Bon-Ton CEO to retire once successor named

Milwaukee -- Bon-Ton Stores Inc. said Monday that its CEO Bud Bergren will retire his position once the company finds and hires his successor.

When a new CEO is in place, Bergren will transition to chairman; current executive chairman Tim Grumbacher will vacate the chair but remain a director. Bergren has been CEO since 2004.

The succession plans comes on the heels of same-store sales dips in October and a downwardly modified outlook for the year.