YORK, Pa. — The Bon-Ton Stores announced Tuesday that its board of directors has elected president and CEO Bud Bergren to the additional role of chairman of the board. The board has also accepted Tim Grumbacher’s resignation as executive chairman of the...
Bon-Ton Stores said its Chief Executive Bud Bergren will move on to become the chairman of the board, and the company named Brendan Hoffman as its new top executive. Hoffman joins the department store operator after a stint at Lord & Taylor LLC, which was acquired by Hudson's Bay Co.
Bon-Ton said that its CEO Bud Bergren will retire his position once the company finds and hires his successor. When a new CEO is in place, Bergren will transition to chairman; current Executive Chairman Tim Grumbacher will vacate the chair but remain a director.
Bon-Ton Stores said that its first-quarter loss grew as it booked hefty debt-related charges and sales declined almost 2 percent. Management blamed unseasonably cold and wet weather for weak sales of seasonal apparel, which forced the retailer to take markdowns and other adjustments.
The Bon-Ton Stores said it's extended President and CEO Bud Bergren's contract through Feb. 5, 2012, and has promoted Barbara Schrantz to COO. Under the newly announced agreement, Bergren's contract will automatically renew annually, unless the board chooses otherwise. Schrantz will assume the role of COO on Jan. 30. She is currently executive VP sales promotion and marketing.