The Bon-Ton Stores has released a list of 42 store locations it previously announced would close as part of a turnaround plan at the struggling company. All of its Western New York stores are safe for now.
Most of the stores are clustered in Illinois, Pennsylvania and Wisconsin. Just three New York state stores are on the chopping block; in Queensbury and Watertown, and one in Massena that was previously announced.
As the company works to reverse sales declines, it will continue to analyze its 100 worst performing stores, the company said. It has another 20 stores on a closure watch list. It is also considering the sale of two stores and one distribution center.
"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 statement. "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."
Locally, Bon-Ton has stores in Lockport, Wheatfield, Town of Tonawanda, Clarence, Hamburg, West Seneca, Lakewood and Olean,
The Pennsylvania-based department store chain missed a $14 million interest payment in December, the grace period for which has since expired. The company's lenders have granted it more time to potentially negotiate bankruptcy or otherwise restructure its debt.
The Bon-Ton Stores has 260 locations in 24 states, including furniture galleries and clearance centers. In addition to Bon-Ton, they operate under the names Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers. Some locations will close under each banner.