PA Businessman Albert Boscov Dies At Age 87

PHILADELPHIA (CBS) -- Pennsylvania businessman and entrepreneur Al Boscov has died at the age of 87.

Boscov recently revealed that he was battling cancer.

Boscov's LLC announced the passing of their chairman on Friday.

Jim Boscov, the CEO and Vice Chairman and the third generation to run the company, announced that Boscov passed away on Friday in Reading.

Boscov took over the family business in 1914, helping to build one of the largest family-owned department stores in the United States.

"Albert Boscov was truly one of the giants in the retail industry, "Jim Boscov said in a statement. "He was a man of vision and passion and he had a profound influence on the retail business community and the community at large. We are committed to continue on the strong foundation he has created and to carry on in the spirit and philosophy he's instilled. Building on his legacy we will remain the largest family owned department store in the country."