A net loss during the third quarter of the year has prompted Bon-Ton Stores, Inc. to announce what it calls a “store rationalization program.”
President and CEO of the York, Pennsylvania and Milwaukee, Wisconsin-based company, William Tracy, said Friday that will include a plan to close at least 40 stores through 2018.
Bon-Ton Stores, Inc. operates 260 stores in 24 states under the brands of Bon-Ton, Bergner’s, Carson’s, Boston Store, Elder-Beerman, Herberger’s and Younkers.
Area Bergner’s stores are located in Peoria and Pekin.
Bon-Ton Stores, Inc. reported a third quarter net loss of $44.9 million, or $2.19 per share, compared to a net loss of $31.6 million, or $1.58 per share in the third quarter of 2016.
Tracy said the “store rationalization” will “enable us moving forward with a more productive store footprint and redirecting capital expenditures toward investments designed to drive sales growth.”
Despite the gloomy announcement, Tracy added, “With our new merchandising initiatives in place and more seasonable November weather, we are already seeing a positive comparable store sales trend and believe we are well-positioned for a successful holiday season.”