Bon-Ton closes 42 more stores in reorganization plan; Westfield spared

The Milwaukee-based parent company announced shutdowns Wednesday.

WESTFIELD -- The Bon-Ton department store in Westfield was spared in the latest round of shutdowns ordered by the chain as it reorganizes its business under an agreement hashed out with creditors earlier in January.

Bon-Ton on Wednesday released the latest list of 42 stores it will close in addition to the five stores it previously said it would shut down in 2018.

Of the 47 stores Bon-Ton plans to close, the closest one to Massachusetts is in Queensbury, New York, just outside Glens Falls. 

The Westfield location --  actually two separate stores a few doors from each other in the Westfield Shops on Route 20 -- opened in 1998. Bon-Ton has no other Massachusetts or Connecticut stores. The parent company also has stores with the Herberger's, Carson's, Bergner's, Younkers and Elder-Beerman names.

In October, Bloomberg News Service reported Bon-Ton's suppliers were cutting back on shipments to the company and asking to be paid sooner in order to protect themselves from potential losses if the chain is unable to pay.

According to published reports, comparable store sales were down 7 percent in the first three quarters of fiscal 2017.

The company's stock traded over the counter Wednesday for 15 cents a share. The company pulled out of the Nasdaq in November after being threatened with getting delisted because its stock was trading at less than $1 a share.

"As part of the comprehensive turnaround plan we announced in November, we are taking the next steps in our efforts to move forward with a more productive store footprint," said Bill Tracy, president and chief executive officer for The Bon-Ton Stores in a press release. "Including other recently announced store closures, we expect to close a total of 47 stores in early 2018. We remain focused on executing our key initiatives to drive improved performance in an effort to strengthen our capital structure to support the business going forward."

Store closing sales are scheduled to begin Thursday and run for approximately 10 to 12 weeks.