Business & Tech
Bon-Ton CEO to Retire
The Bon-Ton's chief executive officer Bud Bergren announced he will retire and become chairman of the board as soon as the company appoints a replacement.
The Bon-Ton's chief executive Bud Bergren announced he will retire and become chairman of the board as soon as the company appoints a replacement, according to The Morning Call. Bergren, 65, became CEO of The Bon-Ton in 2004. The current chairman, Tim Grumbacher, will step down but remain on the board.
The recent drop in The Bon-Ton's stock and sales figures were not a factor in Bergren's retirement, a company spokeswoman said in the Express-Times.
The Bon-Ton reported sales were down 10 percent in October compared to a year ago. Bon-Ton shares fell 7 cents, or 2 percent, to close $3.45 in Nasdaq trading after the news was announced Monday, according to the Express-Times. The stock's 52-week high is $17.49. The company reports third-quarter results Thursday.
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Based in York, Pa., Bon-Ton operates 276 stores including locations at, Trexlertown, Westgate Mall, Palmer Park Mall and Phillipsburg.
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