The Bon-Ton Sold to Liquidators, All Stores Closing
WILMINGTON, Del. — It’s official. Bon-Ton will soon be closing its doors.
Bon-Ton’s bankruptcy auction began Monday and the company announced Tuesday it received a winning bid from liquidators, Great American Group and Tiger Capital Group.
The winning bid is expected to be approved on Wednesday by the U.S. Bankruptcy Court, according to court documents.
Bill Tracy, President and Chief Executive Officer, said in a statement released Tuesday, “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 about 20,000 employees around the country. Headquarters are in two places, Milwaukee Wisconsin, and York, Pennsylvania.
Bon-Ton has been in Chapter 11 bankruptcy protection since early February. Financial records show the company hasn’t turned a profit since 2010.
Bon-Ton announced in February it’s closing dozens of stores including the Susquehanna Valley Mall near Selinsgrove and the Stroud Mall near Stroudsburg.