In early 2006, Albert Boscov retired as chairman of the mid-Atlantic region chain Boscovs that his father, Solomon Boscov had founded in 1911 in Reading.

In August 2008, Boscov's filed for Chapter 11 Bankruptcy, citing deteriorating consumer and credit conditions due to the Economic crisis of 2008. In October 2008, Albert Boscov and his brother-in-law Edwin Lakin both confirmed that they would be making a bid to purchase back the chain, competing against Versa Capital Management, Inc.. On November 4, 2008, it was confirmed that Boscov's would be selling its assets back to Albert Boscov and Edwin Lakin, canceling the earlier agreement with Versa, and keeping the 98-year-old chain under family control. In 2010, Politics Magazine named him one of the most influential Democrats in Pennsylvania.