Bon-Ton Stores CEO to Step Down
Bon-Ton Stores Inc. said Monday that CEO Kathryn Bufano, brought in less than three years ago, would step down in August and be succeeded by the company's COO, William Tracy. Bon-Ton officials say Bufano will remain as CEO through the transition period "to ensure an orderly and effective leadership transition." Tracy will be the company’s fourth CEO since 2012.
Total Retail’s Take: Bon-Ton has been unprofitable since 2011, and is one of the many retailers feeling the pressure from online competitors and changing consumer behaviors. Bon-Ton posted a $63.4 million loss in 2016 and annual sales fell to $2.6 billion last year from more than $2.7 billion in 2015. The news of Bufano’s departure comes one week after Bon-Ton announced that Tim Grumbacher, the longtime chairman and descendant of the retailer’s founder, will retire and be succeeded by his wife, Debra Simon. Maybe some new blood is what Bon-Ton needs.