Another big retailer just went bust
- Bon-Ton Stores is filing for bankruptcy.
- A slew of creditors are lining up to scrape the remains.
- The creditors and liquidators are teaming up to make a $777 million bid for the distressed retailer.
Bon-Ton Stores – it operates department stores in 23 states under the brands of Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s, and Younkers – filed for bankruptcy in February in the hopes of being able to restructure its debt in court and go on as a going concern. But it has now thrown in the towel, so to speak.
The bankruptcy judge today approved the sale of Bon-Ton Stores’ assets to a joint venture of two liquidators and creditors holding Bon-Ton’s second-lien secured notes:See the rest of the story at Business Insider
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