According to Reuters, Bon-Ton had been working with USA mall owners, Namdar Realty Group and Washington Prime Group Inc, to secure a bid to keep a large portion of Bon-Ton locations open.
Other Boston Stores in the state operated by Bon-Ton are located at Brookfield Square west of Milwaukee, at Grand Avenue and Southridge malls in Milwaukee, at Mayfair Mall in Wauwatosa, Bayshore Mall in Glendale and at Regency Square in Racine.
Bon-Ton has not yet responded to the reports. Liquidators are companies that sell off all of retailers assets and then close the stores.More news: Price Target in View for Royal Dutch Shell PLC (:RDS.A)
As of late Monday, the auction had not concluded, according to sources. According to Reuters, the group did not submit a bid at the auction on Monday, and no other going-concern bids have been received.
A group of bondholders, led by the hedge fund Brigade Capital Management, had been calling for the retailer's dissolution, arguing that the department store chain, even if bought, "had little chance of surviving".
Money raised from the auction will be used to repay what is owed to Bon-Ton's creditors.More news: Lamar Makes Pulitzer Prize For Music History
In a letter to the Nebraska Department of Labor, Bon-Ton said more than 350 jobs were at risk, although it only listed its two stores in Omaha as being at risk of closing.
Younkers has had a store at Gateway since 1987, when it bought Omaha-based Brandeis. The chain, headquartered in Milwaukee and York, Pa., operates stores in 23 states under a variety of nameplates, including Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers.
Bon-Ton and Toys R Us operated a combined almost 60 million square feet (5.6 million square meters) of store space, according to their latest annual reports, and employed a combined 83,000 when they entered bankruptcy.More news: Manchester City to avoid ban from CAS