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.
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.
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.
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