All Bon-Ton stores are closing after sale to liquidators

The Bon-Ton location in Nittany Mall won't be the only one closing its doors.

On Tuesday the company announced that subject to Bankruptcy Court approval, a joint venture composed of bondholders and liquidators Great American Group and Tiger Capital Group will acquire the company's inventory and other assets.

"While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve," Bill Tracy, Bon-Ton's president and chief executive officer, said.

In February, The Bon-Ton Stores, Inc. and its subsidiaries filed for Chapter 11 bankruptcy. The Bon-Ton location in Nittany Mall announced its intention to close in January, but a definitive date has not yet been announced.

This story was originally published April 18, 2018 at 1:00 PM with the headline "All Bon-Ton stores are closing after sale to liquidators."