The Bon-Ton Stores has filed for Chapter 11 bankruptcy protection as officials with the department store engage in “constructive discussions” with potential investors and debtholders regarding a financial restructuring plan, the company said.
Just days after announcing the closure of 42 stores, The Bon-Ton appears heading for bankruptcy.
The Bon-Ton Stores has announced the 42 locations that will be closed in the coming weeks as part of the struggling retailer’s store rationalization program.
The Bon-Ton has released through a public filing a turnaround plan that includes the possibility of shutting more than 40 locations and placing greater emphasis on e-commerce.
The Bon-Ton Stores has entered into forbearance agreements with lenders and a group of debt holders just weeks after the struggling department store chain announced it was using a 30-day grace period to delay a $14 million interest payment.
The Bon-Ton is using a 30-day grace period to delay a $14 million interest payment that was due December 15.
The Bon-Ton is looking to attract last-minute holiday season shoppers to its stores by giving away $1 million in gift cards.
It’s been a tough year for the department store channel, and now it appears that another retailer is facing challenging times.
It was a tough second quarter for The Bon-Ton as the department store retailer reported a decline in revenue and comparable store sales.
It was a challenging first quarter for The Bon-Ton as officials with the retailer pinned the sales decline on unfavorable weather conditions and a shift in the Easter holiday.
Major changes are coming to the executive management team at The Bon-Ton as its current president and CEO, Kathryn Bufano, is leaving the company in August.
Second quarter sales at The Bon-Ton were down slightly as the department store retailer also reported a decrease in comparable…
The Bon-Ton Stores on Tuesday announced that Keith E. Plowman, evp/CFO would retire in August 2015. The board and Plowman…
The holiday sales season at The Bon-Ton Stores will begin Thanksgiving night and offer more than 500 Door Busters and…