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4-Traders Homepage  >  Equities  >  Nasdaq  >  Bon-Ton Stores Inc    BONTQ

BON-TON STORES INC (BONTQ)
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Bon Ton Stores : How long will liquidation sales continue at Bon-Ton stores?

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07/13/2018 | 12:03am CEST

July 12--So, how long will the liquidation sales continue at Bon-Ton stores?

The liquidation sales at Bon-Ton will keep going until the end of August at most of the stores. Liquidation sales began on April 20 at 212 Bon-Ton stores under the BonTon, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The company which was headquartered in Springettsbury Township, York County and Milwaukee was purchased by holders of the company's 8 percent second lien secured notes, Great American Group LLC and Tiger Capital Group LLC to liquidate the stores.

Scott Carpenter, president, retail solutions, with Great American Group, said in an e-mail that the liquidation sales remain on track to go through the end of August at most stores. Some stores may close earlier as they sell out of merchandise but, he expects the stores in the Harrisburg and Camp Hill areas to close sometime in August. There is a Bon-Ton store in Lower Allen Township at 3525 Gettysburg Road in Lower Allen Township in a building that was owned by Bon-Ton that also includes a space that was previously occupied by a Borders store. There is also a Bon-Ton store in the Colonial Park Mall in Lower Paxton Township.

More than $800 million of inventory has been sold so far and discounts are between 50 to 75 percent off throughout stores at this point, according to Carpenter. The warehouses are almost completely empty and merchandise is shifting from slower volume stores to higher volume stores, he said. The stores are also selling furniture, fixtures and equipment.

As far as auctions go, items from the former headquarters at 2801 E. Market St. in Springettsbury Township were auctioned off on June 21. Hundreds of desktop and laptop computers, televisions, printers, and 250 Apple iPads were among the products that were auctioned off. On May 24, an auction was also held for the contents of Bon-Ton's photo studio in Milwaukee. An auction for the company's leases was announced back in May but, Carpenter says that the auction might not be necessary as some of the leases are being sold but, if the auction happens it will happen before the end of the month. Auctions for the furniture, fixtures and equipment in the distribution centers may happen before the end of the month as well.

There were 38 stores including one in Carlisle that were already in liquidation when these final liquidation sales began. The company filed for bankruptcy in February.

___

(c)2018 The Patriot-News (Harrisburg, Pa.)

Visit The Patriot-News (Harrisburg, Pa.) at www.pennlive.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Bon-Ton Stores Inc Technical Analysis Chart | BONTQ | US09776J1016 | 4-Traders
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Managers
NameTitle
William Tracy President, Chief Executive Officer & Director
Debra K. Simon Chairman
Michael G. Culhane Chief Financial Officer& Executive Vice President
Norman Veit Chief Information Officer & Executive VP
Michael L. Gleim Vice Chairman
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