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Bon-Ton Winning Bidder Announced

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Bon-Ton Stores announced the winning bid in an auction for the Company’s assets, held pursuant to Section 363 of the U.S. Bankruptcy Code. Subject to U.S. Bankruptcy Court approval, a joint venture composed of the holders of the Company’s 8.0% Second Lien Secured Notes due 2021 and Great American Group and Tiger Capital Group will acquire the inventory and certain other assets of the Company.

Bill Tracy, president and C.E.O., notes, “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.”

Throughout the Court-supervised asset sale process, the Company’s stores, e-commerce and mobile platforms under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates will remain open throughout the store closing sales. The Court scheduled an April 18, 2018 hearing to consider the sale and wind-down of the Company’s operations.

Read more Bon-Ton bankruptcy news.

The post Bon-Ton Winning Bidder Announced appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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