York, PA and Milwaukee, WI–Bon-Ton Stores Inc. has eliminated the position of chief operating officer and dismissed the person who currently holds the job, the department store disclosed in a regulatory filing last Friday.
Bon-Ton said COO Barbara J. Schrantz would be terminated as an employee on Sept. 14.
Schrantz has been chief operating officer since early 2011. Previously, she held several vice president positions within the company. Before joining Bon-Ton as an executive in 2005, Schrantz held various merchandising posts of increasing responsibility at Proffitt’s/McRae’s, which was a division of Saks Inc., according to her biography on Bon-Ton’s website.
The company’s 2011 proxy statement says Schrantz received total compe
nsation last year of about $1.1 million, which included a salary of $480,000 and stock awards valued at more than $622,000
An explanation for Schrantz’s pending dismissal and the elimination of the COO position wasn’t immediately available from Bon-Ton.
Brendan L. Hoffman, a former Lord & Taylor CEO who became Bon-Ton’s chief executive in February this year, has been cutting costs at the retailer.
Bon-Ton recently reported that its second-quarter loss widened on slightly lower sales. But Hoffman said progress is being made on changes that should move the company toward profitability. Bon-Ton had a loss of $45 million in the quarter, compared with a loss of $32.3 million in second period of 2011.
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