A group of liquidators bought the assets of Bon-Ton Stores Inc., the parent company of Boston Store, in a bankruptcy auction, according to a company statement.
Bon-Ton has headquarters in Milwaukee and York, Pennsylvania.
Earlier this month, the company filed a notice with the Wisconsin Department of Workforce Development indicating that 2,255 employees in the state would lose their jobs.
In a statement online, the company said, “Bon-Ton will move forward in a constructive manner 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.”
Mitch Nolen, a national retail and bankruptcy reporter who has been a contributor to Seeking Alpha, obtained a letter from Bon-Ton’s CEO to employees. It said the company will close all of its stores over the next 10-12 weeks.
According to Reuters, the winning bid of $775 million was placed by Great American Group and Tiger Capital Group.