Published: Sat, April 07, 2018
Markets | By Terence Owen

Younkers may be closing Omaha stores

Younkers may be closing Omaha stores

A Bon-Ton corporate office in Milwaukee will also close, impacting more than 700 employees. It is legally required to provide employees with 60 days notice before they lose their jobs. Bon-Ton is in active discussions with an investor group to acquire the company in a court-supervised sale process.

Bon-Ton, Younker's parent company, sent a letter to the South Dakota Department of Labor announcing that it may close-permanently-in June.

Bids from potential buyers were due April 4.

The Bon-Ton Stores Inc., the department store chain that filed for Chapter 11 bankruptcy protection two months ago, is notifying officials across its 23-state footprint of potential store and fulfillment center closures in case the company does not reach an agreement with a buyer interested in continuing the business. "We remain committed to pursuing the best path forward for the Company and its stakeholders, including Bon-Ton associates".

After the initial round of closures, Action 2 News spoke about the economic impact on a mall losing an "anchor" store like Younkers. According to the report, Namdar owns about 130 malls in the U.S. Washington Prime owns interests in 108 properties.

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In February, Bon-Ton filed for bankruptcy protection, joining a long list of brick-and-mortar retailers struggling to make ends meet in the face of shifting consumer habits and online competition.

At this time, no additional stores are going to be closed, unless the company fails to attract a buyer and is forced to liquidate.

"Since that date (the company) has been actively engaged in efforts to reorganize the business or sell the business", Bon-Ton vice president Gail Monreal wrote to DEED. An auction is set for April 9, followed by a hearing on April 13 to approve a sale.

The company reported having $1.74 billion in debts and $1.59 billion in assets as of October 28.

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