Younkers to liquidate; parent company confirms store closings

Apr 19, 2018, 02:01
Younkers to liquidate; parent company confirms store closings

A message on Bon-Ton's website said all Bon-Ton, Boston Store, Bergner's, Carson's, Elder-Beerman, Herberger's and Younkers stores across the United States are open, "and our e-commerce and mobile platforms are operating normally".

In February, Bon-Ton Stores filed for bankruptcy.

"While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern", said Bill Tracy, Bon-Ton's president and chief executive.

Bon-Ton's roots stretch back to 1898 and evolved from S. Grumbacher & Son, a dry goods store in York, Pa.

Rapid City Mayor Steve Allender released a written statement on the closings Thursday.

More news: US Vice President expects NAFTA deal within weeks

Citing two unnamed sources, the chain will go out of business if the purchase by one of the bidders is approved.

The U.S. Bankruptcy Court in DE is expected to approve the sale to the liquidation company and the wind-down of Bon-Ton's operations Wednesday, said Patrick Patino, an associate attorney specializing in bankruptcies at Omaha's Koenig Dunne law firm.

Department store Bon-Ton, which operates 250 locations nationwide, announced it will liquidate all USA stores after a bid for the company's assets was accepted in bankruptcy proceedings yesterday.

Liquidators took the winning bid at Tuesday night's auction and a hearing by the Bankrupcty Court to approve the sale is expected today.

More details on the liquidation and going-out-of business sales at stores will be released following bankruptcy court approval of the liquidation.

More news: Yvonne Staples, Member and Manager of the Staple Singers, Dies at 80

A manager at the Younkers store in Davenport said all questions are being referred to the company's headquarters.

The bid would turn over Bon-Ton's inventory and "certain other assets" to the joint venture and wind down the retailer's operations.

There are several Herberger's stores in Montana - in Missoula, Kalispell, Butte, Great Falls, Havre and in the Rimrock Mall in Billings.

"We were hopeful there would be another buyer to takeover (Bon-Ton)", Berry said.

"We really haven't gotten a lot of direction at all", he said. Younkers was founded in Keokuk, Iowa, as a general store in 1856.

More news: Uber buys electric bicycle rental company Jump Bikes

Loading...
loading...
loading...
YOU MIGHT ALSO LIKE
popular