Markets

Bon-Ton appears headed for liquidation

Bon-Ton appears headed for liquidation

Last week, Bon-Ton announced it had a signed letter of intent from two retail landlords- Namdar Realty Group and Washington Prime Group-to buy the company as a going concern.

It appears the end might be near for Younkers and other Bon-Ton Stores brands.

As of late Monday, the auction had not concluded, according to four sources who spoke to Reuters. Reports said that Bon-Ton was a major anchor tenant in the investor group's malls and they anxious that a mass liquidation at Bon-Ton would hurt the value of their properties.

Along with Milwaukee, Wisconsin, Bon-Ton also has corporate offices in York County.

The company has two large stores in southeastern Minnesota, including Herberger's in Rochester's Apache Mall and Younkers in Austin's Oak Park Mall.




The only bidders at the department store chain's court-supervised auction on April 16 were liquidators, the news agency reported, quoting sources familiar with the matter.

The company, which traces its roots to 1854, says on its website that it has survived the Civil War, Great Depression and "profound cultural and technological transformations".

Bon-Ton filed for bankruptcy February 4 and had been searching for a buyer that would allow it to stay in business.

Other Boston Stores in the state operated by Bon-Ton are located at Brookfield Square west of Milwaukee, at Grand Avenue and Southridge malls in Milwaukee, at Mayfair Mall in Wauwatosa, Bayshore Mall in Glendale and at Regency Square in Racine.

If it does go out of business, it would be the second big-box chain to close Lincoln stores this year. Get twice-daily updates on what the St. Louis business community is talking about.