Good news for the sometimes troubled retailer:
The Boscov’s department store chain will receive a $43.7 million federal loan through a Department of Housing and Urban Development program for economic development, U.S. Sens. Arlen Specter and Bob Casey announced today.
The 20-year loan is intended to assure the Exeter, Berks County-based department store chain continues to operate. The chain employs about 5,000 workers in Pennsylvania.
More on this from the Morning Call.
This is great news for the regional retailer who, I’m sure, can use the infusion of cash. It is also very good news for mall owners throughout the Mid-Atlantic who cannot afford any more vacant square footage in their anchor units.
I do have to say that I’m somewhat surprised at the fact that Boscov’s was able to secure a loan. With other industries receiving assistance from the government, I guess it was only a matter of time before retailers saw the same type of consideration. Is anyone aware of other retailers who have secure loans from the government to assist them through the turbulent retail economy?