Bon-Ton warns of mass layoff if company is not sold

Apr 08, 2018, 00:43
Bon-Ton warns of mass layoff if company is not sold

Bon-Ton Stores Inc. officials said they are hopeful that "jobs will be preserved through a sale process" after a state agency announced the potential closure of 12 Wisconsin Boston Stores and Younkers Friday.

Paul Jadin, president of the Madison Region Economic Partnership, said the announcement by Bon-Ton is further evidence of the changing environment for brick and mortar retailers. It also has Herberger's stores in Hastings, Kearney, Norfolk, North Platte and Scottsbluff.

In February, Bon-Ton announced it was filing for Chapter 11 bankruptcy. Reuters reported earlier this week that two mall owners, Washington Prime Group Inc. and Namdar Realty Group, have teamed up to try to buy the company.

One potential buyer, Reuters reported earlier this week, is a group of two USA mall owners, Namdar Realty Group and Washington Prime Group Inc., attempting to buy the department store chain out of bankruptcy.

There's no word on how Bon-Ton's potential closure in Wisconsin could impact corporate offices in York and/or in Dayton, Ohio. "We are encouraged by the interest in Bon-Ton, and we hope that jobs will be preserved through a sale process".

In a statement, Hojnacki said Bon-Ton issued the notification because labor laws require businesses to notify the state about potential job losses under certain circumstances.

Younkers - Oakwood Mall in Eau Claire.

An exact closing date is not known, and the company says the timetable for closing is subject to change. That announcement also included eight other stores around the state, including the Elder-Beerman in Beloit. "We're definitely seeing this big shift away from anchor stores, and malls are finding ways to deal with it", said Chandna. He expects more redevelopment at mall properties as developers look to add more office space, restaurants and other experience-type entities other than just shopping. "This does not bode well for Bon-Ton's continuing operations".

"If you ask the question - what does Bon-Ton stand for?"

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