The Bon-Ton Stores, Inc. Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring
Summary
Bon-Ton has received a commitment from its existing ABL lenders for up to $725 million in debtor-in-possession (DIP) financing which, subject to court approval, is expected to support the Companys operations during the financial restructuring process.Mr. Tracy continued, "We appreciate the ongoing dedication of our associates, whose hard work in serving our loyal customers is critical to our success and the future of our company.Importantly, we look forward to continuing to provide our customers with quality merchandise and an exceptional shopping experience in our stores and across e-commerce and mobile platforms as we move through this financial restructuring process."The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings.Bon-Ton intends to use this court-supervised process to explore potential strategic alternatives to maximize value for the benefit of its stakeholders, which may include a sale of the Company or certain of its assets as part of the plan of reorganization.
Classifications
AskAI Classifications
LabelsLinked Companies
