York, Pa., The Bon-Ton Stores Inc. said Wednesday it agreed to pay $22 million in cash for four Parisian department stores and the rights to build a fifth one from privately held department store retailer Belk Inc.
The four stores are located in Michigan, Ohio and Indiana, and generated sales of more than $90 million in fiscal 2005. The fifth store will be located in Michigan and is scheduled to open in October 2007. The deal is expected to close on Oct. 30 pending customary closing conditions.
Once the transaction is completed, The Bon-Ton will operate 282 stores in 23 states, with estimated annual sales of $3.4 billion.