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Bon-Ton, owner of Younkers and other department stores, heads to liquidation

17 April 2018

Earlier this month, Bon-Ton sent notices to several states warning of potential job losses from store closures if it was forced to liquidate.

Bon-Ton had been working with US mall owners Namdar Realty Group and Washington Prime Group Inc (WPG.N) to secure a bid that would have kept open a large portion of Bon-Ton locations. An auction took place on Monday looking for bidders.

As the Business Journal pointed out, Reuters has reported that only liquidators have bid and that Bon-Ton will go out of business.

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A new report from Reuters indicates the end is likely near for both Younkers and Herberger's.

A group of second lien bondholders had objected to Bon-Ton's request to pay the fee. It has stores throughout the state including the Boston Stores at Mayfair Mall in Wauwatosa, Southridge Mall in Greendale, the Shops of Grand Avenue in downtown Milwaukee, Bayshore Town Center in Glendale, Brookfield Square Mall in Brookfield and Regency Mall in Racine.

Reuters reports, the only bidders competing at the Monday start of its court-supervised auction were liquidators.

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York-based Bon-Ton, which has an anchor at Berkshire Mall, Wyomissing, had been working with two mall owners - Namdar Realty Group and Washington Prime Group - and DW Parters, a New York-based credit firm, to try and save the department store chain.

In a letter to the Nebraska Department of Labor, Bon-Ton said more than 350 jobs were at risk, although it only listed its two stores in Omaha as being at risk of closing.

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

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WQAD has left voicemail and email messages with Bon-Ton's corporate spokesperson inquiring about the future of the Davenport and Moline stores.

Bon-Ton, owner of Younkers and other department stores, heads to liquidation