Poor financial performance has put The Bon-Ton Stores Inc. at risk of being removed from the The Nasdaq Global Select Market, according to a March 15 filing with the Security Exchange Commission.
[caption id="attachment_122859" align="alignright" width="359"] The Bon-Ton Stores Inc. headquarters in downtown Milwaukee.[/caption]
The company, which has dual headquarters in Milwaukee and York, Pennsylvania, received a deficiency letter from Nasdaq officials on Friday notifying Bon-Ton that for the past 30 consecutive business days the market value of publicly-held shares was less than $15 million, which does not meet the requirement for being listed on the Nasdaq.
Bon-Ton has until Sept. 5 to regain compliance. To be compliant, the company’s publicly-held shares must meet or exceed $15 million for a minimum of 10 consecutive days during the 180-day grace period.
A representative from Bon-Ton could not immediately be reached.
This week, Bon-Ton also reported its fiscal fourth quarter results, which were lower than expected for the holiday period.
Net income was $44.7 million, or $2.09 per share, down from $50.6 million, or $2.42 per share, in the fourth quarter of 2016. Revenue totaled $877.3 million, down from $927.9 million in the fourth quarter of 2016. Analysts expected $892.6 million in revenue.
For the full year, Bon-Ton reported a net loss of $63.4 million, compared with a net loss of $57.1 million in 2015.
Shares of the company's stock were trading for about $1.00 this morning.
Like many retailers, Bon-Ton is struggling to attract customers as consumers shift more of their spending online and spend less time in stores.
Bon-Ton Stores operates 263 department stores in 25 states, including the Boston Store at its headquarters office in downtown Milwaukee, under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers brands.