05-08-2018, 06:00 AM
Another department-store chain dies. Bon Ton, owner of Younker's, Elder-Beerman, and Carson-Pirie Scott is in liquidation mode.
The Bon-Ton is a soon-to-be-defunct department store chain headquartered in York, Pennsylvania, and Milwaukee, Wisconsin. There are 267 stores, which includes 9 furniture galleries and 4 clearance centers, in 26 states.[5] Other brands operated by The Bon-Ton were Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers.
Bon-Ton announced on April 17, 2018 that after 120 years of service, they will be closing doors and begin liquidating all 267 stores after two liquidators, Great American Group and Tiger Capital Group, won an auction for the company. The bid was estimated to be worth $775.5 million. According to national retail reporter Mitch Nolen, stores will close within 10 to 12 weeks, during which a liquidation sale is administered.[6][7]
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During Q1, 2018, The Bon-Ton announced they would be closing 42 stores in 14 states, in addition to five stores previously announced.[14] This is in part due to the increase of their online shopping business. However, it wasn't enough to save the company from its huge pile of debt. They were delisted from Nasdaq in late 2017.[15]
In February 2018, The Bon-Ton Stores Inc filed for Chapter 11 bankruptcy protection. The company had not made an annual profit since 2010.[16]
On April 9, 2018, it was announced that Washington Prime Group and Namdar Realty Group would set a bid to save Bon-Ton from bankruptcy. On April 17, 2018, however, the plans fell through due to the court ruling the company would not be able to pay a $500,000 "work fee".[17]
On April 17, 2018, Bon-Ton announced it would liquidate all 260 stores after The Great American Group LLC and Tiger Capitol Group LLC bid $775.5 million for the retailer. They will acquire the inventory and other assets of the company and sell it all off.[18]
https://en.wikipedia.org/wiki/The_Bon-Ton
The Bon-Ton is a soon-to-be-defunct department store chain headquartered in York, Pennsylvania, and Milwaukee, Wisconsin. There are 267 stores, which includes 9 furniture galleries and 4 clearance centers, in 26 states.[5] Other brands operated by The Bon-Ton were Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers.
Bon-Ton announced on April 17, 2018 that after 120 years of service, they will be closing doors and begin liquidating all 267 stores after two liquidators, Great American Group and Tiger Capital Group, won an auction for the company. The bid was estimated to be worth $775.5 million. According to national retail reporter Mitch Nolen, stores will close within 10 to 12 weeks, during which a liquidation sale is administered.[6][7]
.......
During Q1, 2018, The Bon-Ton announced they would be closing 42 stores in 14 states, in addition to five stores previously announced.[14] This is in part due to the increase of their online shopping business. However, it wasn't enough to save the company from its huge pile of debt. They were delisted from Nasdaq in late 2017.[15]
In February 2018, The Bon-Ton Stores Inc filed for Chapter 11 bankruptcy protection. The company had not made an annual profit since 2010.[16]
On April 9, 2018, it was announced that Washington Prime Group and Namdar Realty Group would set a bid to save Bon-Ton from bankruptcy. On April 17, 2018, however, the plans fell through due to the court ruling the company would not be able to pay a $500,000 "work fee".[17]
On April 17, 2018, Bon-Ton announced it would liquidate all 260 stores after The Great American Group LLC and Tiger Capitol Group LLC bid $775.5 million for the retailer. They will acquire the inventory and other assets of the company and sell it all off.[18]
https://en.wikipedia.org/wiki/The_Bon-Ton
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