Herberger's parent company goes bankrupt, all stores to close

Younkers stores could shutter across Iowa as part of bankruptcy

Bon-Ton Stores Inc. announced that the U.S. Bankruptcy Court for the District of DE has approved an asset purchase agreement between the Company and a joint venture composed of the holders of the Company's 8.0% Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC. But, he added, another company could buy the stores, change the name and continue to operate them.

"The loss of sales tax from Carson's will not be a dollar-for-dollar impact to the village's revenue base, as better-than-anticipated sales figures are being reported by several of our newer businesses and the opening of new businesses expected in 2018-19 will help offset against this loss", Scarpiniti said in an email.

Bon-Ton has stores in the Eastern Hills Mall, McKinley Mall, Chautauqua Mall, Olean Center Mall and the former Summit Mall, as well as in West Seneca, the Town of Tonawanda and Lockport.

Bon-Ton President and Chief Executive Officer Bill Tracy suggested a massive close out of stores were imminent in a press release Tuesday.

The conclusion of Bon-Ton's sale process, and essentially its bankruptcy proceedings, came months after the retailer searched for an investor or buyer to keep the chain alive.

However, that group did not enter a bid, according to Reuters.

"At the same time we must remember there are still great retail shopping experiences at Peru Mall that we should all support as we go through this transition with (Peru Mall owners) GK Development to bring back Peru Mall to its former grand retail prominence albeit in a newly stylized shopping experience which the city of Peru economic development team was working on as recently as (Tuesday)", Vickery said in an emailed statement.

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The work fee, to help pay for the partnership's due diligence in making a bid, was described as a requirement for its participation in the auction.

One of the Bergner's location's is at the CherryVale Mall.

The store's 160 employees were told the news about the store's impending closure on April 17. North Riverside Mayor Hubert Hermanek Jr. told the Landmark he had been told the store would close in July.

Bon-Ton is headquartered in York, Pa., and Milwaukee.

In a bankruptcy court filing Wednesday, published by Business Insider, Peru's Bergner's was on a list of stores that are planned to be liquidated.

The purchase price includes enough cash for Bon-Ton to repay the approximately $575 million outstanding on its bankruptcy loan and other wind-down costs.

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