NEW YORK (AP) — Bon-Ton Stores, struggling with weak sales and saddled with debt, has filed for Chapter 11 bankruptcy protection.
The department store chain filed Sunday in U.S. Bankruptcy Court for Delaware. Several dozen retailers including Toys R Us, Payless ShoeSource and Gymboree Corp., have filed for reorganization over the past year as shoppers abandon traditional stores.
Bon-Ton has been hurt by shoppers' changing behavior, and its $1 billion in debt gives it less flexibility to invest in stores and online.
The company, which operates 260 stores from headquarters in Milwaukee and York, Pennsylvania, saw holiday sales at established stores fall 2.9 percent. Overall the retail industry had a good season, helped by a solid economy.
The company says its stories, e-commerce and mobile platforms will operate as usual during the restructuring.
Post a comment as
Report
Watch this discussion.
(0) comments
Welcome to the discussion.
Log In
!!!CHANGES TO ONLINE COMMENTS — PLEASE READ BEFORE POSTING!!!
Effective immediately, all comments will display the user's FIRST AND LAST NAME rather than a screen name. Anyone with an existing account that did not provide a first and last name when registering will be required to update their profile before submitting a comment. AGAIN - YOUR ACCOUNT MUST INCLUDE A FIRST AND LAST NAME!
Keep it Clean. NO obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person. Comments that include verbal attacks of another commenter will not be posted.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.