Boscov's CEO Albert Boscov passes torch to nephew Jim Boscov

Albert Boscov has retired as CEO of Boscov's Department Store at the age of 85, leaving the helm of the company in the hands of his nephew, Jim Boscov. Jim will continue to serve as vice chairman and marks the third successive generation of the Boscov family to lead the privately owned business, founded more than 100 years ago.

"Jim has more than 40 years of experience in almost every area of the retail industry," Al Boscov, who will remain chairman of the company, said in a statement. "In addition to an intimate knowledge of every aspect of our business, he brings a true collaborative spirit that brings out the best of everyone on the team. With Jim at the helm, I'm very confident in the future of Boscov's."

Al brought the company from near-collapse six years ago during the Great Recession, reported The Morning Call. Earlier this year he announced his intention to hand the reigns over to his nephew.

Al rejuvenated the retailer by adding a store every year and stimulated roughly $1 billion in annual sales.

Boscov's operates 43 stores in six states including Pennsylvania, New Jersey, New York, Maryland, Delaware and Ohio. The retailer plans to open a 44th later this year in Meriden, Connecticut.

Boscov's bills itself as the largest, completely family-owned department store chain in the nation. Story