Reuters and other news outlets reported that Bon-Ton Stores Inc., owner of Herberger's, Younkers and 200 other regional department stores, confirmed it will go out of business after the winning bid in a bankruptcy auction for the company's assets went to liquidators.
Bankrupt Bon-Ton Stores Inc. has been sold to liquidators and will wind down operations, closing all its stores including the sole MA location in the Westfield Shops.
Once the deal is approved by the U.S. Bankruptcy Court in Wilmington, Delaware, a liquidation firm can begin going-out-of-business sales.
Bon-Ton has 250 stores, which includes nine furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers names. The 160-year-old company filed bankruptcy in early February, but had hoped that it could be sold to an investor that would continue to operate its 260 stores. "It's been a really rough day today and yesterday".
One of the three anchor retail stores in the Chautauqua Mall could soon be going out of business.
Elder-Beerman has been with the mall since its beginning in 1988.More news: RNC official who agreed to pay Playboy model $1.6 million resigns
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"They definitely should put something in there, like a Forever 21, or something", said Key.
The Retail Analysts say the liquidation of Bon-Ton is not far from a surprise.
That group would have kept some local stores and a distribution center open.
Sotelo said it's possible that a buyer interested in running all or some of the stores could still emerge on the heels of the auction.
"We feel very positive about bouncing back", Henthorn said. The Mid-America Management Corporation's commitment to the mall and the city of Piqua remains as strong as ever. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Hamm said she's concerned the closing could be the catalyst for a domino effect through other mall stores.