The Bon-Ton Stores going out of business , preparing to wind down its business after two liquidation firms – Great American Group and Tiger Capital Group – won a bankruptcy auction. All 212 stores are going to close its operation.
- The Bon-Ton Stores, a chain of department stores that trace its origins to 1854, applied for Chapter 11 bankruptcy protection in February but failed to find a buyer.
- Bon-Ton, with a significant geographic operating footprint and operating presence, is dependent on store traffic, which has decreased as customers shift increasingly toward online retailers.
- Courts often allow retailers to continue to accept gift cards after a bankruptcy filing — and plenty of retailers have filed lately — but they’re not required to do so, Tetreault said. That potentially can leave gift-card holders waiting in a long line of companies and individuals with claims against a bankrupt company, perhaps with little chance of receiving more than pennies on the dollar. So just use your Bon-Ton cards as soon as possible.
- Bon-Ton operates co-headquarters in Milwaukee and York, Pa. Along with Boston Store and Younkers, it operates stores under the Bergner’s, Bon-Ton, Carson’s, Elder-Beerman and Herberger’s brand names.
- More than 10000 employees have lost their job.
We try to find out the reviews from the employees where they highlighted some of the good points of the company like : Great culture, the people make it worth it. But unfortunately the company was not making profit so they lost their jobs. So we at Businessinfy suggest every people to look the organizational profit first, because if the organization will not exist how you are going to stay there. Always love your work and keep finding new work opportunities.
We also request all the managers and company owners to inform your financial situation to your employees time to time if you are expecting something wrong to happen, inform your employees to find other opportunities soon.