Апреля 24, 2018

Younkers, Herberger's likely headed toward liquidation

17 Апреля 2018, 09:54 | Melvin Schneider

Report Only auction bidders for Bon Ton Stores Inc. are liquidators Boston Store

Report Only auction bidders for Bon Ton Stores Inc. are liquidators	 	 	 			Boston Store

The company filed Chapter 11 bankruptcy in February.

Bon-Ton Stores, Inc., which operates Carson's in the Cross County Mall in Mattoon, is apparently headed to closure after the only two bidders at a court-supervised auction on Monday were liquidators, according to a report from Reuters.

However, Reuters also reported that the auction was still in progress late Monday night.

The only two bidders for the company were liquidation firms, according to the report.

Bon-Ton had been working with an investor group that included US mall owners Namdar Realty Group and Washington Prime Group Inc.to secure a bid that would have kept Bon-Ton in business as a going concern.

Other Boston Stores in the state operated by Bon-Ton are located at Brookfield Square west of Milwaukee, at Grand Avenue and Southridge malls in Milwaukee, at Mayfair Mall in Wauwatosa, Bayshore Mall in Glendale and at Regency Square in Racine.

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A group of second lien bondholders had objected to Bon-Ton's request to pay the fee. Boston Store, for example, was founded in 1897, and Younkers in 1856.

Bon-Ton had been working on a deal with asset manager DW Partners and mall owners Namdar Realty and Washington Prime Group that the company said would keep most or all of its stores open.

One liquidator group estimated their initial bid was worth about $650 million, according to a creditor representative who spoke to Reuters.

Sports Authority Holdings Inc, apparel chain The Limited Stores LLC and electronics seller hhgregg Inc are among the chains that have gone out of business recently.

Bon-Ton has more than 22,000 employees and 254 stores in the U.S.

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