Bon-Ton names ex-Lord & Taylor exec as CEO

Bon-Ton Stores Inc. hired the head of the Lord & Taylor department-store chain to be its new chief executive.

Brendan L. Hoffman will join the York-based retailer that operates 276 department stores in 23 states under various regional names, including Elder-Beerman, Carson Pirie Scott and Bon-Ton.

20120124hoffman-brendan-l_192
Brendan L. Hoffman (Business Wire)

Shares of Bon-Ton rose 13 percent in morning trading, up 42 cents to $3.65.

Hoffman will replace Bud Bergren as president and CEO of Bon-Ton. Bergren will become chairman of the chain, while current executive chairman, Tim Grumbacher, will leave that role but remain on the board.

Hoffman, 43, who will join Bon-Ton Feb. 7, had been president and CEO of New York-based Lord & Taylor since October 2008. He is leaving Lord & Taylor amid a consolidation of operations and management teams by its parent company, Canada's Hudson's Bay Co.

In a separate announcement, Hudson's Bay said it had completed its acquisition of Lord & Taylor, which has been an affiliate, and that Hoffman would leave to pursue "another opportunity."

Like other department stores, Bon-Ton struggled during the recent holiday shopping season, posting weaker than expected sales.

Continue Reading