By
Reuters
Published
Apr 10, 2018
Download
Download the article
Print
Text size

Bankrupt store chain Bon-Ton gets acquisition offer

By
Reuters
Published
Apr 10, 2018

Bon-Ton Stores Inc said on Monday it received an acquisition offer from an investor group, two months after the department store chain filed for bankruptcy protection.


Bon-Ton



The investor group includes U.S. mall owners Namdar Realty Group and Washington Prime Group Inc, for whom Bon-Ton is a significant tenant, and credit-focused fund manager DW Partners.

The York, Pennsylvania-based retailer, with 23,000 employees and 256 stores across 23 states, filed for creditor protection in February and said it was on track to close 47 stores in 2018 as conventional brick-and-mortar operators are struggling to adapt to rapidly changing consumer tastes and a rise in e-commerce.

Bon-Ton Stores said it received a signed letter of intent from the investor group with the parties finalizing an asset purchase agreement before an auction to be held on April 16.

A hearing on the bankruptcy-court supervised sale process is expected later in April, the company said.
Reuters reported last week that Namdar Realty Group and Washington Prime Group were in talks to buy Bon-Ton Stores.

© Thomson Reuters 2024 All rights reserved.