SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995 Commission File Number
33-43105
Title of Plan
THE BON-TON STORES, INC.
Profit Sharing / Retirement Savings Plan
Issuer of the securities held pursuant to the Plan
THE BON-TON STORES, INC.
2801 East Market Street
York, Pennsylvania, 17402
<PAGE>
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1995 AND 1994
TOGETHER WITH AUDITORS' REPORT
<PAGE>
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
Page
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 1
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN
BENEFITS AS OF DECEMBER 31, 1995 2
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN
BENEFITS AS OF DECEMBER 31, 1994 3
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 4
31, 1995
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 5
31, 1994
NOTES TO FINANCIAL STATEMENTS 6
SCHEDULE I - Item 27(a) -- SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 11
31, 1995
SCHEDULE II - Item 27(d) -- SCHEDULE OF
REPORTABLE TRANSACTIONS FOR THE YEAR ENDED
DECEMBER 31, 1995 12
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of
The Bon-Ton Stores, Inc.
Profit Sharing/Retirement Savings Plan:
We have audited the accompanying statements of net assets
available for plan benefits, of The Bon-Ton Stores, Inc.
Profit Sharing/Retirement Savings Plan, as of December 31,
1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the years then ended.
These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits as of December 31, 1995 and 1994,
and the changes in net assets available for benefits for the
years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The supplemental schedules, listed in the index to financial
statements, are presented for the purpose of additional
analysis and are not a required part of the basic financial
statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act
of 1974. The Fund Information in the statement of net assets
available for plan benefits and the statement of changes in
net assets available for plan benefits is presented for
purposes of additional analysis rather than to present the net
assets available for plan benefits and changes in net assets
available for plan benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the
auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
/s/Arthur Andersen LLP
Lancaster, Pa.
May 8, 1996
<PAGE>
<TABLE>
<CAPTION>
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1995
Retirement Savings Funds Profit Sharing Funds
----------------------------------------------------------------------- ------------------------
Stable Balanced Bon-Ton Wells Fargo Wells Fargo Main Option
Total Income Fund Stock Stock Index Bond Fund Fund
Fund Fund Fund Fund
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash $ 23,714 $ 23,399 $ 13 $ 8 $ 81 $ 32 $ 181 $ -
Contributions Receivable -
Employer &
employee/participant 552,052 145,051 141,041 39,873 169,579 56,508 - -
Interest Receivable 269 95 33 10 76 41 13 1
Investments, at fair value:
EB Temporary Investment Fund 1,024,655 456,946 28,538 18,154 86,441 45,118 389,458 -
EB MBA Government Corporate
Bond Index Fund 7,837,940 - - - - - 7,837,940 -
Guaranteed Investment
Contract 1,504,522 752,261 - - - - 752,261 -
Government Securities Fund 6,836,415 4,239,347 - - - - - 2,597,068
Vanguard Wellington Fund 3,891,406 - 3,891,406 - - - - -
Vanguard World Fund 606,813 - - - - - 606,813 -
Vanguard Trustees
Equity Fund 606,399 - - - - - 606,399 -
Vanguard Index Trust Fund 4,776,637 - - - - - 4,776,637 -
Bon-Ton Common Stock 684,780 - - 684,780 - - - -
Wells Fargo Stock Fund 3,499,727 - - - 3,499,727 - - -
Wells Fargo Bond Fund 1,597,432 - - - - 1,597,432 - -
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total investments 32,866,726 5,448,554 3,919,944 702,934 3,586,168 1,642,550 14,969,508 2,597,068
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total assets 33,442,761 5,617,099 4,061,031 742,825 3,755,904 1,699,131 14,969,702 2,597,069
LIABILITIES:
Purchases pending
settlement 59,228 - - - - - 56,633 2,595
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $33,383,533 $5,617,099 $4,061,031 $ 742,825 $3,755,904 $ 1,699,131 $ 14,913,069 $2,594,474
=========== ========== ========== ========== ========== =========== ============ ==========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994
Retirement Savings Funds Profit Sharing Funds
----------------------------------------------------------------------- ------------------------
Stable Balanced Bon-Ton Wells Fargo Wells Fargo Main Option
Total Income Fund Stock Stock Index Bond Fund Fund
Fund Fund Fund Fund
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash $ 12,925 $ 4,865 $ - $ 180 $ 4 $ 1 $ 526 $ 7,349
Contributions Receivable -
Employer &
employee/participant 1,832,207 112,363 86,510 46,640 86,278 50,764 1,328,068 121,584
Interest Receivable 404 135 30 10 52 49 79 49
Investments, at fair value:
EB Temporary Investment
Fund 233,259 81,804 18,844 15 32,491 31,098 50,434 18,573
EB MBA Government
Corporate Bond Index
Fund 5,594,331 - - - - - 5,594,331 -
Guaranteed Investment
Contract 3,225,522 1,612,761 - - - - 1,612,761 -
Government Securities Fund 4,444,866 1,770,401 - - - - - 2,674,465
Vanguard Wellington Fund 2,261,623 - 2,261,623 - - - - -
Vanguard World Fund 451,000 - - - - - 451,000 -
Vanguard Trustees
Equity Fund 451,435 - - - - - 451,435 -
Vanguard Index Trust Fund 3,734,729 - - - - - 3,734,729 -
Bon-Ton Common Stock 1,288,904 - - 1,288,904 - - - -
Wells Fargo Stock Fund 1,971,826 - - - 1,971,826 - - -
Wells Fargo Bond Fund 1,150,519 - - - - 1,150,519 - -
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total investments 24,808,014 3,464,966 2,280,467 1,288,919 2,004,317 1,181,617 11,894,690 2,693,038
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $26,653,550 $3,582,329 $2,367,007 $1,335,749 $2,090,651 $ 1,232,431 $ 13,223,363 $2,822,020
=========== ========== ========== ========== ========== =========== ============ ==========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
Retirement Savings Funds Profit Sharing Funds
----------------------------------------------------------------------- ------------------------
Stable Balanced Bon-Ton Wells Fargo Wells Fargo Main Option
Total Income Fund Stock Stock Index Bond Fund Fund
Fund Fund Fund Fund
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
CONTRIBUTIONS:
Employer $ 367,142 $ 107,844 $ 87,638 $ 35,455 $ 97,699 $ 38,506 $ - $ -
Employee/Participant 3,007,848 955,204 620,706 367,080 739,151 325,707 - -
----------- ---------- ---------- ---------- ---------- ----------- ------------ ---------
Total contributions 3,374,990 1,063,048 708,344 402,535 836,850 364,213 - -
INVESTMENT INCOME:
Net Appreciation
(Depreciation) in Fair
Market Value 2,973,335 105,153 638,303 (653,061) 785,347 147,986 1,859,667 89,940
Dividends and Interest 1,591,440 384,628 155,065 1,127 71,149 99,060 707,439 172,972
Realized Gains (Losses) 398,018 19,386 107,156 (91,548) 47,604 6,520 296,672 12,228
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total investment income 4,962,793 509,167 900,524 (743,482) 904,100 253,566 2,863,778 275,140
TRANSFERS IN FROM
AM&A PLAN 3,439,873 2,222,622 360,373 144,680 260,481 91,562 360,155 -
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total additions 11,777,656 3,794,837 1,969,241 (196,267) 2,001,431 709,341 3,223,933 275,140
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
DEDUCTIONS FROM NET ASSETS:
Benefit Payments and
Withdrawals 4,903,540 1,734,521 422,194 134,789 454,008 193,422 1,473,918 490,688
Administrative Expenses 144,133 30,065 10,471 7,994 12,911 10,760 46,656 25,276
Interfund Transfers - Net - (4,519) (157,448) 253,874 (130,741) 38,459 13,653 (13,278)
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total deductions 5,047,673 1,760,067 275,217 396,657 336,178 242,641 1,534,227 502,686
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR PLAN
BENEFITS 6,729,983 2,034,770 1,694,024 (592,924) 1,665,253 466,700 1,689,706 (227,546)
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 26,653,550 3,582,329 2,367,007 1,335,749 2,090,651 1,232,431 13,223,363 2,822,020
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
End of year $33,383,533 $5,617,099 $4,061,031 $ 742,825 $3,755,904 $ 1,699,131 $ 14,913,069 $2,594,474
=========== ========== ========== ========== ========== =========== ============ ==========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
Retirement Savings Funds Profit Sharing Funds
----------------------------------------------------------------------- ------------------------
Stable Balanced Bon-Ton Wells Fargo Wells Fargo Main Option
Total Income Fund Stock Stock Index Bond Fund Fund
Fund Fund Fund Fund
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
CONTRIBUTIONS:
Employer $ 983,806 $ 77,385 $ 57,677 $ 31,586 $ 58,294 $ 34,038 $ 664,034 $ 60,792
Employee/Participant 1,880,986 561,539 432,924 214,911 415,807 255,805 - -
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total contributions 2,864,792 638,924 490,601 246,497 474,101 289,843 664,034 60,792
INVESTMENT INCOME:
Net Appreciation
(Depreciation) in Fair
Market Value (180,522) (85,385) (104,431) 271,315 (27,553) (117,320) (56,795) (60,353)
Dividends and Interest 905,777 234,313 94,971 301 54,950 80,339 352,410 88,493
Realized Gains (Losses) (12,872) (8,478) (713) 11,096 (150) (1,496) (4,425) (8,706)
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
Total additions 3,577,175 779,374 480,428 529,209 501,348 251,366 955,224 80,226
DEDUCTIONS FROM NET ASSETS:
Benefit Payments and
Withdrawals 1,776,085 469,068 184,354 113,176 240,844 109,118 404,601 254,924
Administrative Expenses 42,114 8,556 2,323 2,452 6,732 6,514 9,724 5,813
Interfund Transfers - Net - 7,572 (51,888) 989 33,413 9,914 104,647 (104,647)
Transfers of Assets from
Profit Sharing Plan (15,684,995) - - - - - (12,787,111) (2,897,884)
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
INCREASE IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS 17,443,971 294,178 345,639 412,592 220,359 125,820 13,223,363 2,822,020
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 9,209,579 3,288,151 2,021,368 923,157 1,870,292 1,106,611 - -
----------- ---------- ---------- ---------- ---------- ----------- ------------ ----------
End of year $26,653,550 $3,582,329 $2,367,007 $1,335,749 $2,090,651 $ 1,232,431 $ 13,223,363 $2,822,020
=========== ========== ========== ========== ========== =========== ============ ==========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
THE BON TON-STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
DESCRIPTION OF PLAN:
The following description of The Bon-Ton Stores, Inc. Profit
Sharing/Retirement Savings Plan (the Plan) provides only
general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's
provisions.
General
The Plan is a defined contribution plan covering substantially
all employees of the Company who have one year of service and
are age 21 or older. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
Employee Contributions
Eligible employees may elect to make basic contributions from
1% to 15% of compensation deducted on a pre-tax basis, and an
additional 5% of compensation on an after-tax basis subject to
certain limitations. Effective January 1, 1994, pre-tax
contributions for highly compensated participants are limited
to 5% of the participant's compensation. For the Plan years
1995 and 1994, a highly compensated participant, as defined by
the Company, is a participant with an annual salary equal to
or greater than $150,000.
Employer Contributions
Contributions to the Plan's Profit Sharing funds are made at
the Company's discretion out of the annual current earnings of
the Company subsequent to the close of the Company's fiscal
year. Contributions are paid to the designated trustee,
Mellon Bank, N.A. (the Trustee), and are subject to certain
limitations as dictated by the Internal Revenue Code.
Contributions to the Profit Sharing funds are allocated to
each participant's account on or before the last day of the
Plan year in the ratio which the participant's compensation
for the Plan year plus the participant's compensation in
excess of 40% of the Social Security Wage Base for the Plan
year bears to the total compensation for the Plan year plus
the total compensation in excess of 40% of the Social Security
Wage Base for the Plan year of all eligible participants. The
maximum amount which may be allocated to any member is 4.3% of
the sum of the participant's compensation for the Plan year
plus the participant's compensation over 40% of the Social
Security Wage base for the Plan year. The Company elected not
to make a Profit Sharing contribution for 1995.
Contributions to the 401(k) funds are at the discretion of the
Board of Directors. These contributions are allocated to the
respective 401(k) funds based upon the allocations chosen by
the participant. During 1995 and 1994, the Company
contributed 20% of the employees' contributions up to 5% of
compensation.
Participant Accounts
Each participant's account is credited with the employee's
contribution and allocation of: (a) the employer's
contribution, (b) Plan earnings, and (c) forfeitures of
terminated participants' nonvested accounts. Forfeitures are
allocated on the same basis as contributions to the Profit
Sharing funds.
Investments
Investment of the Company's contribution to the Plan's Profit
Sharing funds is under the control and management of the
Trustee, subject to the Company's fiduciary direction through
the Company's Board of Directors and/or the Plan's
Administrative Committee.
Investments of the participants' and the Company's
contributions to the Plan's 401(k) funds are allocated at the
discretion of the participant.
Total assets of the Plan are valued quarterly at fair market
values by the Trustee with exception to the Guaranteed
Investment Contract which is valued at contract value. Gains
and losses as determined by this valuation are allocated to
each participant's account on the basis of each participant's
account balance to the total account balances at the prior
valuation date.
Vesting
Participants are fully vested as to their own contributions.
With regard to employer matching contributions to the 401(k)
funds, the Plan has adopted a three-year cliff vesting policy,
which provides for 100% vesting after three years of service.
Participant's interest in the Profit Sharing funds is fully
vested after five years of service.
Benefit Payments
Participants may make complete or partial withdrawals from
their employee pre-tax contribution accounts at any time after
age 59 1/2 or at any time for economic hardship, as defined by
the Plan. After-tax employee contributions may be withdrawn at
any time. Upon termination of employment, participants are
entitled to receive the entire balance in their employee
account and employer account (if vested). In the event of
death or disability of a participant before termination of
employment, 100% of a participant's account is distributed to
a beneficiary as defined. Withdrawals may be paid in a lump
sum, in installments, as an annuity for life, as a joint and
survivor annuity, or any combination of the foregoing at the
option of the participant.
Benefits due to retired and terminated participants, which are
included in net assets available for plan benefits in the
accompanying statements at December 31, 1995 and 1994,
amounted to $1,596,494 and $517,682 respectively.
Plan Termination
Although it has not expressed an intent to do so, the Company
has the right under the Plan to discontinue its contributions
at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting
The financial statements of the Plan are reflected on the
accrual basis of accounting.
On January 1, 1995, the Plan adopted the American Institute of
Certified Public Accountants' Statement of Position 94-4,
"Reporting of Investment Contracts Held by Health and Welfare
Benefit Plans and Defined Contribution Pension Plans" (SOP 94-
4). The adoption of SOP 94-4 had no impact on the attached
financial statements as the fully benefit-responsive contracts
held by the Plan are valued under SOP 94-4 at contract value
which is the same basis used by the Plan in prior years.
Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those
estimates.
Investments
Participants have the option to invest their 401(k)
contributions in any of the following five funds: Stable
Income Fund, Balanced Fund, Bon-Ton Stock Fund, Wells Fargo
Stock Index Fund and Wells Fargo Bond Fund. Profit Sharing
contributions are allocated to either a Main Fund or an Option
Fund, which is managed by a more conservative investment
program. Only participants over the age of 55 may elect to
have contributions invested in the Option Fund.
All investments are presented at fair market value except for
the fully benefit-responsive guaranteed investment contract in
the Stable Income Fund and the Main Fund, which is stated at
contract value (Note 3). The following investments as of
December 31, 1995 and 1994, are greater than 5% of net assets:
EB MBA Government Corporate Bond Index Fund, DF Government
Securities Fund, Vanguard Wellington Fund, Vanguard Index
Trust Fund, Wells Fargo Stock Fund. Additionally, as of
December 31, 1994, the Protective Life Insurance Guaranteed
Investment Contract exceeded 5% of net assets.
Realized Gains (Losses) and Net Appreciation (Depreciation) in
Fair Market Value
The computations of both realized gains and losses and the net
appreciation and depreciation in fair market value are based
on the difference between the fair market values of the
investments at the beginning of the year and the fair market
values on the sales dates or the end of the year, as
applicable.
Administrative Expenses
Under terms of the Plan agreement all expenses are paid by the
Plan unless paid directly by the Company.
3. GUARANTEED INVESTMENT CONTRACT:
The Plan holds a fully benefit-responsive guaranteed
investment contract with Protective Life Insurance Company.
Protective Life Insurance Company maintains the contributions
in a pooled account. The account is credited with earnings on
underlying investments and charged for Plan withdrawals and
administrative expenses. The contract is included in the
financial statements at contract value with no valuation
reserve against the contract value, as reported to the Plan by
Protective Life Insurance Company. Contract value represents
contributions made under the contract, plus earnings, less
Plan withdrawals and administrative expenses. For the years
ended December 31, 1995 and 1994, the contract had an average
yield of 8.52%. The crediting interest rate as of December
31, 1995 and 1994 under the contract was 8.18%. As of
December 31, 1995, the contract value approximated the
contract's fair market value.
4. FEDERAL INCOME TAXES:
The Internal Revenue Service has determined and informed the
Company by a letter dated January 30, 1996, that the trust
established under the Plan is qualified under the Internal
Revenue Code as exempt from federal income taxes under Section
501(a).
5. PLAN AMENDMENTS:
Effective January 1, 1995, the Plan was amended to allow the
employees of an acquired subsidiary, Adams, Meldrum and
Anderson Co., Inc., who were previously participants in the
First Restated AM&A Savings Plan to be eligible for
participation in the Plan. All existing balances in the First
Restated AM&A Savings Plan were transferred to the Plan based
upon investment allocation decisions made by the participants.
These transfers are listed as a separate line in the
accompanying statement of changes in net assets available for
plan benefits for the year ended December 31, 1995. These
participants received credit for all years of service which
were earned as an employee of Adams, Meldrum, and Anderson
Co., Inc.
Effective July 1, 1994, The Bon-Ton Stores, Inc. Retirement
Savings Plan (401(k) Plan) and The Bon-Ton Stores, Inc. Profit
Sharing Retirement Plan (Profit Sharing Plan) were amended and
restated to combine the plans and form The Bon-Ton Stores,
Inc. Profit Sharing/Retirement Savings Plan. The terms of the
former 401(k) Plan and Profit Sharing Plan were not affected
by the Plan combination. The 401(k) and Profit Sharing
balances are maintained in separate funds.
6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500:
The following is a reconciliation of net assets available for
plan benefits per the financial statements to the Form 5500:
December 31,
1995 1994
------------ ------------
Net assets available for plan benefits per the
financial statements $ 33,383,533 $ 26,653,550
Amounts allocated to withdrawing participants (1,596,494) (517,682)
------------ ------------
Net assets available for plan benefits per
the Form 5500 $ 31,787,039 $ 26,135,868
============ ============
The following is a reconciliation of benefits paid to
participants per the financial statements to the Form 5500:
Year ended
December 31,
1995
----------------
Benefits paid to participants per the financial
statements $ 4,903,540
Add: Amounts allocated to withdrawing participants
at December 31, 1995 1,596,494
Less: Amounts allocated to withdrawing participants
at December 31, 1994 (517,682)
------------
Benefits paid to participants per the Form 5500 $ 5,982,352
============
Amounts allocated to withdrawing participants are recorded on
the Form 5500 for benefit claims that have been processed and
approved for payment prior to December 31, but not yet paid as
of that date.
<PAGE>
<TABLE>
SCHEDULE I
EIN 23-129309
Plan 003
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
Item 27(a) -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<CAPTION>
Number
Description of Investment of Cost Market
Shares
- ---------------------------- ---------- ------------ ------------
<S> <C> <S> <S>
Mellon Bank EB Temporary
Investment Fund 1,024,655 $ 1,024,655 $ 1,024,655
Mellon Bank EB MBA Government
Corporate Bond Index Fund 21,274 7,588,165 7,837,940
Protective Life Insurance
Company Guaranteed
Investment Contract,
maturity 12/31/96 1,504,522 1,504,522 1,504,522
Mellon Bank DF Government
Securities Fund 72,045 6,832,363 6,836,415
Vanguard Wellington Fund 159,288 3,157,145 3,891,406
Vanguard World Fund 40,400 475,867 606,813
Vanguard Trustees' Equity
Fund 19,492 567,895 606,399
Vanguard Index Trust Fund 82,928 3,019,298 4,776,637
The Bon-Ton Stores, Inc. 136,956 1,227,126 684,780
Common Stock
Wells Fargo Stock Fund 24,375 2,530,904 3,499,727
Wells Fargo Bond Fund 12,918 1,500,437 1,597,432
---------- ----------
$ 29,428,377 $ 32,866,726
========== ==========
</TABLE>
The accompanying notes are an integral part of this schedule.
<PAGE>
SCHEDULE II
<TABLE>
EIN 23-1269309
Plan 003
THE BON-TON STORES, INC.
PROFIT SHARING/RETIREMENT SAVINGS PLAN
ITEM 27(d)--SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
Number Number Purchase Selling Cost of Net
Description of of Price (1) Price (1) Items Gain/
Purchases Sales Sold (Loss)
- --------------------------------- --------- --------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Series of Transactions in
Excess of 5%
Mellon Bank EB Temporary
Investment Fund 563 309 $ 16,225,541 $ 15,434,166 $ 15,434,166 $ -
Wells Fargo Money Market Fund 9 11 998,438 998,438 998,438 -
Vanguard Wellington Fund 30 18 1,147,158 359,766 306,846 52,920
Mellon Bank DF Government
Securities Fund 12 10 3,168,452 1,038,557 1,049,670 (11,113)
Protective Life Insurance
Company Guaranteed
Investment Contracts - 8 - 1,473,814 1,473,814 -
Mellon Bank EB MBA Government
Corporate Bond Index Fund 7 4 1,735,338 733,537 739,087 (5,550)
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1) The purchase prices and selling prices of the above transactions represent
the current value of the assets on the transaction date.
The accompanying notes are an integral part of this schedule.
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities and
Exchange Act of 1934, the Plan Administrator has duly caused this
annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
The Bon-Ton Stores, Inc.
Profit Sharing / Retirement Savings Plan
Date: June 27, 1996 BY: /s/ Michael L. Gleim
---------------- ---------------------------
Michael L. Gleim
Plan Administrator
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation of our report included in this Form 11-K, into
the Company's previously filed Registration Statement File
No. 33-43105.
/s/ Arthur Andersen LLP
Lancaster, Pennsylvania
June 27, 1996
