The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced it has signed a lease with General Growth Properties, Inc. (“General Growth’) for the 122,500 square foot facility located in the Pine Ridge Mall, Pocatello, Idaho. The Company will initially remodel and operate a store solely on the lower level of this facility in approximately 61,300 square feet. Remodeling of the site is expected to begin in April 2012 and be completed by the end of October 2012, at which time the Company will open a new Herberger’s store. The Pine Ridge Herberger’s location will be the first store in Idaho for the Company. The new Herberger’s store will feature a complete merchandise assortment, including home. The Pine Ridge Mall is currently anchored by Sears, J. C. Penney and ShopKo.
Brendan Hoffman, President and Chief Executive Officer, stated, “We are pleased to announce this transaction with General Growth affording us the opportunity to offer customers in the Pocatello area a brand new Herberger’s store. We look forward to opening our first Idaho location and believe the addition of a Herberger’s in the Pine Ridge Mall will enhance the total shopping experience for consumers in this market.”
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 272 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 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 and 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 and the ability to refinance our existing financing for working capital, capital expenditures and general corporate purposes; 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; and 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.