THE BON-TON TO ENTER THE ROCHESTER, NEW YORK MARKET WITH FOUR STORES - Company Also Announces Opening of Store in Elmira, New York -.YORK, Pa.--(BUSINESS WIRE)--March 7, 1995--The Bon-Ton Stores, Inc. (Nasdaq:BONT), the York, PA based regional department store company, announced today that it will be entering the greater Rochester market with four department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. as a result of a settlement reached among the parties to the antitrust AntitrustThe antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. lawsuits the Company and the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Attorney General's Office filed in September, 1994. The Company's net investment in this purchase is $18.0 million. Three stores formerly occupied by McCurdy's will undergo major renovations and are expected to open under The Bon-Ton name by November 1, 1995. Additionally, The May Company has agreed to sell the Company a building it owns and currently operates as Kaufmann's; this transaction is to be closed no later than November, 1995. This building will undergo total renovation and is expected to operate as The Bon-Ton by August 1, 1996. The four stores will add approximately 400,000 square feet of selling square footage to The Bon- Ton's current selling space. Rochester, the third largest city in New York, has a marketwide population of approximately 1.1 million people. Tim Grumbacher, Chairman and Chief Executive Officer of The Bon-Ton, commented, "We are extremely pleased with the outcome of our efforts to secure a position in the Rochester market. This is an extremely vibrant market that we expect will react favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to our mix of fashion, value, quality and customer service. Entry into the Rochester market is consistent with our long term growth strategy, situated as it is between the Buffalo and Syracuse markets, which we entered last year by acquisitions of AM&A and Chappell's, respectively. Our entry into this market will significantly strengthen our position in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. and allow for even more efficient utilization of our corporate infrastructure." Separately, the Company also announced today that it has reached an agreement in principle to open a store in the Elmira, New York Elmira is a city in Chemung County, New York, USA. It is the principal city of the 'Elmira, New York Metropolitan Statistical Area' which encompasses Chemung County, New York. The population was 30,940 at the 2000 census. It is the county seat of Chemung County. market. Subject to finalizing legal documentation, the Company will lease a 75,000 square foot building formerly occupied by McCurdy's. Similar to the Rochester stores, the department store building will undergo a total renovation; it is expected to be open for business under The Bon-Ton name by November 1, 1995. Upon the completion of the two transactions, The Bon-Ton will operate 72 department stores primarily in Pennsylvania, New York, Maryland, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. and New Jersey. The stores carry broad assortments of brand-name fashions and accessories for women, men and children, as well as home furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. . CONTACT: The Bon-Ton Stores, Inc. Michael L. Gleim Sr. Executive Vice President Morgen-Walke Associates Naomi Rosenfeld/Eileen Howard Media Contact: Stacy Berns (212) 850-5600 |
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