READING, Pa.–The state and cities of Scranton and Wilkes-Barre, Pa., will provide $300 million of aid to help Boscov’s department store chain avoid bankruptcy, according to published reports.
About $100 million of that amount will be provided by company founder Al Boscov as part of an effort by him to purchase the company, reports said.
“The states and cities are definitely rallying behind us,” said a Boscov’s spokeswoman, who could not confirm the dollar amounts of the investments.
Gov. Ed Rendell said the state’s investment in the retailer is designed to help save 5,000 jobs, according to published reports.