The Bon-Ton Stores Inc announced that it will close its 108,000 square foot Northtown store located in Buffalo, New York and that it has entered into a definitive agreement to sell its 102,500 square foot Irondequoit store located in Rochester, New York. The closing costs for both locations will not be material. Both locations are scheduled to close by mid-May 2007.
The leasehold interest in the Northtown location was acquired by Bon-Ton in 1994 as part of the Adam, Meldrum and Anderson acquisition. The lease, which is expiring this year, will not be renewed by the Company. The closing will impact approximately 75 associates.
The Irondequoit store, which is an owned property, was formally a McCurdy's store, which Bon-Ton began operating in 1995. The Company has entered into a definitive agreement to sell the location to Bersin Properties LLC and the transaction is scheduled to be completed by the beginning of April 2007. The closing will impact approximately 65 associates
Byron L. Bergren, President and Chief Executive Officer, commented, “The Company continually reviews the performance of all its assets, and following a review of the Northtown and Irondequoit locations, we made the decision to close the aforementioned stores. We sincerely appreciate the loyalty and dedication of our associates and the support of our Buffalo and Rochester customers. We remain committed to our customers in these communities and encourage them to visit our other stores in the Buffalo and Rochester markets.”
The affected associates at the Northtown Plaza and Medley Centre locations will be provided with the opportunity to consider available opportunities at nearby stores or to receive career transition benefits, including severance according to established practices and state employment service support.
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