
* Salisbury: The Centre at Salisbury
* Westminster: TownMall of Westminster - "(former Montgomery Ward)"

New Jersey

*Deptford: Deptford Mall - "(opened 2006, former Wanamaker's, Hecht's and Strawbridge's)"
*Moorestown: Moorestown Mall - "(former Gimbel's and Stern's)"
*Pleasantville: Shore Mall - "(opened 1988, former Sears)"
*Toms River: Ocean County Mall - "(former Stern's)"
*Vineland: Cumberland Mall - convert|194125|sqft|m2|abbr=on.
*Voorhees: Voorhees Town Centerconvert|173000|sqft|m2|abbr=on. - "(former Lit Brothers, Gimbel's and Stern's)"

New York

*Albany: Colonie Center - "(former Steinbach)"
*Binghamton: Downtown - convert|124000|sqft|m2|abbr=on. - "(former Fowler, Dick & Walker-The Boston Store, Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/binghamton.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Clifton Park: Clifton Park Center - convert|196800|sqft|m2|abbr=on - "(former Caldor)"

Pennsylvania

*Altoona: Logan Town Centre "(opened 2007)"
*Bensalem: Neshaminy Mall - "(opened 1995, former Lit Brothers, Pomeroy's and Bon-Ton.)"
*Butler: Clearview Mall - convert|200000|sqft|m2|abbr=on.
*Camp Hill: Camp Hill Shopping Center - "(opened 1986, former E.J. Korvette)"
*Easton: Palmer Park Mall - convert|192110|sqft|m2|abbr=on. - "(former Clover)"
*Exton: Exton Square Mall - convert|190000|sqft|m2|abbr=on. - "(opened 1999)"
*Hanover: North Hanover Mall - "(opening 2008 in former Bon-Ton)"
*Harrisburg: Colonial Park Mall - "(former Woolco)"
*Hazleton: Laurel Mall - "(former Fowler, Dick & Walker-The Boston Store, Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/hazleton.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Johnstown: Johnstown Galleria
*Lancaster: Park City Center - "(former Gimbel's and Pomeroy's, Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/lancaster.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Lebanon: Lebanon Valley Mall
*Media: Granite Run Mall - "(former Gimbels and Stern's)"
*Monaca: Beaver Valley Mall - convert|194498|sqft|m2|abbr=on. - "(former Horne's and Lazarus)"
*Plymouth Meeting: Plymouth Meeting Mall - convert|185000|sqft|m2|abbr=on. - "(former Lit Brothers and Hess's)"
*Pottstown: Coventry Mall
*Pottsville: Fairlane Village Mall "(Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/pottsville.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Reading: "Boscov's North" Fairgrounds Square Mall, Muhlenberg Twp. "(Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/reading_north.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Reading: "Boscov's East", Reading Mall, Exeter Twp. "(Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/reading_east.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Scranton: Mall at Steamtown - convert|210416|sqft|m2|abbr=on.
*Selinsgrove: Susquehanna Valley Mall - convert|194371|sqft|m2|abbr=on.
*Whitehall: Lehigh Valley Mall - "(opened 2006, formerly John Wanamaker, Hecht's, and Strawbridge's)"
*Wilkes-Barre: Downtown - "(former Fowler, Dick and Walker - The Boston Store, Contains a Greenery Restaurant [http://www.boscovs.com/static/about_boscov/stores_locations/wilkes_barre.html Boscov's Store Directory] , Boscovs.com, 04 Oct 2007.] )"
*Willow Grove: Willow Grove Park Mall - convert|228740|sqft|m2|abbr=on. - "(opening 2008, former Abraham & Straus and Strawbridge's)"
*Wyomissing: Berkshire Mall - "(opened 2002, former John Wanamaker, Hecht's and Strawbridge's)"
*York: York Galleria Mall

Former locations

Previously closed stores (as part of 2008 restructuring)

*Maryland - Baltimore: White Marsh Mall - "(opened 2006 in former Bamberger's and Macy's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Maryland - Glen Burnie: Marley Station - "(opened 2006 in former Macy's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Maryland - Owings Mills: Owings Mills Mall "(opened 2006 in former Bamberger's and Macy's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* New Jersey - Eatontown: Monmouth Mall - convert|264601|sqft|m2|abbr=on. - "(former Abraham & Straus and Stern's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Pennsylvania - Bethel Park: South Hills Village - "(opened 2006 in former Gimbels and Kaufmann's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Pennsylvania - Harrisburg: Harrisburg Mall - "(opened 2004 in former JCPenney, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Pennsylvania - Langhorne: Oxford Valley Mall - "(opened 2006 in former John Wanamaker, Hecht's and Strawbridge's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Pennsylvania - Monroeville: Monroeville Mall - "(opened 2006 in former Kaufmann's and Gimbels, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Pennsylvania - Montgomeryville: Montgomery Mall - "(opened 2006 in former John Wanamaker, Hecht's and Strawbridge's, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "
* Virginia - Danville: Piedmont Mall - "(former Ames, closing October 2008)http://www.salon.com/wires/ap/business/2008/08/04/D92BHSR00_boscov_s_list/index.html] "

Previously closed stores (closed prior to 2008 restructuring)

* New Jersey - Willingboro: Willingboro Plaza - "(former Pomeroy's and Ports of the World, closed 1990, demolished)"
* New York - Nanuet: Nanuet Mall - convert|180000|sqft|m2|abbr=on. - "(Opened 2001, former Abraham & Straus and Stern's, closed May 2008 [ [http://www.lohud.com/apps/pbcs.dll/article?AID=/200802221615/NEWS03/802220433 Simon to redevelop Nanuet Mall] , Lohud.com, 22 Feb 2008.] )"
* Pennsylvania - Reading, Pennsylvania - The original store in downtown Reading.
* Pennsylvania - Lebanon: Lebanon Valley Mall - furniture store
* Pennsylvania - Levittown: Levittown Shopping Center - "(former Pomeroy's and Ports of the World, demolished for The Home Depot)"
* Pennsylvania - Philadelphia: Franklin Mills - outlet store "(former Ports of the World, now Steve & Barry's)"
* Pennsylvania - Philadelphia: Godfrey Avenue "(former Ports of the World)"
* Pennsylvania - Sinking Spring: "Boscov's West" - "(closed 2002, replaced by Berkshire Mall store)"

References