Reuters: Bon-Ton heading for liquidation
Citing sources familiar with the situation, Reuters is reporting that Bon-Ton Stores appears headed for liquidation.
The department store chain, with dual headquarters in York County and Wisconsin, began its court-supervised auction Monday, April 16, and only received bids from liquidators, sources told Reuters.
Full Reuters report:: U.S. department store chain Bon-Ton heads to liquidation
A company spokeswoman did not immediately respond to a request for comment.
Bon-Ton, which filed for bankruptcy in February, had received a signed letter of intent last week from an investor group for an asset purchase agreement, but a bankruptcy court judge denied their request for additional time to work out a plan.
The company recently filed WARN notices with the state to close offices or stores in four Pennsylvania counties, including in York County, where 332 employees would be affected.
Under the WARN Act, employers are required to provide the state Department of Labor and Industry at least 60 days' notice before a mass layoff. The notices state that the date of layoffs is unknown, and it is possible the layoffs won't occur.