The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
CEO Brendan L. Hoffman has announced that he will not renew his contract when it expires on Feb. 7, 2015.
Department store chain The Bon-Ton Stores Inc. will soon begin a search for a new CEO, the company announced today. Brendan L. Hoffman, who currently leads the company, has announced he will not renew his contract when it expires Feb. 7, 2015.
Hoffman, who has been with Bon-Ton for two years, says he is leaving for personal reasons. “I am extremely proud of the Bon-Ton team and what we have accomplished since I joined in 2012,” he says. “I remain committed to continuing to execute the strategic initiatives we put forward as the company searches for a new CEO.”
Bon-Ton generated $21.48 million in sales online in 2012, according to Internet Retailer Top 500 Guide estimates, up 17.9% from $18.22 million in 2011. Bon-Ton is No. 475 in the Top 500. Hoffman said in November that e-commerce is on track to account for 5% of the retailer’s sales. In response to its fast web growth, Bon-Ton announced earlier this month plans to consolidate four e-commerce distribution centers it operates across the Midwest into one, new 743,000-square-foot facility in Ohio.
“The advance notice Brendan has given should afford the company an opportunity to find and attract a talented leader to assume the role he is vacating and ensure a smooth transition,” says Bon-Ton board chairman Tim Grumbacher. “Until then, we look forward to working with Brendan and taking advantage of his continued services.”