The Bon-Ton Stores, Inc. Announces Real Estate Update for 2013
The Bon-Ton Stores, Inc. Announces Real Estate Update for 2013
~ New Bon-Ton Store in Portland, Maine ~
~ New Carson's Store in Ft. Wayne, Indiana ~
YORK, Pa.--(BUSINESS WIRE)-- The Bon-Ton Stores, Inc. (Nasdaq: BONT) today announced two new locations: a 120,800-square-foot facility at The Maine Mall in South Portland, Maine, and a 122,000-square-foot facility located at Glenbrook Square in Fort Wayne, Indiana. Both malls are owned by General Growth Properties, Inc. (NYS: GGP) . The Company expects to begin remodeling the stores in February 2013 and be completed by mid-September 2013.
Brendan Hoffman, President and Chief Executive Officer, stated, "We are pleased to announce the transactions with GGP which afford us entrée into two new markets and, in Maine, a new state. The Ft. Wayne Carson's will be our 14th store in the state of Indiana. We believe our new stores will enhance the total shopping experience for consumers in these markets."
The Maine Mall, a premier retail destination in the region, will be Bon-Ton's first store in Maine. The new location will feature a complete merchandise assortment, including home. The Maine Mall is home to several specialty stores, including the Apple Store, H&M and Coach, and is currently anchored by Macy's, Sears, jcpenney, Best Buy and Sports Authority.
Glenbrook Square, one of the largest enclosed super-regional shopping malls in Indiana, is situated within a three-mile distance from Fort Wayne's central business district and anchors the city's principal north suburban shopping area. The mall boasts several specialty stores and is anchored by Macy's, jcpenney and Sears.
"Under the leadership of Brendan Hoffman, The Bon-Ton Stores have continuously offered customers an extensive assortment of quality merchandise at great values. They're committed to provide shoppers an outstanding experience. The addition of Carson's at Glenbrook Square and Bon-Ton at The Maine Mall will be a welcome addition for our customers in these markets," said Sandeep Mathrani, Chief Executive Officer, GGP.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania, and Milwaukee, Wisconsin, operates 273 department stores, which includes 11 furniture galleries, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers nameplates and, in the Detroit, Michigan area, under the Parisian nameplate. 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. For further information, please visit the investor relations section of the Company's website at http://investors.bonton.com.
General Growth Properties, Inc. is a fully integrated, self-managed and self-administered real estate investment trust exclusively focused on owning, managing, leasing, and redeveloping high-quality regional malls. GGP's portfolio is comprised of 127 malls in the United States and 16 malls in Brazil comprising approximately 135 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
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," "estimate," "project," "intend" or other similar expressions, 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, including the potential write-down of the current valuation of intangible assets and deferred taxes; risks related to the agreement governing the Company's proprietary credit card program; potential increase in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors; 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 efficiency; operational disruptions; unsuccessful marketing initiatives; the failure to successfully implement our key strategies, including 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 purpose; the impact of new regulatory requirements including the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the Health Care Reform Act; the inability or limitations on the Company's ability to favorably adjust the valuation allowance on deferred tax assets; and the financial condition of mall operators.Additional factors that could cause the Company's actual results to differ from those contained in these forward-looking statements are discussed in greater detail under Item 1A of the Company's Form 10-K filed with the Securities and Exchange Commission.
The Bon-Ton Stores, Inc.
Mary Kerr, 717-751-3071
Vice President
Public and Investor Relations
mkerr@bonton.com
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS:
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