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The Bon-Ton could soon be long gone

Elder-Beerman to shut stores in 10-12 weeks, CEO says

Now the company is facing the possibility its stores will close.

Under WARN, employers are required to give 60 days advance notice of covered plant closings and covered mass layoffs.

Attorneys and spokespeople for Bon-Ton did not immediately reply to Retail Dive's request for comment.

An attorney for Bon-Ton said at a hearing last week that the investor group that signed a letter of intent with the retailer represented "the last and only opportunity for the debtors to continue operating in business". An auction was held Monday.

Reuters, citing anonymous sources, reported late Monday that the only bids that came in during a bankruptcy auction Monday were from two groups that want to liquidate the company.

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Bon-Ton filed for bankruptcy in February, and had been working with a would-be bidder - a combination of two mall owners Namdar Realty Group and Washington Prime Group - that might have kept its stores open in many of its locations. However, that deal fell through after a federal judge barred Bon-Ton from paying the investor group a $500,000 fee as compensation for due diligence costs.

Seritage Growth Properties, which bought the 18-acre Sears property from CBL in 2015, has spent $17 million to redevelop that part of the mall and has added a 31,000-square-foot Dave & Buster's and a 23,146-square-foot Total Wine & More store, both of which opened last week. Its Southbridge store opened November 8, 1984, ahead of the mall on May 23, 1985.

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.

"In choosing a site for this store we have long desired to locate in Mason City", Younkers president Henry Frankel told the Globe Gazette in 1944.

The announcement that Younkers will close is the second blow to Lindale Mall in less than a week. Get twice-daily updates on what the St. Louis business community is talking about.

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