Its official: Elder-Beermans parent company is headed for liquidation.
Bon-Ton Stores Inc. officials announced a joint bidder, including a group of the bankrupt retail chains bondholders, won an auction for the companys asset.
Great American Group and Tiger Capital Group and the holders of Bon-Tons second-lien secured notes will acquire the retailers inventory and certain other assets, Bon-Ton said in a statement. A bankruptcy court hearing to approve the venture and wind down Bon-Ton operations is set for today.
The bondholder group has wanted all Bon-Ton stores to close since the beginning of the bankruptcy process. Bon-Ton employ…
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