As the recession continues to beat down America's retail sector, Bon-Ton Stores Inc. has responded by announcing a plan to cut 1,150 corporate and store jobs.
Bon-Ton is the parent of department store chain Carson Pirie Scott
, which has approximately 25 locations in the Chicago area. The company expects the layoffs will affect 172 workers locally.
Bon-Ton's cost-cutting plan--aimed at decreasing spending, adjusting inventory levels, eliminating bonuses, and suspending employer contributions to the company's 401(k) plan--is slated to boost the company's income by $70 million a year, the Chicago Tribune reported