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Bon-Ton's pending liquidation will create an opportunity for TJX to gain market share and accelerate its revenue and earnings growth.
After a last-minute rescue plan went nowhere, Bon-Ton is preparing to liquidate itself, becoming the first department-store casualty of the recent retail apocalypse.
MILWAUKEE, April 18, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (BONT) ("the Company") today announced that the U.S. Bankruptcy Court for the District of Delaware has approved an asset purchase agreement between the Company and a joint venture composed of the holders of the Company's 8.0% Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC. Under the approved agreement, the joint venture group will acquire the inventory and certain other assets of the Company. The Company is committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on associates, customers, vendors and the communities we serve. The Company's stores, e-commerce and mobile platforms under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates will remain open throughout the store closing sales.
Subject to Bankruptcy Court approval, a joint venture composed of the holders of the Company's 8.0% Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC will acquire the inventory and certain other assets of the Company. A hearing by the Bankruptcy Court to approve the sale and wind-down of the Company's operations is scheduled for April 18, 2018.
MILWAUKEE, April 9, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (BONT) ("the Company") today announced that it has received a signed letter of intent from an investor group composed of DW Partners, Namdar Realty Group (including its partner Mason Asset Management) and Washington Prime Group (the "investor group"), pursuant to which the investor group proposes to acquire the Company as a going concern in a Bankruptcy Court-supervised sale process. The Company and the investor group are in the process of finalizing an asset purchase agreement in advance of an auction, which is now scheduled to be held on April 16, 2018.
Bankrupt regional department store chain Bon-Ton Stores Inc is in active discussions with a bidder to acquire the company, and had received approval from lenders to extend the deadline for submitting bids for the chain, it said on Friday.
MILWAUKEE, March 30, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (BONT) ("the Company") today announced that it is in active discussions with interested parties in respect of a going-concern bid to acquire the Company in a Bankruptcy Court-supervised sale process. As a result of these discussions, Bon-Ton sought and received approval from its lenders to extend the deadline for submitting qualified bids from April 2, 2018, to April 4, 2018. Bon-Ton will evaluate all qualified bids with the assistance of its advisors to determine which bids maximize value for the Company and all of its stakeholders.
Moody's Investors Service, ("Moody's") has affirmed the ratings on eight classes and downgraded the rating on one class in LB Commercial Mortgage Trust 2007-C3, Commercial Mortgage Pass-Through ...
Moody's Investors Service, ("Moody's") has affirmed the ratings on twelve classes in WFRBS Commercial Mortgage Trust 2011-C4, Commercial Mortgage Pass-Through Certificates, Series 2011-C4, as ...
Bankrupt regional department store chain Bon-Ton Stores Inc, under pressure from a group of hedge funds to liquidate, began a race on Monday to find a buyer to keep open some of its stores. U.S. Bankruptcy Judge Mary Walrath approved sale procedures on Monday and an April 2 deadline to accept bids for the chain, which operated 256 stores when it filed for Chapter 11 on Feb. 4. Bon-Ton has not yet received any initial bids, also called stalking horse bids, which help stoke interest and attract potential buyers to an auction it intends to hold on April 9.
MILWAUKEE, March 8, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (BONT), which operates Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers stores invites you to clean out your closets, save on new spring fashions and help transform lives in your local community. Shoppers can drop off donations of clothing, shoes, accessories and household goods for their local Goodwill organizations at Bon-Ton Stores retail locations. In exchange, customers receive three generous coupons for each item donated for up to 30 percent on apparel and 15 percent on cosmetics and fragrances to use in-store and online. Donations are being accepted now through March 24 and coupons can be used during the 11-day spring Goodwill Sale from March 14-24. Customers can do good and help create employment placement and job training programs for people in areas where Bon-Ton stores are located.
This is a summary of a request from Bon-Ton Stores Inc. to hire Young Conaway Stargatt & Taylor LLP as co-counsel, filed Feb. 14 with the U.S. Bankruptcy Court in Wilmington, Del.
Deep discounts will be offered at all 42 retail locations being closed. Locations include both Bon-Ton stores and other branded nameplates which are owned and operated by The Bon-Ton Stores, Inc. (OTCQX:BONT). ...
Moody's Investors Service ("Moody's") downgraded all of CBL & Associates Properties, Inc. (CBL)'s ratings, including the ratings of its operating subsidiary, CBL & Associates Limited Partnership's ...
Regional department store chain Bon-Ton filed for bankruptcy earlier this month. Find out why the company's business has been eroding for years with little hope in sight even if it avoids a liquidation.
NEW YORK (AP) — FAO Schwarz, whose famous New York store closed more than two years ago, is setting its sights on China as part of an expansion begun late last year.
Most businesses have a lot to gain from the new tax law, but the retail space in particular is cheering the impact it'll have on their bottom lines.
Bon-Ton Stores won court approval to begin using its $725 million bankruptcy loan, giving the struggling retailer some leeway to operate its stores while under chapter 11 protection.
Provides Interim Access Up to $725 million in Debtor-In-Possession Financing. Stores Open and E-Commerce and Mobile Platforms are Operating in Normal Course to Continue to Provide Exceptional Shopping ...
Bon-Ton Stores Inc, one of the largest U.S. department store operators, said in court on Tuesday it was in talks with potential investors as part of an effort to emerge from Chapter 11 bankruptcy, despite calls from some bondholders that it liquidate. York, Pennsylvania-based Bon-Ton, with 23,000 employees and 256 stores across 23 states, on Sunday sought protection from creditors owed more than $1 billion. Roughly half of the dozens of retail Chapter 11 bankruptcies filed in the past five years have ended in liquidation as traditional brick-and-mortar operators struggled to adapt to rapidly changing consumer tastes and a rise in e-commerce.
The retail apocalypse has claimed another victim The Bon-Ton Stores Inc. (NASDAQ: BONT) has voluntarily filed for Chapter 11 bankruptcy protection. No decision has been made as to what will happen next ...
Department store chain Bon-Ton Stores Inc. sought bankruptcy protection on Sunday evening and ongoing tensions with a group of bondholders is heating up.
Moody's Investors Service, ("Moody's") today downgraded The Bon-Ton Stores Inc.,'s ("Bon-Ton") Probability of Default Rating ("PDR") to D-PD from Ca-PD/LD. The downgrade was ...
Bon-Ton Stores Inc said on Sunday it filed for bankruptcy protection to restructure its debt and explore a potential sale, making it the first major U.S. brick-and-mortar retailer to do so this year. "The harsh reality is that while Bon-Ton's management put in great effort to make the business sustainable, they were always running up a down escalator," said Neil Saunders, managing director of GlobalData Retail. Bon-Ton serves smaller communities in 26 states across the U.S. Northeast, Midwest and Great Plains under banners including Bon-Ton, Younkers and Bergner's.