A time of transition

In 2006, Boscov and Lakin decided to retire. Retirement did not mean Boscov stopped working, however. He continued his civic and philanthropic work.

He founded and led the nonprofit Our City Reading Inc. to assist the city to restore abandoned homes. Under his leadership more than 600 families had the opportunity to own and live in a new home. He led the effort to equip a Senior Citizens Center in downtown Reading and in 2006 he opened the GoggleWorks, the nation’s largest center for the arts. In 2016 he opened the Hilton DoubleTree Hotel in downtown Reading.

In addition, Boscov’s hosts nonprofit programs that generate more than $600,000 a year for thousands of very worthy organizations.

Shortly after Boscov and Lakin retired, the chain, under the direction of Kenneth Lakin — Edwin’s son and Albert’s nephew — purchased 10 mall locations from Federated Department Stores.

“They didn’t have the financing for that. Maybe if everything had gone perfectly it would have been all right,” Boscov said in 2014. “But it didn’t. The economy tanked just about then and they went into bankruptcy and were going to be liquidated.”

Boscov said he was embarrassed by the Chapter 11 bankruptcy and felt he had let customers, suppliers and co-workers down.

He and Edwin Lakin put together a $305 million deal to buy the business back, and in December 2008, Boscov sat in a courtroom in Delaware — offering the only bid for the company. The company emerged from bankruptcy in 2009.

In 2013, Boscov was inducted into the Pennsylvania Retailers’ Association Hall of Fame — the organization’s first inductee.

In 2015, Boscov made the decision to step out of the CEO role once again, naming company Vice Chairman Jim Boscov as CEO. Albert Boscov continued to hold the title of chairman.

Boscov’s burial will be private. A public memorial service will be announced at a later date. Online condolences may be sent to memoriesofal@boscovs.com.

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