Retailer with 260 stores files for Chapter 11 bankruptcy protection

Retailer with 260 stores files for Chapter 11 bankruptcy protection

- in Business
47

NEW YORK — Bon-Ton Stores, saddled with debt and struggling with weak sales as shoppers abandon traditional department stores, said it filed Sunday for Chapter 11 bankruptcy protection and was exploring a sale of all or part of the company.

The chain, which operates 260 stores in 24 states, largely in the Northeast and Midwest, made the filing in the U.S. Bankruptcy Court for Delaware. It had said earlier this year that its holiday sales fell, despite a solid economy in which many retailers did well.

Several dozen retailers, including Toys R Us, Payless ShoeSource and Gymboree Corp., have filed for reorganization over the past year. Amazon, meanwhile, saw its latest quarterly profit soar past $1 billion for the first time as it sold more voice-activated gadgets, enlisted new Prime members and benefited from its recent purchase of Whole Foods.




Image: A Bon-Ton retail store

A Bon-Ton store in Lancaster, Pennsylvania.