Bon-Ton appears headed for liquidation

Bon-Ton appears headed for liquidation

Bon-Ton, founded in 1898, operates 260 stores in 24 states and had been hoping to sell to US mall owners Namdar Realty Group and Washington Prime Group to secure a bid that would have kept many of its locations open, Reuters reported.

However, Reuters also reported that the auction was still in progress late Monday night.

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

Multiple media outlets - including the Des Moines Register and KCRG in Cedar Rapids - are reporting that the pending liquidation of Younkers will lead to the closure of a number of the company's department stores in Iowa.

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.

If Reuters' report proves true, it would make Bon-Ton the first department store in years to liquidate.

Several inmates dead after incident at SC prison
No officers were injured, said Jeffrey Taillon, communications director for the South Carolina Department of Corrections. They say the incident resulted in 17 inmates requiring outside medical attention and seven inmates were killed.

Reuters reports, the only bidders competing at the Monday start of its court-supervised auction were liquidators. Boston Store, for example, was founded in 1897, and Younkers in 1856.

Bon-Ton stores have been under increased pressure lately as more sales shift from brick-and-mortar stores to online retailers like Amazon.

Milwaukee, Wis. -based Bon-Ton Boston Store is going through bankruptcy proceedings, though the hope was that the company would survive.

If it does go out of business, it would be the second big-box chain to close Lincoln stores this year.

Bankrupt retailer Bon-Ton Stores Inc. might end up closing all its Herbergers, Younkers and other stores.

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