York, Pa. department store chain The Bon-Ton Stores, Inc. announced it will close its Elder-Beerman stores in the Huntington (W.V.) Mall and the Lima (Ohio) Mall. The retailer will not renew these leases, which terminate January 31, 2016. Additionally, the company announced the closing of its Bon-Ton store in the Destiny USA mall in Syracuse, N.Y., upon its scheduled February 28, 2016 lease termination.
Bon-Ton acquired the leasehold interests in the Destiny USA store as part of its Chappell's acquisition in 1994 and the Huntington Mall and Lima Mall stores as part of its Elder-Beerman acquisition in 2003.
"We actively review our store portfolio to ensure efficient asset utilization," said Kathryn Bufano, president and CEO, in a press release. "While decisions to close stores are not taken lightly, closings are part of ongoing real estate initiatives in which we strategically conclude operations at underperforming locations, enabling us to redirect capital into more profitable and productive assets. As a result of our performance reviews, we felt it prudent to close the aforementioned stores.
The Bon-Ton Stores, Inc. operates 270 stores 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.
