Bon-Ton's (NASDAQ: BONT) CEO Brendan Hoffman is cutting his time at the retailer short and plans to retire in 2015, just three years after taking the job.
Hoffman said in an earnings call on Tuesday that he is exiting in order to spend more time with his family in New York, a two-hour flight from Bon-Ton's offices in Milwaukee. "I have been commuting weekly to Milwaukee from my home in New York," Hoffman said during the call. "Having school-aged children, this has been more strenuous than I anticipated (for) my wife and children as well as I myself, and not something that I can continue long term."
Hoffman, a former CEO of Lord & Taylor, will leave Bon-Ton on Feb. 7, 2015, when his contract expires. He also will step down as director. Hoffman gave the company a nearly one-year notice so that the retailer can have plenty of time to look for his replacement.
Bon-Ton also released its quarterly earnings on Tuesday, reporting a 7 percent drop in same-store sales and a 10 percent drop in total sales. Net income was $61.3 million compared with $74.4 million, for the fourth quarter of fiscal 2012. Hoffman said that multiple snowstorms and the frigid weather during the December and January periods resulted in a sharp decline in traffic.
Bon-Ton, with dual headquarters in Milwaukee and York, Penn., operates 270 department stores in 25 states. Its other banners include Younkers, Bon-Ton, Bergner's, Carson's, Elder-Beerman and Herberger's.
-See this Bon-Ton earnings call transcript
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