Judge approves Younkers liquidation; stores to close by August 31

Judge approves Younkers liquidation; stores to close by August 31

Bon-Ton's liquidators also have agreed to accept returns of items that were purchased before the bankruptcy sale started, but only for the first 10 days of the going-out-of-business sale.

The closures will affect the Younkers at Crossroads Center. Customers may be wondering what happens to credit accounts if the store closes. An exact closing date hasn't been announced yet.

Bon-Ton Stores, which operates over 250 Herberger's and Younkers Department stores across the US, including a Herberger's store in New Ulm, announced Tuesday they are bankrupt and all stores are expected to close within the next few month.

Bon-Ton Stores president and CEO Bill Tracy said: "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".

The company will dispose of all its inventory and assets and conduct "an orderly wind-down of its operations", the company said on its website.

US Bancorp (USB) Price Target Lowered to $57.00 at Morgan Stanley
It increased, as 38 investors sold USB shares while 462 reduced holdings. 118 funds amassed positions and 361 increased positions. The Great West Life Assurance Company holds 1.67 million shares with $89.33 million value, down from 1.74M last quarter.

The Bon-Ton Stores has a strong presence in Wisconsin, where it operates nine stores and employs 2,255 people who will lose their jobs. The stores operate under different names, including Younkers, Boston Store and Carson's.

Younkers was founded by three brothers as a general store in Keokuk in 1856. Bon-Ton acquired Younkers in 2006. They've seen what's going on.

But the potential bid suffered a setback as the US Bankruptcy Court judge handling the case said Bon-Ton couldn't pay $500,000 in due diligence and other fees for the mall owners and investment firm, Journal Sentinel reported.

Another bidder looking to run the company and keep stores open could have stepped in only if the judge denied the sale to the liquidators whose bids ultimately were approved, said Patrick Patino, an attorney specializing in bankruptcies at Omaha's Koenig Dunne law firm.

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