Bon-Ton Stores Announces Bankruptcy Court Approval Of Winning Bid

(RTTNews) - Bon-Ton Stores Inc. announced that the U.S. Bankruptcy Court for the District of Delaware has approved an asset purchase agreement between the Company and a joint venture composed of the holders of the Company's 8.0% Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC.

Under the approved agreement, the joint venture group will acquire the inventory and certain other assets of the Company. The joint venture was the winning bid in an auction held pursuant to Section 363 of the U.S. Bankruptcy Code on April 16-17, 2018.

The company said it is committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on associates, customers, vendors and the communities we serve. 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 will remain open throughout the store closing sales.

As previously announced, on February 4, 2018, Bon-Ton and its subsidiaries 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.