Younkers stores could shutter across Iowa as part of bankruptcy

Elder-Beerman to shut stores in 10-12 weeks, CEO says

Elder-Beerman to shut stores in 10-12 weeks, CEO says

Reuters, citing anonymous sources, reported late Monday that the only bids that came in during a bankruptcy auction Monday were from two groups that want to liquidate the company.

Bon-Ton has not yet responded to the reports.

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

The bankruptcy auction for Bon-Ton's assets, which is being held at a law office in NY, will resume this morning at 8 a.m., according to the Reorg Research report.

A group of second lien bondholders had objected to Bon-Ton's request to pay the fee.

Without a buyer interested in keeping the Bon-Ton name alive, the chain is likely to go out of business.

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Bon-Ton had been working with an investor group that included USA mall owners Namdar Realty Group and Washington Prime Group Inc.to secure a bid that would have kept Bon-Ton in business as a going concern.

Once the deal is approved by the U.S. Bankruptcy Court in Wilmington, Delaware, the liquidation firm can begin going-out-of-business sales.

But many storied retailers have struggled amid the current industry disruption from low-margin discounters such as Walmart Inc (WMT.N) and the increasing popularity of online shopping, dominated by Amazon.com Inc (AMZN.O).

Bon-Ton filed for bankruptcy in February, and had been working with a would-be bidder - a combination of two mall owners Namdar Realty Group and Washington Prime Group - that might have kept its stores open in many of its locations.

If Bon-Ton is shuttered, it would be a major blow to its employees and to retail centers around the state.

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