Bon-Ton to close stores, including area Boston Store locations

Bon-Ton to close stores, including area Boston Store locations

Andrew Cummings
April 20, 2018

The Bon-Ton Stores, Inc. announced on Thursday that going out of business sales will begin on Friday in 212 stores and websites.

The sales will run for 10-12 weeks in stores and online.

A bankruptcy court hearing is scheduled for Wednesday to approve the sale and liquidation details.

Bon-Ton Stores is the next victim of the recently dubbed "retail apocalypse".

Elder-Beerman is owned by Bon-Ton Stores Inc.

Under the approved agreement, the joint venture group of lienholders, Great American Group, LLC and Tiger Capital Group, LLC will acquire the inventory and certain other assets of the company.

Tracy went on to thank the company's employees as well as the "millions of loyal customers who we have had the pleasure to serve as their hometown store for more than 160 years".

Bon-Ton filed for Chapter 11 bankruptcy protection in February, but was unable to find a buyer willing to continue operating the business.

The Bon-Ton Stores part of a larger group of retailers falling on hard times, facing bankruptcy and store closings.

As she was entering the store, Liz White, of Loda, said she'd be disappointed to see it close. "The Boston Store has been an institution since its founding in Milwaukee in 1897".

A group of investors that included mall owners Namdar Realty Group and Washington Prime Group had signed a letter of intent to bid for the stores and keep them open.

Brookfield Square is undergoing a transformation with the south end that Sears once occupied being turned into a Marcus Bistro Plex, as well a possible conference center.

Other reports by iNewsToday