Efforts to auction off the Bon-Ton Stores, Inc.
After more than seven decades of being in Sioux City, it appears Younkers department store will likely close its doors for good this summer.
Bon-Ton filed for bankruptcy in February and Toys R Us in September. The auction ran late Monday and is still underway, according to NY research firm Reorg Research.
Bon-Ton had been working with a group of investors including two mall developers on a going-concern bid.
Bon-Ton spokeswoman Christine Hojnacki told the Cedar Rapids Gazette the "notices are just of potential closures" and that if stores were to close, a closure date has not been set.
There are also six Herberger's stores in the Twin Cities as well as ones in Mankato and St. Cloud. The news service noted that once the company selects a winning bidder and the federal court overseeing Bon-Ton's bankruptcy proceedings approves it, "the liquidator can begin selling the inventory, store leases, fixtures and intellectual property". The Pennsylvania-based Bon Ton attempted to auction off its assets this week, but the only bidders were two companies that specialize in liquidating failed businesses.
The bankruptcy auction for Bon-Ton's assets, which is being held at a law office in NY, will resume this morning at 8 a.m., according to the Reorg Research report.
Sports Authority Holdings Inc., apparel chain The Limited Stores LLC and electronics seller hhgregg Inc. are among the chains that have gone out of business recently.
In addition to the major mall anchors, Bon-Ton stores occupy giant boxes at local shopping plazas, including the Southgate Plaza in West Seneca, on Sheridan Drive in the Town of Tonawanda and on Transit Road in Lockport.
Among those in the Westdale Mall location in Cedar Rapids, that was announced earlier this year.