The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PENNSYLVANIA, United States — Bon-Ton Stores Inc said on Monday it received an acquisition offer from an investor group, two months after the department store chain filed for bankruptcy protection.
The investor group includes U.S. mall owners Namdar Realty Group and Washington Prime Group Inc, for whom Bon-Ton is a significant tenant, and credit-focused fund manager DW Partners.
The York, Pennsylvania-based retailer, with 23,000 employees and 256 stores across 23 states, filed for creditor protection in February and said it was on track to close 47 stores in 2018 as conventional brick-and-mortar operators are struggling to adapt to rapidly changing consumer tastes and a rise in e-commerce.
Bon-Ton Stores said it received a signed letter of intent from the investor group with the parties finalizing an asset purchase agreement before an auction to be held on April 16.
ADVERTISEMENT
A hearing on the bankruptcy-court supervised sale process is expected later in April, the company said.
Reuters reported last week that Namdar Realty Group and Washington Prime Group were in talks to buy Bon-Ton Stores.
By Kanishka; editor: Amrutha Gayathri.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.