The company filed for voluntary Chapter 11 bankruptcy on February 4, with a hope to find a buyer and restructure the business financially. The company had already announced in January that 42 of its stores would close in 2018.
Last week, it appeared that the company, or at least part of it, may be saved when two mall owners - Namdar Realty Group and Washington Prime Group - and DW Parters, a New York-based credit firm, to try and save the department store chain.
Bon-Ton and its subsidiaries filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
More details on the liquidation and going-out-of business sales at stores will be released following bankruptcy court approval of the liquidation.
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A group of lienholders and two capital finance firms proffered the winning bid for the assets of The Bon-Ton Stores, Inc., which operates roughly 250 stores under the names in 23 states in the Midwest, upper Great Plains, and the Northeast.
Until local store representatives hear from the company, Evans said his crew is following along with the news.
The bid would turn over Bon-Ton's inventory and "certain other assets" to the joint venture and wind down the retailer's operations. Reports from CNBC say the Bismarck store in the Kirkwood Mall is one of those stores.
"We really haven't gotten a lot of direction at all", he said.
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A statement on the Bon-Ton website said, "Bon-Ton will move forward in a constructive manner to ensure an orderly wind-down of operations that minimizes the impact of this (auction) development on our associates, customers, vendors and the communities we serve".
"When some of the stores were closed earlier this year, there was talk that Bon-Ton was looking to reorganize with a smaller footprint, and we thought that might be why we weren't on the list", Sotelo said.
Younkers stores that could close are located in Iowa in Davenport's NorthPark Mall, Dubuque, Muscatine, West Burlington, and Coralville.
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