Boscov ‘Donates’ $700,000 To Scranton To Make Good On Mall Loan

Al Boscov gave Scranton Mayor Bill Courtright a check today for $715,173, to make good on a loan the city had given years ago to The Mall at Steamtown that went unpaid.

Calling the check a “donation” from Boscov’s Department Stores to the city, Mr. Boscov said he felt obligated to pay the loan back even though neither he nor his company is legally on the hook to do so.

The donation check is intended to replace a $612,480 loan that the city gave to the former mall owner in 2001 from federal funds that the city receives, as well as $102,693 in interest.

Read more: http://thetimes-tribune.com/news/boscov-donates-700-000-to-scranton-to-make-good-on-mall-loan-1.1795802

Boscov’s Names New Vice Chairman

Boscov’s Chairman and CEO Albert Boscov made an announcement today appointing Jim Boscov as Vice Chairman of Boscov’s Department Stores.  The promotion ensures that the 39-store chain will remain a family business.  Jim holds a master’s degree from Tufts University and started with Boscov’s in 1975 as an assistant store manager.

Albert Boscov said he has no plans to retire but wants to assure employees and business partners that “Boscov’s will remain Boscov’s for many years to come.”

Boscov’s is a Reading, PA-based department store chain founded in 1911.  Boscov’s is one of the last family-owned department store chains left in the United States.  Boscov’s successfully fought off bankruptcy in a little more than one year and has emerged strong. 

For a listing of Boscov’s store locations:

http://www.boscovs.com/static/about_boscov/stores_locations.html