State proposal: Rendell offers $35 mi...

State proposal: Rendell offers $35 million loan package to aili...

There are 53 comments on the The Morning Call story from Nov 21, 2008, titled State proposal: Rendell offers $35 million loan package to aili.... In it, The Morning Call reports that:

The saga of the Boscov's bankruptcy took a bizarre turn Thursday, with Gov. Ed Rendell offering $35 million in government loans to help the ailing department store chain regain its financial footing at the ...

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Allentown Native

Allentown, PA

#41 Nov 21, 2008
Yeah but some retailers know when to stop their expansion so that they are able to succeed and not get in the situation like boscovs is now ... really doesnt matter if it is a loan or not if it werent for having shady politics in your pocket they wouldnt be looking for a handout. Do you honestly think that the other retailers are not in the same situation as them with the way the economy is? People are getting a taste of reality and seeing that spending money at department stores isnt much of a priority anymore probably because they have lost their job! obviously there is something wrong if boscovs is the only one looking for this bailout and how quickly they jumped on it!
Loyal Boscovs Shopper wrote:
With that kind of attitude, there will be no retailers left! Rendell is not using tax payer money for this... it is a LOAN!!!
Obviously, you have no idea what it's like to go through a bankruptcy filing and be afraid of losing your job!
SCREW YOU!
<quoted text>
Billy Shakes

Phillipsburg, NJ

#42 Nov 22, 2008
David-1206 wrote:
Is Boscov's unionised?
WOW, can't blame this one on the unions, oh no!!
K1LL THEM ALL

Bloomsburg, PA

#43 Nov 22, 2008
a 35 million dollar worthless loan to a woolworths-type company that no one outside pa? ever heard of!
comment

Korea

#44 Nov 23, 2008
Let's see. If Boscov's, which has a failed business model goes under, what's at stake nothing? Look at Top 50 Employers in PA, its disgusting.
#3 Walmart
#20 Target
#21 KMart - merged with Sears
#32 Sears - merged with KMart
#43 Macy's
#47 JC Penny
These lost employees will be quickly absorbed by 6 retail chains as will the consumer consumption. Throw in that there are 11 other companies in grocery/drug/quick stop retail, I don't think there is going to be a significant long-term impact to PA, should Boscov's go under or reorganize.

This is government and the Rendell adminstration at the worst. Everyone knows it is being orchestrated by him, whether he sits in on meetings or not. This idea was hatch to help out a fellow friend and this is not what government is for.

There are 44 other firms in PA larger than Boscov's. Is PA ready to spend $1.54 billion on bailouts of troubled firms?

$35 million is enough money to send 28,455 people to Lehigh Carbon Community College for 1 semester full-time ($1,230). They would be better off to upgrade their skills sets rather than stay in retail the rest of their careers.

This is government at its worst. Where are all the capitalists? And I am a Democrat saying this .
Oblio

AOL

#45 Nov 23, 2008
BAILOUT, again?! Jeez...That's what bankruptcy reorganization is for, not tax dollars. Nobody's job is safe, not even those working for the gov't. Don't kid yourselves, dearies.

What kind of idiot's are running this state that would even consider this? OH...excuuuse me, that's right, I forgot, they're the ones with the whopper salaries, full benies and pensions, company/govt vehicles with mileage paid for and free travel, etc, etc.

Look's like you do get what you put in office. Hello, Mr. Taxpayer! How much money do you have in your wallet this week after robbing Peter to pay Paul?
Oblio

AOL

#46 Nov 23, 2008
Loyal Boscovs Shopper wrote:
With that kind of attitude, there will be no retailers left! Rendell is not using tax payer money for this... it is a LOAN!!!
<quoted text>
Unfortunately, the 'retail store' concept of old is changing. Remember when retailers went online THEMSELVES to increase their sales markets and to keep up with the technology? Down the line, we might not even have have retail stores in multi-regional areas. The process will take its own course with merchandising becoming more and more of a mail-order business meeting the needs of a busy society.

A 'busy' society that now needs to hold 2/3 jobs to pay their taxes and be able to eat and pay their mortgages. Now THAT's ironic, eh?
ann

Allentown, PA

#47 Nov 23, 2008
big eared chimp wrote:
Albert Boscov gave $132,906 to Rendell between 2005 and 2008 in both cash contributions and in-kind donations of goods or services, according to Department of State records.
Rendell, a longtime friend of Boscov
Yeah why don't Rendell help with other things.Boscov screwed up let him fix it himself.Who the hell helps us with our bills.
Drew

Allentown, PA

#48 Nov 24, 2008
Loyal Boscovs Shopper wrote:
With that kind of attitude, there will be no retailers left! Rendell is not using tax payer money for this... it is a LOAN!!!
Obviously, you have no idea what it's like to go through a bankruptcy filing and be afraid of losing your job!
SCREW YOU!
<quoted text>
You are assuming with the loan that Boscov's will completely turn around and start yielding profits hand over fist. What happens if the loan is just delaying the inevitable and Boscovs has to fold? Who pays the loan then? I agree with Scott, government should not be in the business of loaning money to private enterprise.
SICK OF CRYBABIES

Reading, PA

#49 Nov 24, 2008
Scott, If 5000 people we are paying for it anyway through unemployement so either way the taxpayers are paying for it. At least this wasy they may have a chance!!!!!!
Scott wrote:
I understand your point of view and I completly agree with your feelings about jobs but if they do get the loan and the business fails anyway who is stuck with the debt.... the taxpayers not Boscov's.... government should not be in the business of loans.
<quoted text>

“Your Own Peace Prize Inside”

Since: Mar 07

Hyannis, Mass

#50 Nov 24, 2008
Ok - So Al Boscov sold the company to the current owners. They ran it into the ground and he is trying to buy it back (at a discount of course).
Apparently he has friends in Harrisburg to help the deal go through.
If their business model worked, they wouldn't need the help of the state.
Besides - Fast Eddie already promised us a tax break and if he keeps spending money like this - it will never happen.
Drew

Allentown, PA

#51 Nov 24, 2008
SICK OF CRYBABIES wrote:
Scott, If 5000 people we are paying for it anyway through unemployement so either way the taxpayers are paying for it. At least this wasy they may have a chance!!!!!!
<quoted text>
Actually unemployment is paid by the employer from unemployment insurance or some sort of unemployment fund depending on the state.
SICK OF CRYBABIES

Reading, PA

#53 Nov 25, 2008
what do you think some of the deductions on your paycheck are for!!!

in reference to:
Actually unemployment is paid by the employer from unemployment insurance or some sort of unemployment fund depending on the state.
SICK OF CRYBABIES

Reading, PA

#54 Nov 25, 2008
hate to tell you they are laying off too, so no the 5000 people will not be able to find work in the box retailers
comment wrote:
Let's see. If Boscov's, which has a failed business model goes under, what's at stake nothing? Look at Top 50 Employers in PA, its disgusting.
#3 Walmart
#20 Target
#21 KMart - merged with Sears
#32 Sears - merged with KMart
#43 Macy's
#47 JC Penny
These lost employees will be quickly absorbed by 6 retail chains as will the consumer consumption. Throw in that there are 11 other companies in grocery/drug/quick stop retail, I don't think there is going to be a significant long-term impact to PA, should Boscov's go under or reorganize.
This is government and the Rendell adminstration at the worst. Everyone knows it is being orchestrated by him, whether he sits in on meetings or not. This idea was hatch to help out a fellow friend and this is not what government is for.
There are 44 other firms in PA larger than Boscov's. Is PA ready to spend $1.54 billion on bailouts of troubled firms?
$35 million is enough money to send 28,455 people to Lehigh Carbon Community College for 1 semester full-time ($1,230). They would be better off to upgrade their skills sets rather than stay in retail the rest of their careers.
This is government at its worst. Where are all the capitalists? And I am a Democrat saying this .

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