The Bon-Ton to Buy Parisian Stores
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.
Harris Teeter Inks Deal with Western Union
Matthews, N.C., Harris Teeter will add Western Union Co.’s money-transfer services at all 153 of its grocery stores by Nov. 8, according to the Business Journal. Harris Teeter shoppers will have the ability to send and receive money through the Western Union money-transfer service, send bill payments or prepay for wireless, home phone or Internet service, purchase a money order or load funds onto a Western Union Prepaid MasterCard.
A.C. Moore Reports Loss
Berlin, N.J., A.C. Moore on Friday reported a third-quarter loss of $2.6 million, compared to $1.9 million a year ago. Comp-store sales rose 2%, while total sales for the quarter totaled $128.9 million, up from $115.1 million in the comparable period last year.
Results included a charge of $888,000 for severance costs related to the departure of executives. The company also had expenses of $643,000 for stock-based compensation.