Sunday, 27 May, 2018

Bon-Ton will likely close, liquidate all stores

Reports: Liquidation firms only bidders competing for bankrupt Bon-Ton at auction Bon-Ton Bankruptcy Auction Begins
Lillian Steele | 18 April, 2018, 00:21

The bankruptcy auction for Bon-Ton's assets, which is being held at a law office in NY, will resume this morning at 8 a.m., according to the Reorg Research report.

Bon-Ton, which filed for bankruptcy in February, had been working with a potential bidder - mall owners Namdar Realty Group and Washington Prime Group - that would have kept its stores open in many of its locations.

The end could be near for Bon-Ton Stores.

Bon-Ton Stores Incorporated is a bankrupt chain of 200 regional department stores.

Bon-Ton has stores in the Eastern Hills Mall, McKinley Mall, Chautauqua Mall, Olean Center Mall and the former Summit Mall, as well as in West Seneca, the Town of Tonawanda and Lockport. Once the company selects a winning bidder and the proposed deal is approved by the U.S. Bankruptcy Court in Wilmington, Delaware, the liquidator can begin selling the inventory, store leases, fixtures and intellectual property.

Whatever proceeds Bon-Ton Stores Inc. receives from the sale will go towards paying back what is owed to creditors.

Younkers was founded in Keokuk, Iowa in 1856 and opened its flagship store in Des Moines in 1874.

Another anchor store at the Oakdale Mall in Johnson City may be vanishing soon.

Brick and mortar retailers have faced growing pressure from internet sales and discount retailers like Walmart and Target. Great American also is part of the Toys R Us liquidation.

The announcement that Younkers will close is the second blow to Lindale Mall in less than a week.

"They're going to want to do something to attract those (lost Boston Store) customers", O'Brien said. "It might give (CBL) a chance to re-imagine the mall".

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