Bon-Ton Stores says it’s going out of business
The Bon-Ton Stores, a mainstay of traditional retailing that included several department store chains, said it will close after a winning bid in U.S. Bankruptcy Court went to liquidators at auction.
The Great American Group and Tiger Capital Group will acquire the inventory and certain other assets of the department store chain, the company’s statement said. That will let them sell off all of Bon-Ton’s inventory and shut the stores.
The company’s stores include BonTon, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers.
“While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve,” Bon-Ton Chief Executive Officer Bill Tracy said in a statement.
“We are incredibly grateful to all of our associates for their dedicated service to Bon-Ton and to our millions of loyal customers who we have had the pleasure to serve as their hometown store for more than 160 years,” he said.
More details about the liquidation plans and going-out-of-business sales will be released after approval by the court. Reuters reported Tuesday night that another retailer might acquire some of the stores and operate them under one of the Bon-Ton names.