companies

US department store chain Bon-Ton files for bankruptcy

It becomes the first major US brick-and-mortar retailer to do so this year

Reuters
15:26 February 5, 2018

Bengaluru: Bon-Ton Stores Inc said on Sunday it filed for bankruptcy protection to restructure its debt and explore a potential sale, making it the first major US brick-and-mortar retailer to do so this year.

The York, Pennsylvania-based department store operator, which has about 260 stores, listed assets in the range of $50,001 to $100,000 (Dh183,650 to Dh367,300) and liabilities in the range of $500 million to $1 million, according to a Chapter 11 filing with the Delaware bankruptcy court.

Last year, more than 15 US retailers filed for bankruptcy, the most in six years, as consumers moved more of their shopping online.

Department store operators have been struggling to fend off online sellers like Amazon.com Inc as shoppers increasingly choose to shop over the internet and mall foot traffic declines.