Bon-Ton Bankruptcy Auction Begins
- Author: Megan Austin Apr 18, 2018,
Apr 18, 2018, 0:18
Bon-Ton Stores, Inc.is likely going out of business, according to a report by Reuters.
According to reports, that bid was not successful.
Before the auction, Bon-Ton was trying to find a buyer so it could keep some of its stores open but that option failed.
Bon-Ton has more than 22,000 employees and 254 stores in the U.S.
Multiple media outlets - including the Des Moines Register and KCRG in Cedar Rapids - are reporting that the pending liquidation of Younkers will lead to the closure of a number of the company's department stores in Iowa.
Younkers has announced they will be closing 8 stores in Iowa.
Money from the auction will be used to pay Bon-Ton's creditors.
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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.
Another anchor store at the Oakdale Mall in Johnson City may be vanishing soon.
Once the company selects a winning bidder and the proposed deal is approved by the U.S. Bankruptcy Court in Wilmington, Del., 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.
WQAD has left voicemail and email messages with Bon-Ton's corporate spokesperson inquiring about the future of the Davenport and Moline stores.