Bon-Ton Stores Inc. will go out of business after a bankruptcy auction was won by a group that plans to liquidate the department-store chain.
The company’s failure to reach a deal to keep the business going threatens about 20,000 jobs in 23 states. In addition to its namesake stores, Bon-Ton operates chains including Bergner’s, Herbergers and Younkers.
As part of the liquidation, the company plans to hand over inventory and certain other assets to a joint venture that includes bondholders and Great American Group LLC and Tiger Capital Group LLC, according to a company statement. They’re paying $775.5 million, according ...
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