Bon-Ton Stores, Inc. has announced the likely closure of all 250 of its stores in 23 states, including Herberger’s in Kearney & North Platte.
Two liquidation firms are the victors of an auction for the bankrupt company’s assets, after the retailer failed to find a bidder willing to continue operating the business. Bon-Ton was operating 260 stores in 24 states, largely in the Northeast and Midwest, when it filed for bankruptcy in January. Liquidation firms Great American Group and Tiger Capital Group are the winners of the auction. A bankruptcy court hearing is scheduled for today to approve the sale and liquidation details.
Bon-Ton said in a news release, they will present the winning bid and wind-down of the Company’s operations to a Bankruptcy Court Wednesday morning.
Bon-Ton expects to provide more details about the liquidation plans and going out of business sales at its stores following approval of the winning bid by the Bankruptcy Court.
However, in an e-mail to employees obtained by multiple media outlets, President and Chief Executive Officer Bill Tracy said that he expects the store closure process to be completed in 10-12 weeks, with the timing of closures varying from store to store.
The release said that the Company’s stores, e-commerce and mobile platforms will remain open throughout the store closing sales.
Bon-Ton Stores, has nine Nebraska locations, including Herberger’s in Hastings, Kearney, Norfolk, North Platte, and Scottsbluff, and Younkers in Grand Island, Lincoln, and two in Omaha. Younkers also has a store in Sioux City, Iowa.
There are also Herberger’s stores in Rapid City, S.D., Rock Springs, Wyo., and Grand Junction, Colo.