The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Bon-Ton to Close All of its Stores
The department store chain filed for bankruptcy in February and now is liquidating all locations.
York, Pennsylvania—Another retailer has joined the growing list of retail chains to shut down.
The Bon-Ton Stores Inc. will close all of its locations as it heads to liquidation.
The department store chain filed for bankruptcy earlier this year after struggling under its debt load and the competition coming from both e-commerce and similar chains like J.C. Penney, Kohl’s and Macy’s.
The company had hoped that two landlords and a private equity group would make a bid and keep it running, but that never materialized.
Instead, the winning bid came from a joint venture comprised of liquidators and creditors. The U.S. Bankruptcy Court in Wilmington, Delaware, approved the group’s bid last week to buy the retailer out of bankruptcy and close the remaining locations.
Bon-Ton will use the money raised to pay back its creditors.
The Bon-Ton Stores has headquarters in both York, Pennsylvania, and Milwaukee, Wisconsin. It operates more than 250 stores in 23 states under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers names.
It has about 23,000 part-and full-time employees, according to its bankruptcy filings.
Liquidation sales for 212 stores are expected to last for 10 to 12 weeks. These sales are separate from those of another 42 under-performing stores that the company had already decided to shutter and had started closing during the winter.
President and CEO Bill Tracy said in a company statement, “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.
“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.”
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.