A last-minute deal may keep Bon-Ton stores in business.
An investor group composed of DW Partners and mall owners Namdar Realty Group and Washington Prime Group has signed a letter of intent to buy the department store chain and save it from liquidation, the company announced late Monday.
Bon-Ton Stores Inc. and the investor group are finalizing an asset purchase agreement in advance of an auction of the company, which is now scheduled for April 16.
“We are pleased to have received this signed letter of intent and are advancing our discussions with the investor group to complete an asset purchase agreement as we proceed toward the court-supervised auction,” Bon-Ton president and CEO Bill Tracy said in a statement.
A hearing to approve the sale is expected later this month.
Bon-Ton announced in January that it would close its Carlisle store and more than 40 others nationwide as part of a “turnaround plan.”
The York and Milwaukee-based company has more than 200 stores in 23 states, including local stores in Camp Hill, Chambersburg, Hanover, Harrisburg, Lancaster and York.