YORK, Pa.--(Business Wire)--
The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced that it will close its
50,000 selling-square foot Elder-Beerman Salem Furniture Gallery in Trotwood,
Ohio. The Salem location was acquired by Bon-Ton in 2003 as part of the
Elder-Beerman acquisition. The closing, which is scheduled for the beginning of
December, will impact approximately 10 associates. The closing costs for the
location will not be material. Bon-Ton will convert the existing furniture
square footage at its Elder-Beerman Northwest store in Dayton, Ohio into a
clearance center for furniture with a scheduled opening in mid-December.
Bud Bergren, President and Chief Executive Officer, commented, "The Company
continually reviews the performance of its assets and, following a review of the
Salem Furniture Gallery location, we made the decision to close the store. We
appreciate the loyalty and dedication of our associates and the support of our
Dayton customers. We remain committed to our customers in this community and
encourage them to visit our Elder-Beerman stores in the Dayton area, which
include the furniture assortments at our South Towne Furniture Gallery,
Beavercreek Furniture Gallery and the new furniture clearance department at our
Northwest store."
The affected associates at the Salem Furniture Gallery will be given the
opportunity to interview for available positions at Elder-Beerman stores,
including South Towne Furniture Gallery, Beavercreek Furniture Gallery and the
furniture clearance operation at our Northwest store, or receive career
transition benefits, including severance, according to established practices and
state employment service support.
The Bon-Ton Stores, Inc., with corporate offices in York, Pennsylvania and
Milwaukee, Wisconsin, operates 279 stores, including 12 furniture galleries, in
23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton,
Bergner`s, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger`s and
Younkers nameplates and, under the Parisian nameplate, stores in the Detroit,
Michigan area. The stores offer a broad assortment of brand-name fashion apparel
and accessories for women, men and children, as well as cosmetics and home
furnishings. For further information, please visit the investor relations
section of the Company`s website at http://investors.bonton.com.
Certain information included in this press release contains statements that are
forward-looking within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements, which may be identified by words
such as "may," "could," "will," "plan," "expect," "anticipate," "estimate,"
"project," "intend" or other similar expressions, involve important risks and
uncertainties that could significantly affect results in the future and,
accordingly, such results may differ from those expressed in any forward-looking
statements made by or on behalf of the Company.Factors that could cause such
differences include, but are not limited to, risks related to retail businesses
generally; a significant and prolonged deterioration of general economic
conditions which could negatively impact the Company, including the potential
write-down of the current valuation of intangible assets and deferred taxes;
changes in the terms of the Company`sproprietary credit card program,potential
increase in pension obligations; consumer spending patterns, debt levels, and
the availability and cost of consumer credit; additional competition from
existing and new competitors; inflation; changes in the costs of fuel and other
energy and transportation costs; weather conditions that could negatively impact
sales; uncertainties associated with expanding or remodeling existing stores;
the ability to attract and retain qualified management; the dependence upon
relationships with vendors and their factors; a security breach; the ability to
reduce SG&A expenses; the incurrence of unplanned capital expenditures; the
ability to realize the expected benefits from our planned changes in operating
structure and the ability to obtain financing for working capital, capital
expenditures and general corporate purposes.Additional factors that could cause
the Company`s actual results to differ from those contained in these
forward-looking statements are discussed in greater detail under Item 1A of the
Company`s Form 10-K filed with the Securities and Exchange Commission.
The Bon-Ton Stores, Inc.
Mary Kerr, 717-751-3071
Vice President
Investor and Public Relations
mkerr@bonton.com
Copyright Business Wire 2009
