UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 8, 2018
THE BON-TON STORES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania |
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0-19517 |
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23-2835229 |
(State or Other Jurisdiction |
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(Commission |
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(IRS Employer |
2801 E. Market Street, York, Pennsylvania 17402
(Address of principal executive offices, zip code)
(717) 757-7660
Registrants telephone number, including area code
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On January 8, 2018, The Bon-Ton Stores, Inc. issued a press release announcing its comparable store sales results for the nine-week holiday period ended December 30, 2017. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release issued January 8, 2018 regarding the Companys comparable store sales results for the nine-week holiday period ended December 30, 2017.
EXHIBIT INDEX
Exhibit |
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Description of Exhibit |
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99.1 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE BON-TON STORES, INC. | |
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By: |
/s/ Michael G. Culhane |
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Michael G. Culhane |
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Executive Vice President Chief Financial Officer |
Dated: January 9, 2018
FOR IMMEDIATE RELEASE |
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CONTACT: Investor Relations: Jean Fontana ICR, Inc. 646.277.1214 Jean.Fontana@icrinc.com
Media: Christine Hojnacki 414.347.5329 Christine.Hojnacki@bonton.com |
THE BON-TON STORES, INC. PROVIDES HOLIDAY SALES UPDATE
York, PA, January 8, 2018 The Bon-Ton Stores, Inc. (OTCQX: BONT) today announced that its comparable store sales for the nine-week holiday period ended December 30, 2017 decreased 2.9%. Total sales for the nine-week November and December period were $720.8 million compared to sales of $752.1 million in the prior year period. The Companys best performing categories over the period were Cosmetics, Childrens, Outerwear and Fine Jewelry.
Bill Tracy, president and chief executive officer for The Bon-Ton Stores, Inc. said, The Companys holiday period comparable store sales decrease of 2.9% is an improvement from the comparable store sales decrease of 6.6% reported in the third quarter. We are actively engaged in discussions with our debt holders in an effort to strengthen our capital structure to support the business going forward.
About The Bon-Ton Stores, Inc.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 260 stores, which includes nine furniture galleries and four clearance centers, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergners, Boston Store, Carsons, Elder-Beerman, Herbergers and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. The Bon-Ton Stores, Inc. is an active and positive participant in the communities it serves. For further information, please visit http://investors.bonton.com.
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this press release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which may be identified by words such as
may, could, will, plan, expect, anticipate, believe, estimate, project, intend or other similar expressions and include the Companys fiscal 2017 guidance, involve important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Factors that could cause such differences include, but are not limited to: risks related to retail businesses generally; a significant and prolonged deterioration of general economic conditions which could negatively impact the Company in a number of ways, including the potential write-down of the current valuation of intangible assets and deferred taxes; risks related to the Companys proprietary credit card program; potential increases in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors or changes in the competitive environment; inflation; deflation; changes in the costs of fuel and other energy and transportation costs; weather conditions that could negatively impact sales; uncertainties associated with expanding or remodeling existing stores; the ability to attract and retain qualified management; the dependence upon relationships with vendors and their factors; a data security breach or system failure; the ability to reduce or control SG&A expenses, including initiatives to reduce expenses and improve profits; operational disruptions; unsuccessful marketing initiatives; the ability to expand our capacity and improve efficiency through our new eCommerce fulfillment center; changes in, or the failure to successfully implement, our key strategies, including the store rationalization program and initiatives to improve our merchandising, marketing and operations; adverse outcomes in litigation; the incurrence of unplanned capital expenditures; the ability to obtain financing for working capital, capital expenditures and general corporate purposes; the impact of regulatory requirements including the Health Care Reform Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act; the inability or limitations on the Companys ability to favorably adjust the valuation allowance on deferred tax assets; the ability of the Company to change its capital structure; and the financial condition of mall operators. Additional factors that could cause the Companys actual results to differ from those contained in these forward-looking statements are discussed in greater detail under Item 1A of the Companys Form 10-K filed with the Securities and Exchange Commission.
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