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Bon-Ton Stores is the next retail giant closing its doors

Friday, April 20, 2018 10:49

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Bon-Ton Stores Inc (OTCMKTS:BONTQ) are officially out of business after a judge approved its liquidation plan.

The company is the latest retail giant to face bankruptcy and store closings, falling in line behind Toys R Us and Nine West.

The department store chain filed for Chapter 11 bankruptcy in February, receiving US$725mln from existing lenders.

READ: Bon-Ton Stores files for bankruptcy protection to implement financial restructuring

The company had looked into a sale of the company or its assets but it was unsuccessful.

“While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve,” said CEO Bill Tracy.

Bon-Ton’s 212 stores will begin going-out-of-business sales Friday.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/195499/bon-ton-stores-is-the-next-retail-giant-closing-its-doors-195499.html

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