Home / Knowledge / News / Fashion / Fashion retailer Bon-Ton to shut Walden Galleria store

Fashion retailer Bon-Ton to shut Walden Galleria store

17
Nov '05
Leading quality fashion department store Bon-Ton Stores Inc announced it would close its Walden Galleria store located in Buffalo, New York effective January 28, 2006.

The Walden Galleria store will continue to offer a full merchandise assortment and honor the company's hassle-free return and exchange policy until it closes. Thereafter, Walden Galleria customers may return merchandise to any other Bon-Ton location.

The Bon-Ton acquired the leasehold interests in the 150,000 square foot Walden Galleria location in 1994 and subsequently opened the store under the Bon-Ton name. The carrying value of the long-lived assets at this location was adjusted to fair value in prior periods; however, the Company will incur pre-tax costs associated with the closing of the location estimated at $1.8 million, or $0.07 per share on an after-tax basis.

The closing costs include a termination payment, redistribution of remaining inventory, severance for associates and general closing costs. The Company expects the store closing will be accretive to earnings in 2006. The closing will impact approximately 90 associates. The closing cost was not anticipated in the Company's earnings guidance for the year; therefore, the Company is adjusting its earnings per share guidance to a range of $1.43 to $1.53 per share.

Affected associates will be offered the opportunity to interview for available positions at other Bon-Ton store locations. Associates will receive career transition benefits including severance, career counseling and state employment service support.

Bon-Ton Stores Inc operates 139 department stores and two furniture stores in 16 states from the Northeast to the Midwest under the Bon-Ton and Elder-Beerman names. The stores carry a broad assortment of quality brand-name fashion apparel and accessories for women, men and children, as well as distinctive home furnishings.

Bon-Ton Stores Inc


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 25th Feb 2020

Tough for Vietnamese firms to follow EVFTA rules of origin

Though Vietnamese textile and garment firms are aware of the...

Pic: Shutterstock

Apparel/Garments | On 25th Feb 2020

Angola spends $235 mn on apparel imports in 2019

Angola spent $170 million on new imported clothes and $65 million on...

Pic: Prada Group

Fashion | On 25th Feb 2020

Raf Simons, Miuccia Prada now Prada co-creative directors

Raf Simons will join Prada as co-creative director from April 2,...

Interviews View All

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Anshul Sood, Oceedee

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Marco Girola,

Marco Girola

With its commitment to innovation and deep technical expertise,...

Priyanka Gandhi,

Priyanka Gandhi

Established in 2016, Surat-based Shree Ganesh Yarns is a manufacturer of...

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search