Bon-Ton Heads to Liquidation

Bon Ton owner of regional department stores like Herberger's and Younkers appears headed for liquidation. February 2018 file

Bon-Ton Stores, Inc.is likely going out of business, according to a report by Reuters.

A few weeks ago, it was Toys R Us, now comes word that the Bon Ton Department Stores will be following a similar path. Bon-Ton's 8% second lien notes due June 2020 last traded in round lots at 18.25 on April 12, according to TRACE.

According to Reuters, Bon-Ton had been working with US mall owners, Namdar Realty Group and Washington Prime Group Inc, to secure a bid to keep a large portion of Bon-Ton locations open. "Bon-Ton is in active discussions with an investor group to acquire the company in a court-supervised sale process", she said in an emailed statement to The Gazette Monday. Both have served as anchor stores for the mall.

The department store has maintained a presence in Mason City for almost 74 years. Management at the time described it as "one of the most modern and complete stores in Iowa".

"In choosing a site for this store we have long desired to locate in Mason City", Younkers president Henry Frankel told the Globe Gazette in 1944. Get twice-daily updates on what the St. Louis business community is talking about.

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The Bon-Ton has 260 stores in 24 states, including eight in Western New York: at the Chautauqua Mall in Lakewood, Eastern Hills Mall in Clarence, South Transit Road in Lockport, McKinley Mall in Blasdell, Olean Center Mall, Sheridan Drive in the Town of Tonawanda, Southgate Plaza in West Seneca, and the former Summit Park Mall in Wheatfield.

Younkers, which began as a family-run dry goods business in Keokuk, has been an Iowa retailer since 1856.

Bon-Ton Stores Incorporated is a bankrupt chain of 200 regional department stores.

Stores operated by Bon-Ton include Bergner's, Boston Stores, Carson's, Elder-Beerman, Herberger's and Younkers, but most of its stores have histories that predate the parent company.

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