Reports: Only bids moving forward for Bon-Ton are for liquidation
17 April, 2018, 22:33
WQAD has left voicemail and email messages with Bon-Ton's corporate spokesperson inquiring about the future of the Davenport and Moline stores.
The latest release from Bon-Ton - on April 9 - signaled that the department store chain had been working with US mall owners Namdar Realty Group and Washington Prime Group Inc.to secure a bid that would have kept a large portion of Bon-Ton locations open.
That would mean the end for one of Milwaukee's most iconic retailers and it would put 2,255 Wisconsin employees out of work. The group was not among the bidders at Monday's auction, according to Reuters' reporting. On Monday evening, Kelley Cornish of Paul Weiss for the debtors began the auction by announcing the Hilco/Gordon Brothers bid as the stalking horse bid; counsel for the stalking horse bidder then bid 31 cents of retail value for the inventory, sources say.
Earlier this month, Bon-Ton sent notices to several states warning of potential job losses from store closures if it was forced to liquidate.
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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.
The group signed a letter of intent to purchase Bon-Ton at the bankruptcy auction, outlining the terms of a deal that would have kept the current management team in place and the business operating. Boston Store, for example, was founded in 1897, and Younkers in 1856. Bon-Ton is the parent company for a 260-store chain of retailers in 24 states, including Carson's, Younkers, Elder-Beerman, Bergner's, Boston Store, and Herberger's, as well as the Bon-Ton.
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