Bon-Ton Stores, Incorporated, which owns Elder-Beerman, announced in a press release Wednesday that it will close 42 stores as part of a previously announced "store rationalization program." The company will close stores that are part of several different chains they own.
"As part of the comprehensive turnaround plan we announced in November, we are taking the next steps in our efforts to move forward with a more productive store footprint," said Bill Tracy, president and chief executive officer for The Bon-Ton Stores. "Including other recently announced store closures, we expect to close a total of 47 stores in early 2018. We remain focused on executing our key initiatives to drive improved performance in an effort to strengthen our capital structure to support the business going forward."
Mr. Tracy continued, "We would like to thank the loyal customers who have shopped at these locations and express deep gratitude to our team of hard-working associates for their commitment to Bon-Ton and to serving our customers."
Bon-Ton has partnered with a third-party liquidator, Hilco Merchant Resources, to help manage the store closing sales, which should begin on February 1 and run for approximately 10 to 12 weeks.
An employee at Paducah's store said she and her co-workers will be able to continue work until the inventory is sold. She said the store manager recently told her the location performed in the top 10 percent over the holidays, but the company was looking at 10 years of performance data when making their decisions.
You can see the complete press release and list of stores that will be closed by clicking the link below.
On the Net:Bon-Ton Press release