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Bon-Ton Stores Inc. (The)
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Some leading market positions in smaller markets in the Northeast, Midwest, and Great Plains; and Operating margins in-line with mid-tier department store averages. Participation in the intensely competitive department store industry; Private-label penetration is well below competitors like Dillard's, J.C. Penney, and Macy's; and Highly leveraged capital structure coupled with thin cash flow protection measures. The ratings on Bon-Ton Stores Inc. reflect Standard & Poor's Ratings Services' expectation that performance is likely to be flat over the near term, essentially underperforming its peers, due to uneasy consumer sentiment. Consumer spending remains volatile because of elevated fuel prices, high unemployment, and general economic uncertainty. We also expect increases in sourcing costs to negate operational improvement over the near term. The company's...
Companies mentioned in this report are: Bon-Ton Stores Inc. (The)
Action: Review
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