Business
The Bon-Ton Stores, Inc. Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring
The Bon-Ton Stores, Inc. Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring.
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[{"type":"text","content":"\n\n\n\nThe Bon-Ton Stores, Inc. Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nThe Bon-Ton Stores, Inc. Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring\nStores Open, E-Commerce and Mobile Platforms Operating to Continue Delivering Exceptional Shopping Experience for Customers\nReceives Commitment of up to $725 Million in Debtor-in-Possession Financing to Support Operations\nCompany to Explore Potential Strategic Alternatives to Maximize Value\nPR Newswire\nMILWAUKEE, Feb. 4, 2018\n\n\n\nMILWAUKEE, Feb. 4, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (OTCQX: BONT) (\"the Company\"), today announced that the Company and its subsidiaries have 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. The Company is currently engaged in constructive discussions with potential investors and its debtholders regarding the terms of a financial restructuring plan. Bon-Ton intends to use this court-supervised process to explore potential strategic alternatives to maximize value for the benefit of its stakeholders, which may include a sale of the Company or certain of its assets as part of the plan of reorganization. \n\nThe 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 are open and operating as usual. As previously announced, the Company is closing 47 stores in 2018, four of which closed in January and one store that is near completion and 42 additional at which store closing sales began on February 1, 2018 and will run for approximately 10 to 12 weeks. A full list of those locations can be found on its investor relations website.\n\nBon-Ton has received a commitment from its existing ABL lenders for up to $725 million in debtor-in-possession (DIP) financing which, subject to court approval, is expected to support the Company's operations duri...