The Bon-Ton Stores Inc., parent company of Elder-Beerman, will be delisted from the Nasdaq exchange after failing to keep its stock price above $1 per share for 30 consecutive business days.
The financially struggling retailer will begin to trade on the OTCQX Best Market, leaving the Nasdaq exchange. Bon-Ton starts trading on the OTCQX on Thursday, but will continue to trade under the symbol “BONT.”
“With this announcement, Bon-Ton joins many other established public companies who use the OTCQX market, a recognized public market that offers efficient and transparent trading for U.S. and global companies,” the company said in a statement.
NASDAQ told Bon-Ton it was in danger of having its shares delisted last May after noting the market value of Bon-Ton’s public held shared totaled less than $15 million, the Milwaukee Journal Sentinel reported.
Stores sales have continued to decrease this year, and the retailer announced in March that it would close six stores. Bon-Ton’s sales decreased to $2.6 billion last year from more than $2.7 billion in 2015.
Through the first half of 2017, Bon-Ton lost $90.5 million as sales fell more than 8 percent compared with the first six months of 2016. Bon-Ton releases its financial results for the third quarter next Thursday.
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Elder-Beerman has a major presence within the Dayton region. In June, Bon-Ton announced it will close its Bon-Ton store at Maine Mall in South Portland, Maine at the end of August — laying off 55 employees. Bon-Ton also announced it would close a store location at the Ohio Valley Mall in St. Clairsville, Ohio in late March. That closure impacted 46 employees.
Locally, Bon-Ton closed its Elder-Beerman store in Towne Mall Galleria in Middletown in January. The company did not renew its lease, which ended on Jan. 31. That closure impacted 65 employees.
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The Bon-Ton Stores Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 260 stores, which includes nine furniture galleries and four clearance centers, in 24 states in the Northeast, Midwest and upper Great Plains. Bon-Ton’s stores include: Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers.
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