The Bon-Ton Stores, Inc. has appointed Michael Culhane executive vice president and chief financial officer of the company, effective immediately.
Culhane replaces Nancy Walsh, who was named CFO in November 2015 and is planning to leave Bon-Ton Jan. 22 to take the same post with Pier 1 Imports,
In his new role, Culhane will be responsible for accounting, treasury, tax, credit, and investor relations, legal and internal audit.
Culhane has more than 30 years of finance and accounting experience to the role. He was most recently president and Co-founder of TMAG, Inc., a manufacturer of golf clubs, bags and accessories based in Carlsbad, California.
Prior to TMAG, Inc., he served as CFO at Hudson's Bay Company and also held various executive roles with Lord & Taylor and May Department Store Group.
"We look forward to leveraging his extensive financial expertise and significant department store retail experience as we continue to execute on our initiatives to drive improved performance and strengthen our financial position,” said Bon-Ton CEO Bill Tracy. “We are confident he will be an asset to our team as we continue to engage with our debt holders in our efforts to establish a sustainable capital structure for the company."
Culhane joins Bon-Ton as the company continues to face significant challenges. Milwaukee and York, Pennsylvania-based Bon-Ton Inc. has not turned an annual profit since 2010. In December, the S&P Global downgradedBon-Ton's corporate credit rating following the struggling retailer’s request to delay making a $14 million debt payment. S&P Global analysts believe the delay is an indication the company is headed toward debt restructuring or possible bankruptcy.
As of Thursday morning, Bon-Ton's stock was trading at about 34 cents per share.