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Boscov's Boss Says Retailer is Not Collapsing

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Boscov's Inc. is struggling, but the department store chain is not on the brink of collapse, its chairman and chief executive said. Boscov's has a store in the Susquehanna Valley Mall in Hummels Wharf.

"Sales are weak overall, particularly in the home store, which you can understand: People are not buying houses, they're not buying sheets or mattresses or beds. As gas prices have gone up, sales have gone down, But we're not collapsing at all," Kenneth S. Lakin told the Reading Eagle in response to a report in Friday's New York Post under the headline "Another retailer's close to collapse."

Lakin acknowledged, though, that some suppliers have stopped shipping to his company.

"This happens at different times of the year — they put you on credit hold if you're one minute late," Lakin told the Pittsburgh Tribune-Review. "We are going to get right with them, as quickly as we can.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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