The future looks bleak for Bon-Ton Inc., the parent company of Herbergers department stores.
A court-supervised auction of the bankrupt business started Monday. According to the Reuters news agency, sources familiar with the matter said that liquidation firms Great American Group and Tiger Capital Group won the auction with a $775.5 million bid. If the U.S. Bankruptcy Court in Wilmington, Del., approves the sale of Bon-Ton to the liquidators, it could mean the closure of all Bon-Ton stores, including Herbergers locations in the Twin Cities.
A court decision could be made as early as Wednesday, media reports said.
As a precautionary measure earlier this month, the company warned the Minnesota Department of Employment and Economic Devel…
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