York, PA—The Bon-Ton Stores, Inc. announced today that Brendan L. Hoffman, former president and ceo at Lord & Taylor, will become the company’s new president and chief executive, effective Feb. 7.
The news of Hoffman’s new role came the same day that The Hudson’s Bay Co., announced it completed acquisition of Lord & Taylor and named Bonnie Brooks as president and ceo of both The Bay and Lord & Taylor.
Hoffman, who will also join the Bon-Ton board of directors, succeeds Bud Bergren, who announced last November he planed to retire as ceo and transition to chairman when a a new chief executive was found. The Bon-Ton’s current executive chairman, Tim Grumbacher, will remain on as a director.
Bon-Ton operates 276 department stores, which includes 11 furniture galleries, in 23 states under the Bon-Ton, Bergner’s, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger’s and Younkers brands and, in the Detroit, under the Parisian name.
“We are excited to have an executive with Brendan’s skill and background . . . He comes with a wealth of knowledge and experience in the retail industry, which we believe will be very beneficial in driving profitable growth from the strategic initiatives we began piloting in the fall of 2011,” Grumbacher said.
Hoffman, 43, has been Lord & Taylor’s president/ceo since October 2008. He previously served as president/ceo of Neiman Marcus Direct. He also served as vice president of Neiman Marcus’s Last Call Clearance Division and as a divisional merchandise manager for Bergdorf Goodman
“I am excited to lead the Bon-Ton team as it embarks on a new phase of growth,” Hoffman said.
Bon-Ton has been reporting weak quarterly results and earlier this month estimated it would see a widened full year loss since December sales were hurt by warmer than usual temperatures in most of its selling areas.
As a result of the weak reports, Fitch Ratings, Standard & Poor’s ratings services and Moody’s Investors Service lowered their ratings on Bon-Ton in recent months.
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