Pigs Flying Much Closer To Ground

Last last week, Phillymag’s Steve Volk wrote about the financial worries at Philadelphia Media Holdings, the Brian Tierney-captained crew running the Inquirer, Daily News and other related properties.

The 411: Standard & Poor’s reported PMH will have its debt interest rate go up a point in exchange for being allowed to miss a few payments. Its loan was trading in the mid-70s in June and is now in the 40s.

Want more bad news? Sure: Boscov’s, which has filed for bankruptcy, owes the paper nearly a million dollars.

Of course, when the company gets that money, it will immediately be spent on inflatable pigs and cat food, so that Philly.com may construct a whole army of 40-plus pound cats to put on the front page.

Financial Worries Deepen at Philadelphia Media Holdings [Phillymag]
Boscov’s files for bankruptcy; several stores closing immediately [Baltimore Sun via Phawker]

A Dept. Store Return To Normalcy

Also, the story that goes along with this all-important poll has a super-awesome serious lead:

Most shelves were full yesterday at Boscov’s in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region’s only surviving family-owned department store chain.

The Inquirer asks, “Will Boscov’s survive?” But the real question is: Boscov’s is still around? Heh. I had no idea.

Boscov’s sails into retail turbulence [Inquirer]

Mall Customers To Peer Through Knotholes No Longer

Fear not, Bucks County shoppers! You will not be without a Boscov’s for much longer!

A story in today’s Bucks County Courier Times — flanked with a Boscov’s ad, as displayed at right — describes the excitement surrounding the opening of a new Boscov’s at Oxford Valley Mall:

For months now, Oxford Valley Mall shoppers have peered through paper-covered windows, hoping for a glimpse of the new Boscov’s department store. The wait is almost over.

Hallelujah! Everyone has been waiting for a department store where one can purchase shoes and the Pasta Express and cheap towels, and not the crap one at Neshaminy, thank you very much. When shoppers want to go to a cheap department store, they’ll do it at the nicer Bucks County mall, thank you very much.

This, though, isn’t your ordinary Boscov’s. CEO Ken Lakin explains:

“The shopping environment will be a modern-day shopping environment,” said Boscov’s CEO Ken Lakin. “And, most importantly, we’ve modernized the assortment [of merchandise] to appeal to a contemporary female customer. That means not only Liz Claiborne sportswear, but also Liz Claiborne companies. It’s not only Jones New York, but also Jones Sport,” he said. “We’re much more contemporary and we appeal to a woman who’s working, is a mother and has to fill both roles at the same time during the day.”

Not! Even! Liz! Claiborne! Sportswear! But! Liz! Claiborne! Companies! Who can contain themselves?

The new Boscov’s will stick with the discount department store’s normal feel, though, as the it will contain a candy counter and appliances. It won’t, the article notes, have a “community auditorium,” which is really a shame. But, hey, $5.99 irons and $9.99 luggage on opening day!

The store is filling the space once occupied by the now-defunct Strawbridge’s, which leaves Boscov’s with, uh, big shoes to fill. How are they going to set themselves apart?

“So many customers will miss Strawbridge’s,” said assistant store manager Kevin Chapman. “But they won’t think this is the Strawbridge’s building. This is Boscov’s.”

Words to live by.

New Boscov’s features modernized shopping [Bucks County Courier Times]

America’s Next Great (Cheap, Second-Rate — But Friendly!) City

Sometime in late spring/early summer, the Strawbridge’s at 8th and Market will close down, the Lord & Taylor will close to become a Macy’s and old Philadelphians will cry. (Don’t worry: Federated Department Stores, which bought the May Company, is going to keep the Christmas light show, the organ, the eagle, &c.)

What makes me cry is this: With the closing of Strawbridge’s — some are turning into Macy’s — the second largest department store in the region will be Boscov’s. And according to an article in the Inquirer, more will probably be coming.

Now, don’t get me wrong: Boscov’s was a fine place for knock-off Shaq jerseys — just blue ones that said “Orlando” — when I was a boys 8-20, but the only thing I’ve used the store for since then was, uhm, an entranceway into Franklin Mills when I had to park near there. Update: My mom has informed me that the Boscov’s at Franklin Mills has closed.

But this is a company that caters to the “Middle America shopper.” I love me some Middle America — uhh, not that I’ve really ever been there, but, hey — but if you think that Pennsylvania really isn’t just a more densely populated Kansas, the fact that Boscov’s could become the biggest chain in the area should convince you.

Then again, let’s try not to be mean here. Boscov’s is family-owned, the workers are actually friendly as opposed to Wal-Mart faux cheerfulness and, uh, it’s not Wal-Mart. The Inquirer summarizes what makes the store so successful and down-to-Earth:

A Boscov’s store averages 185,000 square feet in size, compared with a Wal-Mart Supercenter at 120,000 square feet. Most Boscov’s stores have a vision center, a travel agency, a Ticketron service, and a hair salon. All offer electronic repair service, free gift wrap, and free layaway. Each still has a candy department where fudge is baked daily.

Wow, they really are a throwback! They still have a Ticketron!

Looking to spin gold from Strawbridge’s [Inky]
Ticketron [Wikipedia]
Related: Friends of the Wanamaker Organ