YORK, Pa.--(BUSINESS WIRE)--
The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced the
appointment of Brendan L. Hoffman, 43, to the position of President and
Chief Executive Officer of the Company, effective February 7, 2012. He
will also be elected to the Board of Directors (the "Board"). Mr.
Hoffman replaces President and Chief Executive Officer Bud Bergren, who
is a current member of the Board of Directors and who will transition to
the role of the Chairman of the Board of the Company. Upon Mr. Bergren's
transition to Chairman of the Board, Tim Grumbacher, currently serving
as Executive Chairman of the Board, will remain a Director of the
Brendan L. Hoffman, President and Chief Executive Officer of The Bon-Ton Stores, Inc. (Photo: Business Wire)
Mr. Hoffman was the Chief Executive Officer and President of Lord &
Taylor L.L.C. since October 2008. Prior to this, he served six years as
President and Chief Executive Officer of Neiman Marcus Direct, a
subsidiary of The Neiman Marcus Group Inc., where he oversaw the growth
of neimanmarcus.com and the launch and growth of bergdorfgoodman.com.
Mr. Hoffman also served as Vice President of Last Call Clearance
Division at Neiman Marcus from August 2000 to December 2002 and as a
Divisional Merchandise Manager of Bergdorf Goodman Inc. from October
1998 to August 2000.
Mr. Grumbacher stated, "We are excited to have an executive with
Brendan's skill and background assuming the role of President and Chief
Executive Officer of the Company. He comes with a wealth of knowledge
and experience in the retail industry, which we believe will be very
beneficial in driving profitable growth from the strategic initiatives
we began piloting in the fall of fiscal 2011. We look forward to Brendan
joining our team and working with him to drive the future success of our
Mr. Grumbacher continued, "The Board of Directors and I would personally
like to thank Bud and recognize his many accomplishments and dedicated
service over the past seven years. We are very fortunate to have the
continued counsel and support of Bud as he transitions into his new role
as Chairman of the Board."
Mr. Hoffman commented, "I have great confidence in Bon-Ton's future and
look forward to working closely with management and the Board in
executing a successful strategic plan and increasing shareholder value.
I am excited to lead the Bon-Ton team as it embarks on a new phase of
The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 276 department stores,
which includes 11 furniture galleries, in 23 states in the Northeast,
Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston
Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers
nameplates and, in the Detroit, Michigan area, under the Parisian
nameplate. The department stores offer a broad assortment of national
and private brand fashion apparel and accessories for women, men and
children, as well as cosmetics and home furnishings. For further
information, please visit the investor relations section of the
Company's website at http://investors.bonton.com.
Certain information included in this press release contains
statements that are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, which may be identified by words such as "may," "could,"
"will," "plan," "expect," "anticipate," "estimate," "project," "intend"
or other similar expressions, involve important risks and uncertainties
that could significantly affect results in the future and, accordingly,
such results may differ from those expressed in any forward-looking
statements made by or on behalf of the Company. Factors that
could cause such differences include, but are not limited to, risks
related to retail businesses generally; a significant and prolonged
deterioration of general economic conditions which could negatively
impact the Company, including the potential write-down of the current
valuation of intangible assets and deferred taxes; changes in the terms
of the Company's proprietary credit card program; potential increase in
pension obligations; consumer spending patterns, debt levels, and the
availability and cost of consumer credit; additional competition from
existing and new competitors; inflation; deflation; changes in the costs
of fuel and other energy and transportation costs; weather conditions
that could negatively impact sales; uncertainties associated with
expanding or remodeling existing stores; the ability to attract and
retain qualified management; the dependence upon relationships with
vendors and their factors; a data security breach or system failure; the
ability to reduce or control SG&A expenses; the incurrence of unplanned
capital expenditures; the ability to obtain financing for working
capital, capital expenditures and general corporate purpose; the impact
of new regulatory requirements including the Credit Card Accountability
Responsibility and Disclosure Act of 2009 and the Health Care Reform
Act; the inability or limitations on the Company's ability to favorably
adjust the valuation allowance on deferred tax assets; the financial
condition of mall operators; the successful transition of the position
of chief executive officer from Mr. Bergren to Mr. Hoffman. Additional
factors that could cause the Company's actual results to differ from
those contained in these forward-looking statements are discussed in
greater detail under Item 1A of the Company's Form 10-K filed with the
Securities and Exchange Commission.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50143106&lang=en
The Bon-Ton Stores, Inc.
Mary Kerr, 717-751-3071
& Public Relations
Source: The Bon-Ton Stores, Inc.
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