Bon-Ton has announced it will closed its doors on Aug. 31. The going-out-of-business sales will start as early as Thursday at Bon-Ton stores.
The only interested bids made during a Tuesday bankruptcy auction were liquidators. The liquidators who won the bidding will shut down Bon-Ton's 212 remaining department stores, including eight in Western New York, by the end of August, according to documents filed in U.S. Bankruptcy Court on Wednesday.
"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," the retail chain said in a statement posted on their website. "A hearing by the Bankruptcy Court to approve the sale and wind-down of the Company’s operations is scheduled for April 18, 2018."
“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," said Bon-Ton President and CEO Bill Tracy. "We are incredibly grateful to all of our associates for their dedicated service to Bon-Ton and to our millions of loyal customers who we have had the pleasure to serve as their hometown store for more than 160 years."
Bon-Ton has stores at the Eastern Hills Mall, McKinley Mall, Chautauqua Mall, Olean Center Mall and the former Summit Mall, as well as in West Seneca, the Town of Tonawanda and Lockport. The company said its 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 asset sale process.
