The York-based retailer, which has a department store at Park City Center and a furniture gallery nearby on Plaza Boulevard, did not specify the locations to go dark. Investors look at the Volatility 12m to determine if a company has a low volatility percentage or not over the course of a year.
The company said total sales in its third quarter decreased 7.6% to $545.3 million, compared with $589.9 million in the third quarter of 2016.
Bloomberg wrote in October that Bon-Ton, which has 260 stores in 24 states, had hired PJT Partners and AlixPartners this year to examine options for handling its more than $1 billion debt load.
The Volatility 12m of The Bon-Ton Stores, Inc.
Younkers operates two stores in Cedar Rapids - at Westdale Mall and at Lindale Mall - and one at Coral Ridge Mall.
The Bon-Ton now operates several stores in the Lehigh Valley, including in the Palmer Park Mall, the Phillipsburg Mall, the Westgate Mall and South Mall.
Those results fell short of the company's expectations, according to president and CEO William Tracy. Closing at least 40 stores through 2018 will help the chain reduce capital expenses and invest more in remaining stores, which should drive sales growth, he said.
Tracy said the store closures will enable the company to move forward "with a more productive store footprint and redirecting capital expenditures toward investments created to drive sales growth". We are executing with a sense of urgency as we work to enhance our merchandise assortment, drive growth in omnichannel, and implement a more focused marketing strategy to improve traffic and customer engagement. "We are working with our advisors to proactively engage with our debt holders to establish a sustainable capital structure to support the business. We are also focused on cost reductions through the continued rollout of our profit improvement initiatives". The company manages multiple store brands, Younkers, Boston Store, and Carson's. The company announced disappointing third-quarter earnings on Wednesday, down about 7-percent for existing stores. (BONT) on Thursday reported a loss of $44.9 million in its fiscal third quarter.