Exhibit 99.1

Elder-Beerman Receives Definitive Proposal from the Bon-Ton Stores,
Inc.

    DAYTON, Ohio--(BUSINESS WIRE)--Sept. 4, 2003--The Elder-Beerman
Stores Corp. (Nasdaq:EBSC) today announced that The Bon-Ton Stores,
Inc. (Nasdaq:BONT) has proposed a combination of the two companies.
Bon-Ton indicated that it is prepared to sign a merger agreement that
would provide all Elder-Beerman shareholders with $7.00 in cash for
each of their shares in a two-step transaction, consisting of a first
step tender offer for all outstanding shares of Elder-Beerman at $7.00
per share, followed by a second step merger of Elder-Beerman with a
subsidiary of Bon-Ton.
    The principal conditions to consummation of the tender offer would
be: (i) at least two-thirds of Elder-Beerman's outstanding common
shares, on a fully diluted basis, being tendered and not withdrawn
prior to the expiration date of the offer, (ii) the proceeds of the
financings under Bon-Ton's commitment letters being available to
Bon-Ton and (iii) the expiration of the applicable waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
    Elder-Beerman's Board of Directors met earlier today and after
considering Bon-Ton's merger proposal, notified Wright Holdings, Inc.
of Elder-Beerman's intention to enter into a merger agreement with
Bon-Ton, subject to complying with Elder-Beerman's obligations under
its existing merger agreement with Wright Holdings. As previously
announced, on June 25, 2003, Elder-Beerman entered into a definitive
agreement and plan of merger with Wright Holdings and its subsidiary
providing for the acquisition of all outstanding shares of
Elder-Beerman at a price of $6.00 per share. Under its merger
agreement with Wright Holdings, Elder-Beerman is required to so notify
Wright Holdings and engage in good faith negotiations with Wright
Holdings for a three-business day period prior to accepting any
proposal from any third party. These negotiations provide Wright
Holdings an opportunity to increase the price per common share of
Elder-Beerman payable under the existing merger agreement.
Elder-Beerman emphasized that there can be no assurance as to the
outcome of these negotiations with Wright Holdings.

    The nation's ninth largest independent department store chain, The
Elder-Beerman Stores Corp. is headquartered in Dayton, Ohio and
operates 68 stores in Ohio, West Virginia, Indiana, Michigan,
Illinois, Kentucky, Wisconsin and Pennsylvania. For more information
about the company see Elder-Beerman's web site at
www.Elder-Beerman.com.

    CONTACT: The Elder-Beerman Stores Corp.
             Edward Tomechko, 937-296-2683
             Gloria Siegler, 937-296-7339