The CFO of Bon-Ton Stores Inc. resigned at the end of 2017 to take another job, but her replacement is on board to start 2018.
The outgoing CFO, Nancy Walsh, is resigning effective Jan. 22 to take the CFO job at Texas-based specialty retailer Pier 1 Imports Inc. She starts there on Jan. 25, according to Pier 1.
Her replacement at Bon-Ton is Michael G. Culhane, who came aboard on Jan. 2 as executive vice president and CFO, according to Bon-Ton, a department-store chain with dual headquarters in York County and Milwaukee.
Culhane worked most recently as president and founder of TMAG Inc., a firm providing CFO consulting services. Before that, he was CFO at Hudson’s Bay Co. and counts experience at Lord & Taylor and May Department Store Group.
“We are very pleased to welcome Mike to our executive leadership team,” Bill Tracy, Bon-Ton’s president and CEO, said in a statement. “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.”
Bon-Ton operates 260 stores in 24 states under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers banners.
In a bid to restore its flagging fortunes, Bon-Ton has said it will close at least 40 stores by the end of this year. The company, which has been delisted by the Nasdaq stock exchange, reported a third-quarter net loss of $44.9 million, up from $31.6 million for the same period last year.