Boscov's returns to its roots

There are 21 comments on the The Morning Call story from Nov 22, 2008, titled Boscov's returns to its roots. In it, The Morning Call reports that:

Reading-based Boscov's Inc. won court approval Friday to be taken over by its founding family -- with the help of a $35 million state-backed federal loan.

Join the discussion below, or Read more at The Morning Call.

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SmokersAreLosers

Fogelsville, PA

#1 Nov 22, 2008
"When you find yourself in a hole....stop digging"
Tom

Macungie, PA

#2 Nov 22, 2008
Rendell is such an idiot! They should not be given a taxpayer bailout! Such a gross waste of our money!
Bethlehem

Bethlehem, PA

#3 Nov 22, 2008
Now this is odd... if you listen to Detroit you would have thought they needed tax payer $$ fort this one?
David-1206

Atlanta, GA

#4 Nov 22, 2008
Tom wrote:
Rendell is such an idiot! They should not be given a taxpayer bailout! Such a gross waste of our money!
Political payback
David J Bhaltazhar Esq

AOL

#5 Nov 22, 2008
More good money down the $h*tter?
just me

Palmerton, PA

#6 Nov 22, 2008
Where's my bailout? I need my new car paid off so I can get some more stuff. I have a few credit cards I need paid off too. Maybe Rendell will pay everything off for me so I can go for some fresh debt. The old debts are getting boring and I need a change.
Who Cares

AOL

#7 Nov 22, 2008
OK, Mr. Boscov sells the business and makes a profit. Then new owners lose money and sell it back to Boscov who is using taxpayers money to buy it. Nice deal if you can get it. Next time Mr. Boscov sells it does he get to keep the profit again?
K1LL THEM ALL

Bloomsburg, PA

#8 Nov 22, 2008
back to its roots...as a rinky dink mom and pop store, for old women who wear a fox stole around their necks, and for teeny bobbers who buy the latest 45 they heard on am radio...?

yeah, the new boscovs is gonna put walmart out of business.
Chris

Blandon, PA

#9 Nov 22, 2008
Why would it be devastating if Boscov's went out of business to Pennsylvania , whatever product they sell , I am able to buy , anywhere , and probably for less money . Equally , I don't know anybody that draws a paycheck from them either , so why the concern ? ; I guess he's a major campaign contributor to fast Eddie ...
Big Dick

Northampton, PA

#10 Nov 22, 2008
The people are idiot; for not demanding more accountability in infrastructure.

Every year corporations get more and more laws in their favor. The people
get zero!

The people get played because they look at politics like their buying baseball cards.
Tom wrote:
Rendell is such an idiot! They should not be given a taxpayer bailout! Such a gross waste of our money!
Richiep

South River, NJ

#11 Nov 22, 2008
Let this be a lesson to you. You are a fool if you do not support the like of Ed Rendell and 99% of the elected Politicians in Pa and elsewhere. It's simple really, donate lots of money (look at it as an investmen), then wait for your payback. But you say you have ethics and that's wrong?? Hey, ethics are for fools, libertarians, and people who voted against Charlie Dent! In other words, dumb people like me, who is not getting on the gravy train.
ljfud

Allentown, PA

#12 Nov 22, 2008
just me wrote:
Where's my bailout? I need my new car paid off so I can get some more stuff. I have a few credit cards I need paid off too. Maybe Rendell will pay everything off for me so I can go for some fresh debt. The old debts are getting boring and I need a change.
If you're looking for change, look to B.O., he's the one for change, not Rendell.
gdd

Kingston, PA

#13 Nov 22, 2008
i'm going to boscovs tomarrow and walking out with a new plasma tv, i should get one because it's my tax dollars right?
Dan

Phillipsburg, NJ

#14 Nov 22, 2008
Boscovs is a great store. It has moderately priced goods with great customer service. It's problems show how this Country has changed. Since the 1980's the destruction of the middle-class has proceeded according to plan.

So are choices are crap from Wal-Mart, where customer service means finding someone who speaks english and can count.

Or the crazy high-end stores that make the Lexus driving set feel good about paying 300% markup for their coats and chairs.
get rid of all of them

Brick, NJ

#15 Nov 22, 2008
this stinks to high heaven.
Bethlehem

AOL

#16 Nov 22, 2008
I really think that Albert Boscov should get the grant money. And this is coming from someone who has been working at Boscov's for 4 years. I have seen the ups and down of the company. When Ken Lahkin took over the company he screwed up the company so bad that Albert bought his empire back and yes he should get the grant money.
Ollie North

Milton, PA

#17 Nov 22, 2008
Who Cares wrote:
OK, Mr. Boscov sells the business and makes a profit. Then new owners lose money and sell it back to Boscov who is using taxpayers money to buy it. Nice deal if you can get it. Next time Mr. Boscov sells it does he get to keep the profit again?
Lakin Jr. is an idiot. Hopefully the old guys will get it together right quick. And toss out the idiot nephew Lakin Jr.
comment

Korea

#18 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. The founding families puts up $11 million of equity at bankruptcy with help of $35 million of government guaranteed loans. If they go belly up, the government is out $35 million. Where is equity participation of government if this succeeds?

This is another disgusting display of Rendell insider politics of directing funds that should truly go to econoic development toward one that puts money into an economic laggard and a family that is running a business model from the 1950s that has shown to be a failure whether now with Boscovs or Phil Berman with Hess's.

The dynamics of retail have changed and my good friends from the synagoge can no longer compete. They are getting their butts handed to them by the big corportate global and national chains. A midsize retailer cannot compete because of compression of costs in the logistics system and wholesale buying power of Wal-marts. Even merger of Kmart-Sears is not working out for Eddie Lampert. The only shopping going on is very high end luxury retailers or deep discount retailers.

Boscov's will be back to bankruptcy within 2 years and taxpayers will be out $35 million. I hope their were caps put on for compensation and bonuses until such time this public loan is paid back.
gdd

Kingston, PA

#19 Nov 23, 2008
Bethlehem wrote:
I really think that Albert Boscov should get the grant money. And this is coming from someone who has been working at Boscov's for 4 years. I have seen the ups and down of the company. When Ken Lahkin took over the company he screwed up the company so bad that Albert bought his empire back and yes he should get the grant money.
You say that because you work there. Do you realize you now make less money because your paying him with your tax dollars.
Serena

Ardmore, PA

#20 Nov 23, 2008
Now maybe Boscov's will be nicer to their employees, and give them more than 1/2 hour for lunch !!!!!!!!!

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