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Bon-Ton Buys Parisian Units

YORK, PA-The chain will pay Belk $22 million for four units in three states plus rights to build a fifth.

By Marita Thomas | Updated on October 26, 2006

YORK, PA-Bon-Ton Stores Inc. has entered into a definitive agreement with Charlotte, NC-based Belk Inc. to acquire four Parisian department stores and the rights for construction of a fifth. The purchase price is $22 million in cash, including the assumption of liabilities, which are not quantified. The transaction is expected to close on Oct. 30.

The four existing locations are: a 148,000-sf unit at Laurel Park Place, a regional mall in Livonia, MI; a 120,500-sf unit at Meadowbrook Village, a lifestyle center in Rochester Hills, MI; the 130,199-sf unit at Fairfield Commons, a regional mall in Beavercreek, OH, and the 144,000-sf unit at Circle Centre, a downtown mall in Indianapolis. Construction of the fifth location, a 120,000-sf store at Partridge Creek, a lifestyle center in Clinton Twp. MI, will begin this year and is scheduled to open in October 2007.

Belk acquired 38 Parisian units earlier this year from Saks Inc. for $285 million. In addition to the sales to Bon-Ton, Tom Belk, chairman and CEO, says his company will sell seven more Parisian units in Ohio, Georgia, Indiana, South Carolina and Tennessee, but no buyer has yet been identified.

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