Business
The Bon-Ton Stores, Inc. Receives Signed Letter of Intent from DW Partners, Namdar Realty Group and Washington Prime Group
The Bon-Ton Stores, Inc. Receives Signed Letter of Intent from DW Partners, Namdar Realty Group and Washington Prime Group.
About this update from Bonton Stores
[{"type":"text","content":"\n\n\n\nThe Bon-Ton Stores, Inc. Receives Signed Letter of Intent from DW Partners, Namdar Realty Group and Washington Prime Group\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. Receives Signed Letter of Intent from DW Partners, Namdar Realty Group and Washington Prime Group\nAuction Rescheduled to April 16, 2018\nAll Bon-Ton Stores Remain Open and Serving Customers\nPR Newswire\nMILWAUKEE, April 9, 2018\n\n\n\nMILWAUKEE, April 9, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (OTCQX: BONT) (\"the Company\") today announced that it has received a signed letter of intent from an investor group composed of DW Partners, Namdar Realty Group (including its partner Mason Asset Management) and Washington Prime Group (the \"investor group\"), pursuant to which the investor group proposes to acquire the Company as a going concern in a Bankruptcy Court-supervised sale process. The Company and the investor group are in the process of finalizing an asset purchase agreement in advance of an auction, which is now scheduled to be held on April 16, 2018.\n\nBill Tracy, President and Chief Executive Officer, said, \"We are pleased to have received this signed letter of intent and are advancing our discussions with the investor group to complete an asset purchase agreement as we proceed toward the court-supervised auction. With the help of our advisors, we will evaluate all qualified bids and are committed to maximizing value and pursuing the best path forward for the Company and our stakeholders. I would like to thank our talented associates, our vendors and our other partners for their ongoing support through our court-supervised restructuring process. As always, we remain focused on serving our loyal customers with quality merchandise and an exceptional shopping experience in our stores and across e-commerce and mobile platforms.\" \n\n\nDW Partners is an alternative asset manager focusing on investment in credit markets across a broad range of asset types and strategies. Namdar Realty Group is a privately held commercial real estate investment and management f...