ATLANTIC COUNTY, N.J. — Officials from Atlantic County have said that Boscov’s has made its final payment on a 10-year, $3 million loan, that was back by the county government.
Al Boscov asked the Atlantic County government for help in 2009 to provide financial stability to the 49-store retailer and save hundreds of jobs at the Egg Harbor Township location.
“We put our faith in Al Boscov and he did not disappoint us,” Dennis Levinson, Atlantic County Executive of the company said. “Al Boscov gave me his word and kept his promise to Atlantic County.”
The agreement included job protection provisions and required that 51% of any new hires be from low and moderate-income residents. Also included were protections for Atlantic County taxpayers should Boscov’s ever default on the loan. According to Levinson, the loan cost taxpayers nothing.
“We are extremely grateful to Atlantic County for coming to our aid during a very difficult time,” Jim Boscov, son of Al Boscov who now serves as the company chairman said. “You made it possible to keep our number one store open, but more importantly, you helped keep your neighbors employed. I’m proud of our hardworking coworkers and grateful to our loyal customers.”
Levinson noted that at the time the agreement was controversial with much public input both for and against the county’s involvement.
“I could understand their concerns but we felt it was necessary to take this action to prevent our local Boscov’s from closing and putting residents out of work when across the country we were dealing with a severe financial downturn,” he said. “The last thing we needed was another empty shopping center.”
Levinson says that the Egg Harbor Township store is the most successful Boscov’s location in the country.