Efforts to save the parent company of Boston Store and Younkers have run out.
The Bon-Ton company has announced that two liquidators were the winning bidders at a bankruptcy auction that was held Monday and Tuesday. Great American Group and Tiger Capital Group are buying the assets for $775 million. A previous bid from a number of mall owners was rejected by a bankruptcy judge for not being a fair or qualified offer.
In a letter to its employees, Bon-Ton officials say the liquidation would take anywhere from ten to twelve weeks. “Bon-Ton will move forward in a constructive manner to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve.”
The liquidation would would affect all Younkers and Boston Store locations remaining in Wisconsin and also close down the Milwaukee headquarters of the company. Those closures will put over 2,200 people out of a job.