UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 

 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 

 
Date of Report (Date of earliest event reported): January 31, 2018
 
THE BON-TON STORES, INC.
(Exact name of registrant as specified in its charter)
 
Pennsylvania
 
 
0-19517
 
 
23-2835229
(State or Other Jurisdiction of Incorporation) 
 
 
(Commission File Number)
 
 
(IRS Employer Identification No.)
   
2801 E. Market Street, York, Pennsylvania 17402
(Address of Principal Executive Offices)
 
717-757-7660
(Registrant’s Telephone Number, including Area Code)
 
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
                                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
                                    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
                                    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
                                    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 8.01        Other Events.
 
On January 31, 2018, the Bon-Ton Stores, Inc. (the “Company”) issued a press release announcing the 42 locations that will be closed as part of its previously communicated store rationalization program.  The closing stores will include locations under all of the Company’s nameplates.  The store closing sales are scheduled to begin on February 1, 2018 and run for approximately 10 to 12 weeks.
 
A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01        Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit
Number
 
 
Description of Exhibit
99.1
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  The Bon-Ton Stores, Inc.  
       
 
By:
/s/ Michael G. Culhane  
   
Michael G. Culhane
 
   
Executive Vice President – Chief Financial Officer 
 
       
 
Dated: January 31, 2018
 
 
 
 


EXHIBIT 99.1

 
The Bon-Ton Stores, Inc. Announces Locations of Store Closures
as Part of Store Rationalization Program

MILWAUKEE, WI (January 31, 2018) –The Bon-Ton Stores, Inc. (OTCQX: BONT) (“the Company”), today announced the 42 locations that will be closed as part of its previously communicated store rationalization program. The closing stores will include locations under all of the Company’s nameplates.
“As part of the comprehensive turnaround plan we announced in November, we are taking the next steps in our efforts to move forward with a more productive store footprint,” said Bill Tracy, president and chief executive officer for The Bon-Ton Stores. “Including other recently announced store closures, we expect to close a total of 47 stores in early 2018. We remain focused on executing our key initiatives to drive improved performance in an effort to strengthen our capital structure to support the business going forward.”
Mr. Tracy continued, “We would like to thank the loyal customers who have shopped at these locations and express deep gratitude to our team of hard-working associates for their commitment to Bon-Ton and to serving our customers.”
In order to ensure a seamless experience for customers, Bon-Ton has partnered with a third-party liquidator, Hilco Merchant Resources, to help manage the store closing sales. The store closing sales are scheduled to begin on February 1, 2018 and run for approximately 10 to 12 weeks. Associates at these locations will be offered the opportunity to interview for available positions at other store locations.
The closing locations announced today are in addition to five other recently announced store closures, four of which the Company completed at the end of January and one at which the Company will conclude its closing sale in February. Following is the full list of closing stores:

 
 
NAMEPLATE
MALL
CITY
STATE
Herberger's
Pine Ridge Mall
Chubbuck
Idaho
Carson’s Clearance Center
Aurora Shopping Center
Aurora
Illinois
Carson’s
Riverside Plaza
Chicago
Illinois
Carson's
Village Mall
Danville
Illinois
Carson’s
Northland Plaza
DeKalb
Illinois
Carson’s Clearance Center
Village Plaza
Morton Grove
Illinois
Bergner's
Sheridan Village
Peoria
Illinois
Carson’s
Streets of Woodfield
Schaumburg
Illinois
Carson's
Mounds Mall
Anderson
Indiana
Carson's
Fair Oaks Mall
Columbus
Indiana
Carson's
Concord Mall
Elkhart
Indiana
Carson’s
Circle Centre Mall
Indianapolis
Indiana
Carson's
Five Points Mall
Marion
Indiana
Younkers
College Square Mall
Cedar Falls
Iowa
Younkers
Westdale Mall
Cedar Rapids
Iowa
Elder-Beerman
Kentucky Oaks Mall
Paducah
Kentucky
Elder-Beerman
Adrian Mall
Adrian
Michigan
Carson's
Orchards Mall
Benton Harbor
Michigan
Herberger’s Clearance Center
Birch Run Station
Maplewood
Minnesota
Bon-Ton
Steeplegate Mall
Concord
New Hampshire
Bon-Ton
Phillipsburg Mall
Phillipsburg
New Jersey
Bon-Ton
Aviation Mall
Queensbury
New York
Bon-Ton
Salmon Run Mall
Watertown
New York
Elder-Beerman
Northtowne Mall
Defiance
Ohio
Bon-Ton
The Point at Carlisle Plaza
Carlisle
Pennsylvania
Bon-Ton
The Commons
Dubois
Pennsylvania
Bon-Ton
Millcreek Mall
Erie
Pennsylvania
Bon-Ton
The Johnstown Galleria
Johnstown
Pennsylvania
Bon-Ton
Susquehanna Valley Mall 
Selinsgrove
Pennsylvania
Bon-Ton
Nittany Mall
State College
Pennsylvania
Bon-Ton
Stroud Mall
Stroudsburg
Pennsylvania
Bon-Ton
Trexler Mall
Trexlertown
Pennsylvania
 
 

 
Herberger's
Cache Valley Mall
Logan
Utah
Younkers
Fox River Mall
Appleton
Wisconsin
Boston Store
Heritage Village
Beaver Dam
Wisconsin
Elder-Beerman
Eclipse Center
Beloit
Wisconsin
Younkers
Forrest Mall
Fond Du Lac
Wisconsin
Younkers
Lakeshore Edgewater Plaza
Manitowoc
Wisconsin
Younkers
Pine Tree Mall
Marinette
Wisconsin
Boston Store Clearance Center
5659 S. 27th Street
Milwaukee
Wisconsin
Younkers
Mariner Mall
Superior
Wisconsin
Younkers
Wausau Center Mall
Wausau
Wisconsin
       
Previously Announced
NAMEPLATE
MALL
CITY
STATE
Bon-Ton
Valley Mall
Hagerstown
Maryland
Younkers
Westwood Mall
Marquette
Michigan
Bon-Ton
St. Lawrence Centre
Massena
New York
Bon-Ton
University Mall
South Burlington
Vermont
Elder-Beerman
Grand Central Mall
Vienna
West Virginia

About The Bon-Ton Stores, Inc.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 260 stores, which includes nine furniture galleries and four clearance centers, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.  The 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.  The Bon-Ton Stores, Inc. is an active and positive participant in the communities it serves.  For further information, please visit http://investors.bonton.com.

Cautionary Note Regarding Forward-Looking Statements
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,” “believe,” “estimate,” “project,” “intend” or other similar expressions and include the Company’s fiscal 2017
 

 
guidance, 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 in a number of ways, including the potential write-down of the current valuation of intangible assets and deferred taxes; risks related to the Company’s proprietary credit card program; potential increases in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors or changes in the competitive environment; 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, including initiatives to reduce expenses and improve profits; operational disruptions; unsuccessful marketing initiatives; the ability to expand our capacity and improve efficiency through our new eCommerce fulfillment center; changes in, or the failure to successfully implement, our key strategies, including the store rationalization program and initiatives to improve our merchandising, marketing and operations; adverse outcomes in litigation; the incurrence of unplanned capital expenditures; the ability to obtain financing for working capital, capital expenditures and general corporate purposes; the impact of regulatory requirements including the Health Care Reform Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act; the inability or limitations on the Company’s ability to favorably adjust the valuation allowance on deferred tax assets; the ability of the Company to change its capital structure; and the financial condition of mall operators. Any sales results reported herein do not necessarily predict the company’s performance for the full 2017 holiday season or for the fiscal fourth quarter as a whole. 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.
 
###
MEDIA CONTACT:
 
Christine Hojnacki, 414-347-5329
 
christine.hojnacki@bonton.com