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Bon-Ton Stores CEO to step down in 2015

York, Pa. -- Bon -Ton Stores said its CEO, Brendan Hoffman, will step down early next year. The announcement follows a disappointing fourth quarter for the company.

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 cited "strictly personal reasons" for his decision to leave.

He was appointed CEO of Bon-Ton in February 2012.

For the fourth quarter Bon-Ton profits declined to $61.3 million from $74 .4 million. The company operates 270 department stores under several banners.