Bon-Ton to close 40 of its store brands in 2018

Marco Green
November 16, 2017

The specific stores that will be closed was not disclosed.

The company is so far trading up by 12.10% percent from yesterday's close.

In the FOX6 News viewing area, there are Boston Store locations in Racine (Regency Mall), Greendale (Southridge Mall), Milwaukee (The Shops at Grand Avenue), Wauwatosa (Mayfair Mall), Brookfield (Brookfield Square Mall) and Glendale (Bayshore Town Center).

Bon-Ton expects a full-year loss of $3.35 to $2.86 per share. "This will enable us with moving forward with a more productive store footprint and redirecting capital expenditures toward investments created to drive sales growth". The company's net loss was $44.9 million, compared with a net loss of $31.6 million a year earlier.

The announcement was made in the release of the company's third quarter results, which were down almost 7-percent.

COPYRIGHT VIOLATION WARNING: "The Bon-Ton Stores, Inc". Sales fell 7.6% to $545.3 million, will comp down 6.6%. The business had revenue of $525.46 million during the quarter. "We believe that the actions we are taking position us to drive improved and consistent financial performance over the long term", Bon-Ton CEO and president William Tracy said in a statement.

But, Tracy said, "We are taking more aggressive actions to fuel improved performance as well as strengthen our financial position".

In September, Bon-Ton hired NY restructuring firm PJT Partners, to look at ways to refinance debt and prepare for a possible bankruptcy filing, according to the Wall Street Journal.

Other reports by Click Lancashire

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