Liquidators win the bid to close Bon-Ton stores

The Bon-Ton Stores, Inc. has announced that in an auction for the company's assets held pursuant to Section 363 of the US Bankruptcy Code, a joint venture composed of the holders of the company's 8 percent Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC will acquire the inventory and certain other assets of the company. The company added that a hearing by the Bankruptcy Court to approve the sale and wind-down of the company's operations is scheduled for April 18, 2018.

Commenting on the development, the company’s Bill Tracy, President and Chief Executive Officer, said in a press release: "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 added that throughout the court-supervised asset sale process, the company's stores, e-commerce and mobile platforms under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates will remain open throughout the store closing sales.

Picture:Facebook/Bon-Ton