All Elder-Beerman stores are expected to close as Bon-Ton Stores Inc. heads for liquidation, the Dayton Daily News reported Tuesday.
Elder-Beerman is a longtime anchor at the Findlay Village Mall.
Bids from liquidators were submitted at the bankruptcy auction Tuesday for Bon-Ton Stores, the parent company of Elder-Beerman, according to the Reuters news agency.
Great American Group and Tiger Capital Group, which specialize in winding down retail chains, won the auction with a bid estimated to be worth $775.5 million, Reuters said. The money raised from the auction will be used by Bon-Ton to repay its creditors.
Bon-Ton Stores will begin a going-out-of-business sale at its 200 U.S. locations in coming days, Reuters said.
Seeking Alpha, an investment analyst website, reported that Bon-Ton CEO William Tracy sent a letter to employees late Tuesday saying the company will begin an orderly wind-down of operations following the liquidation process.
A U.S. Bankruptcy Court hearing will be held in Wilmington, Delaware today to approve of the winning bid, clearing the way for the liquidators to begin selling store inventory, leases and fixtures.
Bon-Ton’s stores also include Carson’s, Younkers, Bergner’s, Boston Store, and Herberger’s.
Bon-Ton and Elder-Beerman stores are anchors at many malls.Elder-Beerman is a longtime anchor at Findlay Village Mall.
At one time, Elder-Beerman also had a store in downtown Findlay. That store, the last department store in the downtown, left in 1994.