The Bon-Ton Stores Inc. 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 the company’s lenders to extend the deadline for submitting qualified bids from April 2, 2018, to April 4, 2018. Bon-Ton 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.
There can be no assurances that discussions with these interested parties 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, 2018, after which a court hearing will take place to approve a sale on April 13, 2018.
As previously announced, on February 4, 2018, 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’s 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.
Additional information is available on the company’s restructuring website at bontonrestructuring.com.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as the company’s legal counsel, AlixPartners LLP is serving as restructuring advisor and PJT Partners, Inc. is acting as financial advisor.