Published: Wed, April 18, 2018
Worldwide | By Sean Reid

Younkers and Herberger's liquidation appears likely

Younkers and Herberger's liquidation appears likely

Bon-Ton also has Younkers stores in Eau Claire, Marshfield and Green Bay.

The group signed a letter of intent to purchase Bon-Ton at the bankruptcy auction, outlining the terms of a deal that would have kept the current management team in place and the business operating.

A spokesperson for Bon-Ton did not immediately respond to a request for comment.

Before the auction, Bon-Ton was trying to find a buyer so it could keep some of its stores open but that option failed. The Pennsylvania-based Bon Ton attempted to auction off its assets this week, but the only bidders were two companies that specialize in liquidating failed businesses.

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Younkers has had a presence in the Siouxland market since 1947 when it acquired Davidson Brothers Co., a regional chain that once boasted locations in Le Mars and Sioux Falls in addition to its Sioux City flagship store.

One liquidator group estimated their initial bid was worth about $650 million, according to a creditor representative. The bankrupt department-store chain appears to be heading for liquidation after receiving two bids, both from liquidators, in a court-supervised bankruptcy auction on Monday.

Stores operated by Bon-Ton include Bergner's, Boston Stores, Carson's, Elder-Beerman, Herberger's and Younkers, but most of its stores have histories that predate the parent company. Toy's R Us, with a store at West Towne and a Babies'R Us near East Towne, is going out of business while the 111,000-square-foot Sear's store at West Towne has been downsized to 56,000-square-feet. Its 200 stores anchor many mall across the US under a variety of brand names.

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