YORK, PA-After more than doubling its store count in 2006 with the March acquisition of 142 Carson’s stores and the October buy of five Parisian units, locally based Bon-Ton Stores Inc. continues to cull its total stock and reap big rewards. Sales for the year, which include 11 months of the Carson’s integration, boosted total sales 161% to nearly $3.4 billion and sent shares of BONT on the Nasdaq to a new high of $56.87 a share, almost triple the 52-week low of $20.22 a share.

Meanwhile, it continues to close underperforming units. It will not renew the lease for its 108,000-sf Northtown unit in Buffalo, NY, which expires this year, and it has entered into an agreement to sell its 102,500-sf Irondequoit store in Rochester, NY. The buyer of the Irondequoit unit is Bersin Properties LLC, which acquired the Irondequoit Mall two years ago and has renamed it Medley Centre. The price tag for the Bon-Ton unit sale is undisclosed.

These follow the disposition of three stores during fourth-quarter 2006 along with a distribution center in Iowa. The company “continually reviews the performance of all its assets,” says Byron Bergren, president and CEO, in a statement. The recent sales and closings take the Bon-Ton’s unit count to 280, which operate under the Bon-Ton, Bergner’s, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger’s, Younkers and Parisian nameplates.

Phases one and two of the Carson’s integration are complete ahead of schedule, management reported during a conference call. “This is a long-term story, and we’re in the first chapter,” said Keith Plowman, EVP and CFO.

Fourth-quarter 2006 sales soared 169% to just north of $1.2 billion, compared with $464.6 million for the same quarter a year ago. They included $805.7 million from Carson’s and Parisian units.

In noting the company’s stock run-up, an analyst asked if a stock split or offering was planned. Bergren said, “We’re looking at all options; there are a lot out there.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.