When Bon Ton Stores announced last fall that it would be closing a number of stores, but the Indiana Mall store was not on the list, there was relief here in Indiana County. But then the chain filed for Chapter 11 bankruptcy, again launching uncertainty. Now, Bon Ton has an offer to purchase its stores, and if the sale goes through, people will nervously watch to see what the new owners have in their plans.
An investors group comprised of three entities will be proposed next Monday before the bankruptcy court. Bon Ton president and CEO Bill Tracy says they have a signed letter-of-intent that will be put forward to the court-supervised auction of its assets. The investors group is made up of alternative asset manager DW Partners, real estate and management firm Namdar Realty Group, and Washington prime Group, another real estate and management firm.
Bon Ton’s previously announced plan was to close 42 stores across its multi-name platform, but the company is hoping the new owners would keep some of those stores open. Bon Ton operates 250 stores in 23 states, under the names Bon Ton, Bergner’s Boston Store, Carson’s Elder-Beerman, and Helberger’s.
