Boscov's changes management as former heads retire

Department store chain Boscov's Inc., Reading, Pa., recently announced that the company's two patriarchs, Albert Boscov, 76 and Edwin Lakin, 82, are retiring. The retailer also completed a recapitalization and restructuring coincident with the redemption of Boscov and Lakin's equity interests. Following the restructuring, Boscov's will continue as a family owned and operated business with Ken Lakin, son of Edwin Lakin and nephew of Albert Boscov, at the helm as both chairman and CEO. "We spent a lot of time over the past 18 months studying our strategic alternatives, including a sale of the business, and concluded that remaining family owned and operated was much better than a sale from the perspective of our customers, employees, vendors and the communities we have been fortunate enough to have been part of over the years," said Albert Boscov in a statement.