York-based The Bon-Ton Stores Inc. will not be delisted from the Nasdaq stock exchange as previously feared.
Prior to the retailer releasing its fourth quarter and fiscal-year earnings March 14, the Nasdaq sent a letter to the company notifying it that the market value of publicly held shares of company stock was less than $15 million for 30 consecutive business days, which puts the company out of compliance for continued listing on the exchange.
Following discussions with Bon-Ton regarding publicly held shares outstanding, Nasdaq determined that Bon-Ton meets the required minimum market value of publicly held shares for continued listing on the Nasdaq Global Select Market.
The latest earnings report showed store sales falling 4.7 percent during the fourth quarter and 3.8 percent for the fiscal year, which ended Jan. 28. Bon-Ton has 10 department stores in the Greater Lehigh Valley.
Net income was $44.7 million for the quarter, down from $50.6 million for the fourth quarter of the prior year.
Bon-Ton saw a net loss of $63.4 million, up from $57.1 million the prior year.
Kathryn Bufano, president and CEO of Bon-Ton, said she remains confident the department store chain is heading in the right direction.
“We exceeded our cost reduction goal by $7 million, with net savings of $31 million for the year. We also made progress on a number of initiatives designed to differentiate our stores within the retail landscape,” she said in a statement. “As part of this, we believe we further solidified our position as the hometown shopping destination. …
“We believe that we are well-positioned for fiscal 2017 as we continue to build on these strategic priorities and drive the business forward.”
Bon-Ton operates 263 stores in 25 states under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.