Bon-Ton Stores Inc, a bankrupt chain of 200 regional department stores, will go out of business after the only bidders competing at the Monday start of its court-supervised auction were liquidators, two sources familiar with the matter told Reuters.
Bon-Ton Stores Inc.is going out of business, according to a published report.
The auction is set to resume Tuesday morning in New York, Reorg Research said.
A spokesperson for Bon-Ton did not immediately respond to a request for comment.
A judge in U.S. Bankruptcy Court in DE still must sign off on the prevailing bid. Bon-Ton operates 13 stores in Wisconsin and employs 2,255 people, including more than 700 at its Milwaukee headquarters.
According to Bon-Ton's website, the chain operates 254 stores, which includes nine furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Boston Store, Bergner's, Carson's, Elder-Beerman, Herberger's and Younkers nameplates.
Bon-Ton's only remaining store in Onondaga County is at 5301 W. Genesee St.in Camillus. Its 200 stores anchor many mall across the US under a variety of brand names. The liquidators bid as early as January, but investors interested in keeping the company alive proved harder to find.
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.
A group called the Official Committee of Unsecured Creditors, which represents employees and hundreds or landlords and vendors in the Chapter 11 case, has supported the efforts of management to sell the company to investors who would keep in going. The fee, which the court rejected last week, was necessary to securing that bid, the attorney said.
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