US: Bon-Ton Stores extends CEO’s contract
Byron L (Bud) Bergren is to continue in his role as president and chief executive officer at apparel and home furninishings retailer The Bon-Ton Stores after his contract was extended until 31 January 2011.
The retailer added that he would also serve in "an important role to be determined by the board of directors" from 1 February 2011 through 5 February 2012.
Tim Grumbacher, executive chairman of the board of directors, said: "Bud's vision, leadership and execution continue to guide us through the challenging times we are facing in this very difficult retail environment."
The Bon-Ton Stores operates 280 stores under the Bon-Ton, Bergner's, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers and Parisian nameplates.
Earlier this month it swung to a fourth quarter loss of US$87.7m on discounting and a 9.7% drop in same-store sales.
In January it cut 1,150 jobs and eliminated 2008 bonuses for senior executives as part of a new cost saving plan.
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