Struggling department-store chain The Bon-Ton Stores Inc. plans to close at least 40 stores over the next year as part of an ongoing cost reduction plan in the facing of dwindling retail sales.
Bon-Ton, which has corporate headquarters in York County and Milwaukee, today reported a third-quarter net loss of $44.9 million, up from $31.6 million last year. Comparable store sales also fell by 6.6 percent over the year, which officials partially attributed to unseasonably warm weather.
CEO William Tracy was disappointed by the quarterly results, but said his focus is on the future and strengthening the company's financial position. Closing at least 40 stores through 2018 will help the chain reduce capital expenses and invest more in remaining stores, which should drive sales growth, he said.