A bankruptcy judge approved on Wednesday the sale of The Bon-Ton Stores Inc. to a group that plans to liquidate the retailer’s assets.
The bid by the group, which includes creditors and two liquidation specialist firms, is estimated to be worth $775.5 million, according to Reuters, which cited unnamed sources.
The court order allows the bidders – Great American Group LLC, Tiger Capital Group LLC – to conduct going-out-of-business sales at Bon-Ton stores. The company, which has dual headquarters in York County and Milwaukee, operates about 250 stores in 23 states under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers banners.
Liquidation sales begin April 20, according to a press release from Bon-Ton. The sales are expected to run 10 to 12 weeks.
The court gives the bidders leeway in determining when the sales start, but they are slated to end no later than Aug. 31, according to court documents.
Most of Bon-Ton’s stores are leased, but some are owned by the company, including three in Pennsylvania. One is the Bon-Ton store in Lower Allen Township, Cumberland County. The other two are in Lewisburg and Greensburg, according to court documents.
(Editors’ note: This story has been updated from its original version to include more details on liquidation sales.)