Going-out-of-business sales expected to last 10 to 12 weeks

 

Going-out-of-business sales at the Albert Lea Herberger’s and Austin Younkers will begin Friday, according to a press release issued Thursday by parent company The Bon-Ton Stores Inc.

The liquidation of the company’s assets will take place over the next 10 to 12 weeks in 212 of the stores and websites under the Bon-Ton, Herberger’s, Younkers, Bergner’s, Boston Store, Carson’s and Elder-Beerman nameplates. Liquidation sales were already underway in 38 other properties previously announced to close.

The details about the liquidation came after the U.S. Bankruptcy Court for the District of Delaware approved the company’s liquidation plan Wednesday. That agreement reached was between The Bon-Ton Stores and a joint venture composed of Great American Group LLC, Tiger Capital Group LLC and the holders of the company’s 8 percent second lien secured notes due in 2021. The joint venture was the winning bid in an auction held April 16 and 17. Bon-Ton and its subsidiaries filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 in February.

“The company is committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on associates, customers, vendors and the communities we serve,” the company said in a release Wednesday.

The company has stores in 23 states in the northeast, Midwest and upper Great Plains.