A going-out-of-business sales is underway at the Herberger’s store in the Mesa Mall in Grand Junction, one of 250 stores scheduled to soon close under a bankruptcy agreement involving parent company Bon Ton Stores.
The liquidation sales are expected to run for 10 to 12 weeks at 212 stores. An additional 38 stores are already in liquidation as part of a previously announced closure.
Bon Ton operates 250 stores under the Bon Ton and Herberger’s nameplates as well as the Bergner’s, Boston Store, Carson’s, Elder Beerman, and Younkers nameplates.
The U.S. Bankruptcy Court for the District of Delaware approved an agreement between Bon Ton and a joint venture composed of holders of a second lien and secured notes as well as Great American Group and Tiger Capital Group. The joint venture submitted the winning bid in an auction to purchase the inventory and other assets of Bon Ton under federal bankruptcy code. Bon Ton applied for Chapter 11 bankruptcy protection in February but failed to find a buyer.