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Younkers stores could shutter across Iowa as part of bankruptcy

Younkers stores could shutter across Iowa as part of bankruptcy

One liquidator group estimated their initial bid was worth about $650 million, according to a creditor representative.

York-based Bon-Ton, which has an anchor at Berkshire Mall, Wyomissing, had been working with two mall owners - Namdar Realty Group and Washington Prime Group - and DW Parters, a New York-based credit firm, to try and save the department store chain. Bon-Ton has 700 employees at its corporate offices in downtown Milwaukee. Liquidators are companies that sell off all of retailers assets and then close the stores.

Other stores operated by Bon-Ton are under the Bon-Ton, Bergner's, Carson's, Elder- Beerman and Herberger's names, but most of its stores have histories that predate the parent company.

On Friday, Bon-Ton filed notice that it had selected the Hilco/Gordon Brothers bid as the baseline bid for the bankruptcy auction.

The only bidders at the department store chain's court-supervised auction on April 16 were liquidators, the news agency reported, quoting sources familiar with the matter.

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The group signed a letter of intent to purchase Bon-Ton at the bankruptcy auction, outlining the terms of a deal that would have kept the current management team in place and the business operating.

According to reports, The Bon-Ton Stores Inc.'s bid for survival might fall short.

Online shopping, which has affected all brick-and-mortar retailers by reducing mall traffic, hit Bon-Ton particularly hard.

Among those in the Westdale Mall location in Cedar Rapids, that was announced earlier this year. Its 200 stores anchor many mall across the US under a variety of brand names.

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