Bon-Ton bid appears to be falling short

18 April, 2018, 00:18 | Author: Dustin Murphy
  • Iowa Younkers Stores to Close Parent Company Headed for Liquidation	 	 	 			Younkers

The group was not among the bidders at Monday's auction, according to Reuters' reporting.

A spokesperson for Bon-Ton did not immediately respond to a request for comment, Reuters said. The chain, which has dual headquarters in York County and Milwaukee, filed for bankruptcy in February. Liquidation firms get what they can for a company's assets before shutting it down.

Other stores operated by Bon-Ton are under the Bon-Ton, Bergner's, Carson's, Elder- Beerman and Herberger's names, but most of its stores have histories that predate the parent company.

The last two area Younkers stores will close in June, it was reported on Tuesday.

Another anchor store at the Oakdale Mall in Johnson City may be vanishing soon. The news service noted that once the company selects a winning bidder and the federal court overseeing Bon-Ton's bankruptcy proceedings approves it, "the liquidator can begin selling the inventory, store leases, fixtures and intellectual property".

Bon-Ton and Toys R Us operated a combined almost 60 million square feet (5.6 million square meters) of store space, according to their latest annual reports, and employed a combined 83,000 when they entered bankruptcy.

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

The Bon-Ton bankruptcy papers can be seen here.

Bon-Ton had been working with an investor group that included USA mall owners Namdar Realty Group and Washington Prime Group secure a bid that would have kept Bon-Ton in business as a going concern. He doubts that a single retailer will take over each of the spaces. "There are not very many growing (retailers) that use that kind of square-footage".



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