MILWAUKEE -- FOX6 News has learned the long-struggling Bon-Ton Stores Inc. is going out of business.
Bon-Ton officials on Tuesday, April 17 announced a winning bid in its bankruptcy court-supervised auction. The Great American Group LLC and Tiger Capitol Group LLC will acquire the inventory and other assets of the company -- and sell it off.
On Wednesday, a hearing will take place with the bankruptcy court to approve the sale. It's expected we'll learn more about closing sales soon.
Bon-Ton has a corporate office in downtown Milwaukee and several stores in our area. There are more than 22,000 employees and 250 stores nationwide.
According to national retail reporter Mitch Nolen, stores will close within 10 to 12 weeks.
Below is a statement from Bon-Ton:
Bon-Ton is the parent company of Boston Store, Younkers and Elder-Beerman.
In February 2017, the Common Council gave the company $2 million to keep the 750 jobs in its offices on Wisconsin Ave.
"We are concerned both from a corporate perspective and from a retail perspective because of the employment opportunities they're afforded here. It's our hope that whatever happens we'll be able to maintain those jobs," said Mayor Tom Barrett on Tuesday.
On Friday, April 6, the company notified state officials 12 stores in Wisconsin could close, along with the corporate office in downtown Milwaukee. The move would impact more than 2,200 Bon-Ton employees. If a buyer is found for the company, some or all of the locations could remain open.
Affected locations in the Milwaukee area include:
Also impacted are: