MILWAUKEE – The Bon-Ton Stores, Inc. (OTCQX: BONT) (“the Company”), today announced that the Company and its subsidiaries have filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The Company is currently engaged in constructive discussions with potential investors and its debtholders regarding the terms of a financial restructuring plan. Bon-Ton intends to use this court-supervised process to explore potential strategic alternatives to maximize value for the benefit of its stakeholders, which may include a sale of the Company or certain of its assets as part of the plan of reorganization.
The Company’s stores, e-commerce and mobile platforms under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates are open and operating as usual. As previously announced, the Company is closing 47 stores in 2018, four of which closed in January and one store that is near completion and 42 additional at which store closing sales began on February 1, 2018 and will run for approximately 10 to 12 weeks. A full list of those locations can be found on its investor relations website.
Bon-Ton has received a commitment from its existing ABL lenders for up to $725 million in debtor-in-possession (DIP) financing which, subject to court approval, is expected to support the Company’s operations during the financial restructuring process.
Bill Tracy, President and Chief Executive Officer, said, “We are currently engaged in discussions with potential investors and our debtholders on a financial restructuring plan, and the actions we are taking are intended to give us additional time and financial flexibility to evaluate options for our business. Bon-Ton has seven well-loved brands and associates who have remained committed to delivering excellent service to our customers for decades. During this court-supervised process, we plan to continue operating in the normal course and executing on our key initiatives to drive improved performance.”
Mr. Tracy continued, “We appreciate the ongoing dedication of our associates, whose hard work in serving our loyal customers is critical to our success and the future of our company. Importantly, we look forward to continuing to provide our customers with quality merchandise and an exceptional shopping experience in our stores and across e-commerce and mobile platforms as we move through this financial restructuring process.”
Bon-Ton has filed a number of customary motions with the Bankruptcy Court seeking authorization to support its operations during the financial restructuring process, including authority to pay wages and provide health and other employee benefits, and to pay vendors in the ordinary course for all goods and services provided on or after the Chapter 11 filing date. The Company expects to receive Bankruptcy Court approval for these requests.
Additional information is available on the Company’s restructuring website at bontonrestructuring.com.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as the Company’s legal counsel, AlixPartners LLP is serving as restructuring advisor and PJT Partners, Inc. is acting as financial advisor.
All by design they/sorcerers do everything by the #’s/numerology they code everything using Gematria, (47) stores closing, 4+7 = 11, this link is to a Gematria calculator, http://gematrinator.com/calculator/index.php, there is nothing left to “chance” occultist’s plans are 120 plus year’s in advance, they own all “formats” one group owns all media or “Masonic Media”, everything you have been told is a lie, they use symbols, colors, sacred geometry, numerology etc. all history is a lie they have staged all of it, everything is scripted, they practice rituals, stage major events research these topics, “Agenda 21, Geo engineering, Illuminati, Georgia Guidestones, Tavistock Institute, 5 G” look up patents see who owns virus patents, you can go on youtube and research anything, this is their year 2018 broke down is 911, the world is run by a secret society everything is hidden in plain sight. Notice the #’s 666 the stock market fell.
I am calm and confident to in our President.
CALM DOWN Things might work out considering our DORK president.
The real DORK is someone who calls our president a dork.
The problem is these little groups of people didn’t earn their money they inherited it. 2nd generation flunkies who are more worried about how special they must be to be endowed with riches. Not one to a tee is enlightened just following their happy little thoughts. All you need is an eighth grade education to figure that out. Their wishes will not be honored. That’s a fact of life.
Damn. The stock markets going down, down, down. Wonder if this giant fake bubble created by flimflam Wall Street central is going to implode soon. Ivy league master degrees in economics my ass. To bad about this Younker mess. What is needed is vision and someone to step up to the plate who is a master of economics. There’s no legit reason this beautiful mall in MC can’t be a money making machine. Everything for sale you just need to know how to sell it.
I recall Trout telling Council why they ran up a $520,000 Eng. Consultant fee for this parking ramp. City was sure G8 had the bucks for that hotel next toCity Hall and it needed the ramp in order to meet off street parking spaces for it’s size per city code.So City was concerned that the hotel would get finished and ready to open before a ramp would be ready if they didn’t get it designed up front.So as a result of this faulty reasoning MC has wasted over a half million dollars taking this fakes word that he had his hotel bucks.Total BS.Now he is back for another hotel spin job.Seems the same little BS matter came with him on hotel try No. 2. No $10M of private money from him and any lender .It raises a essential issue and question.Who in this MC Renaissance clan knows how and performs financial Vet of these boys and their claims re: having the money?Appears there is poor work on that matter.If it were comprehensive and competentMC would have told Chodur, ” no ramp engineering until you HAVE your $10M Verified to our satisfaction.If this approach had been used there would be no completely designed parking ramp Plans & Specifications costing the city$520,000. For a hotel from nowhere.Are we into more waste on No. 2 while he squirms and alibis his way againOn why he has no private financing.Now apparently seeking a USDA gov.security in order to get private lender behind his spin. The City & IEDA both complicit in this on going amateur effort toward gaining a private lender.
This is the work of a resume builder mayor (no job yet giggle) and a councilman looking to get paid by hooking up the latter’s construction company employer with a no-bid project. Sad, but true. Thanks, voters.
lol
Oh but the yes voters were saving the mall with their vote. That flyer talked about the good things that will happen with the mall. Right?
Keep buying that used crap from the AMAZON slave labor plantations – If you thought slavery in the south back then was bad you haven’t read up on AMAZON – filthy company exploiting American workers (although most of their employees are illegal and actually rent their 250 square foot home from the old slave owner Bezos. Hang him.
Bingo!
Hey President Trump, how’s that economic recovery going? Stock market still moving up? Oh, wait, it’s lost over 1000 points in 2 days? Really? That must be another record you can claim-and this one won’t be a lie.
It’s called a correction. It happens all the time in the stock market. Even a Dumb Ass Teacher should know that.
It’s the beginning of the end for Yonkers.
Check your history. The economy is strong and market corrections are healthy.
You guys call the largest drop in history a correction? Ha, ha, ha. Over 1000 points in one day!!!! More Asses Giving Away America.
Today’s drop was 4.6% of the Dow value compared to a 22.6% drop on October 19, 1987, so yeah, this was a correction.
Donald J Trump Twitter 12:27 AM 25 FEBRUARY 2015
“If the Dow Joans ever falls more than 1000 “points” in a Single Day the sitting president should be “loaded” into a very big cannon and Shot into the sun at TREMENDOUS SPEED! No excuses!
You just can’t make this crap up! He once again shows why he should never be a president.
So, you really are that STUPID!
What do you mean eLViS? Are you disputing what Trump tweeted? Why not hold him accountable for what he says and does?
I stand corrected as to the tweet. It was reported by Snopes (the site that right wing wackos say cannot be trusted) that despite its similarity with Trump’s style and mindset, it is a fake tweet. Sorry guys.
Yes, the stock market has dropped and a bunch. Now is a great time to take advantage of those drops and buy stock while its cheap!
Hopefully, the market correction won’t hurt your retirement account. Not that you have much to worry about as we all know the unions take care of their own.
Yes, those evil unions who fight for employee rights and help keep employers honest. What did your company do for you?
Amen brother! 4.5-5% dividend return on T and VZ…try getting that at your credit union!
Today’s drop was 4.6% of the Dow value compared to a 22.6% drop on October 19, 1987, so yeah, this was a correction.
http://thehill.com/business-a-lobbying/372403-dow-plunges-by-1179-points-shattering-record?userid=286349
Turnout the lights Southbridge, the party’s over for sure when younkers closes.
They need the “ice arena” /ploy built for cold storage, planned well in advance.