The Bon-Ton Stores, Inc. Names Kathryn Bufano President and Chief Executive Officer

  The Bon-Ton Stores, Inc. Names Kathryn Bufano President and Chief Executive
  Officer

Business Wire

YORK, Pa. -- July 31, 2014

The Bon-Ton Stores, Inc. (NASDAQ:BONT) today announced the appointment of
Kathryn Bufano to the position of President and Chief Executive Officer of the
Company, effective August 25, 2014. She will also be elected to the Board of
Directors (the “Board”). Ms. Bufano replaces President and Chief Executive
Officer Brendan Hoffman, who is a current member of the Board. As previously
announced, Mr. Hoffman elected not to renew his three-year employment
agreement and will resign as President and Chief Executive Officer and as a
member of the Board effective with the election of Ms. Bufano. Mr. Hoffman
will play an important role in working through a transition period with Ms.
Bufano. This follows his active role in conversations with Ms. Bufano during
the recruitment process.

Ms.Bufano has served as President and Chief Merchandising Officer of Belk
Inc. since August 2010 and previously served as its President, Merchandising
and Marketing from January 2008 to August 2010. From 2006 to January 2008,
Ms.Bufano was the Chief Executive Officer of Vanity Shops, Inc. Ms.Bufano
pursued higher education from 2003 to 2006, and from 2002 to 2003 she was
Executive Vice President, General Manager Soft-lines for Sears Roebuck&
Company. Prior to 2002, Ms.Bufano served as President, Chief Merchandising
Officer for Dress Barn, Inc. and in various positions in the Macy’s East and
Lord& Taylor divisions of Federated Department Stores.

Tim Grumbacher, Chairman of the Board and Chief Strategic Officer, stated, “We
are excited to have an executive with Kathryn’s talents and background
assuming the role of President and Chief Executive Officer of the Company. Her
years of experience in the department store industry will allow her to refine
and drive the strategic growth initiatives we have put in place over the last
several years. We look forward to Kathryn joining our team and leading the
future success of our Company.”

Mr. Grumbacher continued, “The Board of Directors and I would personally like
to thank Brendan for his leadership, initiative, accomplishments and dedicated
service. We wish him well in his future endeavors.”

Ms. Bufano commented, “I am excited to have the opportunity to lead the
Bon-Ton team. I have great confidence in the Company’s future and I look
forward to working with management and the Board in executing a successful
strategic plan and increasing shareholder value.”

About The Bon-Ton Stores, Inc.

The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania
and Milwaukee, Wisconsin, operates 272 stores, which includes 10 furniture
galleries, in 25 states in the Northeast, Midwest and upper Great Plains under
the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and
Younkers nameplates. The stores offer a broad assortment of national and
private brand fashion apparel and accessories for women, men and children, as
well as cosmetics and home furnishings. For further information, please visit
the investor relations section of the Company’s website at
http://investors.bonton.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this press release contains statements that
are forward-looking within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements, which may be identified
by words such as “may,” “could,” “will,” “plan,” “expect,” “anticipate,”
“estimate,” “project,” “intend” or other similar expressions, involve
important risks and uncertainties that could significantly affect results in
the future and, accordingly, such results may differ from those expressed in
any forward-looking statements made by or on behalf of the Company. Factors
that could cause such differences include, but are not limited to: risks
related to retail businesses generally; a significant and prolonged
deterioration of general economic conditions which could negatively impact the
Company in a number of ways, including the potential write-down of the current
valuation of intangible assets and deferred taxes; risks related to the
Company’s proprietary credit card program; potential increases in pension
obligations; consumer spending patterns, debt levels, and the availability and
cost of consumer credit; additional competition from existing and new
competitors; inflation; deflation; changes in the costs of fuel and other
energy and transportation costs; weather conditions that could negatively
impact sales; uncertainties associated with expanding or remodeling existing
stores; the ability to attract and retain qualified management; the dependence
upon relationships with vendors and their factors; a data security breach or
system failure; the ability to reduce or control SG&A expenses, including
initiatives to reduce expenses and improve efficiency; operational
disruptions; unsuccessful marketing initiatives; the ability to expand our
capacity and efficiency through our new eCommerce fulfillment center; changes
in, or the failure to successfully implement our key strategies, including
initiatives to improve our merchandising, marketing and operations; adverse
outcomes in litigation; the incurrence of unplanned capital expenditures; the
ability to obtain financing for working capital, capital expenditures and
general corporate purpose; the impact of regulatory requirements including the
Health Care Reform Act and the Dodd-Frank Wall Street Reform and Consumer
Protection Act; the inability or limitations on the Company’s ability to
favorably adjust the valuation allowance on deferred tax assets; and the
financial condition of mall operators. Additional factors that could cause the
Company’s actual results to differ from those contained in these
forward-looking statements are discussed in greater detail under Item 1A of
the Company’s Form 10-K filed with the Securities and Exchange Commission.

Contact:

The Bon-Ton Stores, Inc.
Mary Kerr
Vice President
Investor & Public Relations
717-751-3071
mkerr@bonton.com
 
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