Struggling retailer Bon-Ton Stores Inc. entered into a sale-leaseback deal for three of its stores worth $44.9 million.
Bon-Ton Stores Inc., which has dual headquarters in Milwaukee and York, Pa., acted through a subsidiary on the deal, selling stores located in Roseville and Duluth, Minn. and Aurora, Ill., to Florida-based United Trust Fund Limited Partnership, according to a June 1 filing with the SEC.
The closing of the sale is subject to SEC review.
In March, Bon-Ton reported a 29.5 percent drop in fiscal fourth quarter profit. The retailer reported fourth quarter net income of $50.6 million, or $2.42 per share, down from $71.7 million, or $3.56 per share, in the fourth quarter of 2014.
Operating income was $67 million in the quarter, down from $87.5 million in the same period a year ago.
The company has seen its losses steepen over the last year. In 2015, Bon-Ton reported a net loss of 57.1 million, or $2.90 lost per share, compared with a net loss of $7 million, or 36 cents lost per share, in 2014.
Bon-Ton Stores operates 267 department stores in 26 states under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers brands.
