Consuming Beerman costing Bon-Ton; Bergren takes medical leave
May 21, 2004,
YORK, Pa. — Grafting onto its own operations the recently acquired Elder-Beerman stores, The Bon-Ton Stores Inc., an East Coast regional department store chain, recorded a mounting $5.6 million loss, up from $2.9 million.
Adding Elder-Beerman sales to its own, The Bon-Ton almost doubled in size, driving sales up 87.9 percent, to $265.1 million from $141.1 million a year ago. Same-store sales for Bon-Ton stores declined 2 percent, and Elder-Beerman comps were down 2.9 percent. Combined comps were off 2.4 percent.
In other Bon-Ton news, Bryon "Bud" Bergren, vice chairman of The Bon-Ton Stores, Inc, is taking a medical leave for a health condition that will require surgery.
Tim Grumbacher, The Bon-Ton CEO and chairman of the board, stated, "While Bud is a key member of our management team, a very strong team remains in place, and the company will continue its aggressive plans regarding the integration of the Elder-Beerman and Bon-Ton operations. We are looking forward to Bud's complete recovery and his return mid-summer."
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