READING, Pa. (AP) -- Pennsylvania-based department store chain Boscov's has named a new vice chairman whose appointment indicates the company's plan to remain under the control of the founding family who salvaged it from bankruptcy two years ago.
James Boscov was named vice chairman of Boscov's Department Store LLC on Wednesday.
His uncle, Albert Boscov, came out of retirement in 2008 and became the company's chairman and CEO in a $300 million bid to guide the company founded by his father out of bankruptcy.
In a statement that indicates James Boscov is his likely successor, Albert Boscov says he gratified that the company will remain a family business.
The Reading-based company has 39 stores in Pennsylvania, New York, New Jersey, Maryland and Delaware.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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