BUFFALO – Citing declining sales and mounting losses, retailer Bon-Ton said this week it plans to close at least 40 stores through 2018.
Although there are no solid indicators as to what stores will close business-monitoring site Clark.com speculates that the Millcreek Mall in Erie PA and the Mckinley Mall in Buffalo may close their locations.
Company officials said that Bon-Ton has lost money for the last six years and it lost almost $45 million in its third fiscal quarter as sales fell almost 8% for the first three quarters.
Through the first three quarters of 2017, Bon-Ton lost $135.4 million.
Closing 40 stores would represent the shutdown of about a sixth of Bon-Ton’s 260 department stores, furniture galleries and clearance centers in the U.S.
Bon-Ton operates a store in Jamestown in the Chautauqua Mall in Lakewood, NY.