Finance & Capital Management

York, Pa. -- Bon -Ton Stores said its CEO, Brendan Hoffman, will step down early next year. The announcement follows a disappointing fourth quarter for the company.

Hoffman, a former CEO of Lord & Taylor, will leave Bon-Ton on Feb. 7, 2015, when his contract expires. He also will step down as director. Hoffman cited "strictly personal reasons" for his decision to leave.

He was appointed CEO of Bon-Ton in February 2012.

Smaller format stores are all the rage these days. Dollar General, which already operates nearly 12,000 stores, plans to open 700 more units this year. Walmart recently announced plans to accelerate growth of its smaller format stores by opening between 270 and 300 small stores, more than double the 120 to 150 store range it projected last fall. Even Target has gotten in on the action with plans to open its first Target Express store near downtown Minneapolis this summer.

Houston – Cardtronics, Inc. has expanded its relationship with Tedeschi Food Shops, a Rockland, Mass.-based convenience store company. The broadened agreement names Cardtronics the exclusive ATM services provider for Tedeschi Food Shops. Cardtronics is the world’s largest retail ATM owner.

New York -- Plus-sized retailer Ashley Stewart has filed for voluntary Chapter 11 bankruptcy protection. As part of its restructuring plan, the company announced it will immediately close 27 underperforming locations. Ashley Stewart currently operates some 168 stores. The company previously filed Chapter 11 in 2010.

In a separate statement, the company said potential buyers have expressed interest in buying the chain.

New York -- Ending a five-month saga, Men's Wearhouse said it would acquire Jos. A. Bank Clothiers for about $1.8 billion, or $65 per share in cash. As part of the deal, Jos. A. Bank will terminate its plan to acquire Eddie Bauer from Golden Gate Capital.
 
The boards of both companies unanimously  approved the transaction.

A little more than a month ago, Robert Hanson resigned as CEO of American Eagle Outfitters, following disappointing holiday sales, and caused shares to drop 10%. Shares dropped again, nearly 7% this time, following what the company called “highly disappointing” fourth-quarter results.

Following disappointing fourth-quarter sales, the Bon-Ton Stores president and CEO Brendan L. Hoffman has notified the company’s board of directors that he will not renew his employment agreement with the company when it expires Feb. 7, 2015.

Hoffman also plans to resign as a director of the company.

ZAANDAM, the Netherlands — Ahold has entered into an agreement to acquire Spar's business in the Czech Republic. The acquisition includes 50 stores of which 36 are compact hypers and 14 are supermarkets.