Bloomberg: Bon-Ton might soon file for bankruptcy
Bloomberg News is reporting that senior creditors of The Bon-Ton Stores are pushing the York County-based retailer to file for bankruptcy protection, possibly by the end of January.
The news outlet cites insider sources who asked not to be identified because the information is not yet public.
Bon-Ton hasn't made a decision and is still trying to avoid filing for bankruptcy, according to the report.
The company was delisted from the Nasdaq stock exchange late last year after its stock price dropped below $1 per share for 30 consecutive days. It began trading on the OTCQX Best Market after the delisting.
The company announced Tuesday, Jan. 16, that it had entered into an agreement with a group of creditors to keep them from exercising any legal remedies against Bon-Ton for failing to make its interest payment due last December.
The forbearance agreements will expire Jan. 26, though they can be automatically extended to Feb. 4 if both sides agree to extend, according to a company news release.