Exhibit 99.1

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

    DAYTON, Ohio--(BUSINESS WIRE)--July 29, 2003--The Elder-Beerman
Stores Corp. (Nasdaq:EBSC) today announced that The Bon-Ton Stores,
Inc. (Nasdaq:BONT) has proposed that the two companies merge. In its
proposal letter, Bon-Ton stated that, based on publicly available
information, it is prepared to pay $7.00 in cash for each
Elder-Beerman common share, subject to due diligence and financing.
    While Bon-Ton stated in its proposal that it believed its offer
was full and fair, it also recognized that there may be values
inherent in Elder-Beerman that it is unable to perceive without access
to non-public information and the company's assistance. Bon-Ton
requested certain non-public information concerning Elder-Beerman and
indicated that it is prepared immediately to enter into a
confidentiality agreement and commence its due diligence with the goal
of completing a transaction by the end of September.
    After a review, with the assistance of its financial and legal
advisors, of Bon Ton's proposal letter and related matters,
Elder-Beerman's board of directors authorized the company, subject to
the execution of a confidentiality agreement, to provide Bon-Ton with
the requested information and, as appropriate, to engage in
discussions and negotiations. Elder-Beerman emphasized that there can
be no assurance as to the outcome of the discussions with Bon-Ton and
that it is continuing to proceed under its merger agreement with
Wright Holdings which remains in full force and effect. As previously
announced, on June 25, 2003, Elder-Beerman entered into an agreement
and plan of merger with Wright Holdings, Inc. and its subsidiary
providing for the acquisition of all outstanding shares at a price of
$6.00 per share in cash.
    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.

    This press release contains certain "forward-looking" statements
under the federal securities laws and involve risks and uncertainties
relating to the occurrence of future events. Certain factors could
cause actual events not to occur as expressed in the forward-looking
statements. The Company assumes no obligation to update the
forward-looking information. Risks and uncertainties concerning the
Company's performance are set forth in reports and documents filed by
the Company with the Securities and Exchange Commission from time to
time. Please use caution in placing reliance on forward-looking
statements.

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