Bon Ton To Liquidate

18 April, 2018, 00:19 | Author: Chad Mckenzie
  • Iowa Younkers Stores to Close Parent Company Headed for Liquidation	 	 	 			Younkers

Two mall owners teamed up to make a bid to keep the stores going.

Company-wide, Bon-Ton employs more than 20,000 people across 24 states where it operates Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's in addition to the Younkers brand.

Bon-Ton filed for bankruptcy in February shortly after it announced the closure of more than 40 stores.

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The Register story indicates that all 15 Younkers stores in the state, including the one at NorthPark Mall in Davenport, will shutter when the store's parent company, Milwaukee-based Bon-Ton Inc. moves through bankruptcy.

Money from the auction will be used to pay Bon-Ton's creditors.

Once the company selects a winning bidder and the proposed deal is approved by the U.S. Bankruptcy Court, Reuters says the liquidator can begin selling the inventory, store leases, fixtures and intellectual property.

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The locations closing aside from the Westdale Mall location include the Lindale Mall location in Cedar Rapids, as well as stores in Coralville, Des Moines, Dubuque, Mason City, Sioux City, and West Des Moines.

However, Reuters also reported that the auction was still in progress late Monday night.

Without a buyer interested in keeping the Bon-Ton name alive, the chain is likely to go out of business.

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Bon-Ton and Toys R Us operated a combined almost 60 million square feet (5.6 million square meters) of store space, according to their latest annual reports, and employed a combined 83,000 when they entered bankruptcy. Both have served as anchor stores for the mall. Get twice-daily updates on what the St. Louis business community is talking about.

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