Retail Chain To Close All Iowa Stores By August
Just as quickly as Bon-Ton Stores announced that its Lindale Mall and Coral Ridge Mall Younkers stores in the corridor were "at risk" if a new owner was not found, that risk already looks greater than originally thought.
To follow up on what we told you earlier this week, notices of potential closure were sent out, as what seemed to be a mere formality in light of the company declaring Chapter 11 bankruptcy. Representatives for Bon-Ton now say a sale is, indeed, pending.
Liquidators have all but finalized purchase of the company, as they were the only bidders, and after the announcement earlier this year of the Westdale Younkers location closing, the chain's 7 remaining stores in Iowa--including Dubuque, Coralville (Coral Ridge Mall) and Cedar Rapids (Lindale Mall) will close. 635 employees will be laid off as of June 5, marking a sad end to another once-mighty retail giant who has fallen on hard times.
According to the Gazette, two liquidation firms, Great American Group and Tiger Capital, are purchasing the company.
All stores are now expected to be closed by August. We will keep you up to date on the latest news from the Younkers/Bon-Ton sale and closure.