Bon-Ton Stores Out Of Business, Stores Closing Soon
Bon-Ton Stores incorporation is a new addition to the expanding list of retail stores in the U.S. that are going out of business. On Tuesday night, the company confirmed that Tiger Capital Group and Great Americana Group won the bid for auction of Bon-Ton’s parent company Younkers.
According to Reorg Research
According to Reorg Research, a research firm based in New York, it was revealed that the winning bid was valued at $775.5 million. While speaking about this bid, the CEO of Bon-Ton stores Mr. Bill Tracy said that the company is pretty upset by the outcome of the bidding session. Adding further, he said that Bon-Ton tried hard to find those bidders who are interested in operating the business as a going concern. Nonetheless, he said that the company will work in close coordination with the winning bidders and try to wind up the operations in a smooth manner. Bill also thanked his customers and associates for their service to the company.
Bon-Ton stores confirmed
An executive of Bon-Ton stores confirmed that during the retail store sales, Bon-Ton’s website and app will remain active. Customers will have a chance to buy in store sale items online as well. The company also said that in the coming days, after it gets approval from the winning bidders, it will provide more information to the customers about the out of business sales and liquidation plans of its retail outlets. Analysts believe that it will take nearly 12 weeks for the company to close all its stores. Bon-Ton’s top management’s initial priority was to sell the business to an individual buyer who would be passionate about the business and turn it around all together. This however didn’t happen and the top bids were from liquidators only.
Attorney David Wander said
In his interview on Tuesday, Attorney David Wander said that it is impossible now for Bon-Ton to avoid liquidation. Adding further, he said that no other buyer will come on the last moment to buy this company and avoid liquidation. Bon-Ton was not profitable since 2010 and it was increasing becoming difficult for the management to run the company.