The Bon-Ton Stores said it is in active discussions with interested parties in respect of a going-concern bid to acquire the company in a bankruptcy court-supervised sale process.
As a result of these discussions, Bon-Ton sought and received approval from its lenders to extend the deadline for submitting qualified bids from April 2, 2018, to April 4, 2018. Bon-Ton said it will evaluate all qualified bids with the assistance of its advisors to determine which bids maximize value for the company and all of its stakeholders.
The company noted that there can be no assurances that discussions with these interested parties, which were not disclosed, will lead to a definitive agreement being reached on any transaction.
The company expects to conduct an auction pursuant to section 363 of the U.S. Bankruptcy Code on April 9, after which a court hearing will take place to approve a sale on April 13, 2018.
As previously announced, Bon-Ton and its subsidiaries 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 said its 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.