– After several recent ditch attempts to rescue one of America's oldest retailers, Bon-Ton Stores Inc. joined the ranks of companies that succumbed to the retailer's apocalypse.
Bon-Ton Stores Inc. Officials announced Wednesday morning that a joint bidder comprising a group of bondholders from the bankrupt retail chain won the auction of the company's assets – the beginning of the liquidation process for businesses.
»CONTINUED: 15 Memories at Elder-Beerman That Affected Your Life
The company's employees were told they would lose their jobs and that all 21
We now know the following:
1. COMPETITION NEGOTIATION On Wednesday, a bankruptcy hearing took place in which the company was approved and the Bon-Ton company was dismantled.
The bond group has wanted to close all the Bon Ton business since bankruptcy proceedings began. Bon-Ton employs approximately 24,000 people, including hundreds in the Dayton area. The company operates around 250 stores in 23 states of the Bon-Ton, Bergner, Boston, Carson, Elder-Beerman, Herberger and Younkers brands.
"We are disappointed with this result and are very keen to identify the interested bidders. Continuing the business, we are determined to work constructively with the successful bidder to ensure an orderly dismantling of the business that is impacting this development minimizing our employees, customers, suppliers and communities we serve, "said Bill Tracy, Bon Ton's CEO
The Towne Mall Galleria has several empty store fronts for new tenants in Middletown on Thursday, December 1st entire shopping center. Elder-Beerman has announced that they will close in January. NICK GRAHAM / PERSONNEL (staff writer)
2. SAD CUSTOMERS Some buyers were disappointed with the financial statements. Now consumers are looking for other ways to shop. Averssa Mitterholzer, a resident of Centerville, said online shopping is destroying the remnants of traditional retail stores. According to Cushman & Wakefield, a market research and data analysis firm, more than 12,000 stores are expected to close in 2018, compared to around 9,000 in 2017.
"I mean, it's actually depressing, I've been for a long time Buyer at Elder Beerman, "she said.
Bon-Ton had worked with the US shopping centers Washington Prime Group Inc. and Namdar Realty Group to secure an offer that would keep a large supply open at Bon-Ton locations. It would have helped the mall groups, as the Bon Ton stores are the main tenants for both companies. Washington Prime owns both the Dayton Mall and the Fairfield Commons mall.
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Chris Kershner, executive vice president of the Dayton Area's Chamber of Commerce, said bon-ton liquidation reflects retail changes across the country. Despite economic planning and a diverse retail landscape, the downfall of a national retailer is all that local shopping malls could save
3. LOCAL IMPACT Most Elder-Beerman stores are located in local shopping malls, so closures could adversely affect several shopping malls. Elder-Beerman has shops in Piqua, Huber Heights, the mall at Fairfield Commons in Beavercreek, the Kettering Towne Center, including in Ohio. The shops employ hundreds of workers in the area.
Miami Valley Center Mall officials said the closure and liquidation of all the candy shops is disappointing for the local mall. "As the owner of the mall since 1993, we have seen many changes in retail both locally and nationally, and the commitment of Mid-America Management Corporation to the mall and city of Piqua remains strong," the mall group said in a statement ,
The Dayton Mall was busy on Tuesday afternoon. Shoppers have flooded area stores and shopping malls with unwanted gifts they received during this holiday season. Most businesses have made it an easy task, but others have made it difficult for one reason. According to the latest National Retail Federation survey on fraud, retailers estimate that 3.5 percent of their holiday income this year will be fraudulent, up slightly from the estimated 3 percent last year. Holiday Revenue Fraud is expected to cost traders $ 2.2 billion, up from $ 1.9 billion last year. TY GREENLEES / PERSONNEL (Staff Writer)
»CONTINUATION COVERAGE: 5 Retailers close stores in Ohio this year
4. FAIRBORN PREPARED FOR CENTER CONCLUSION The Liquidation will also affect the distribution center in Fairborn. Around 96 employees work at the facility, and Bon-Ton rents the facility. Matt Owen, executive director of the Fairborn Chamber of Commerce, told the news organization that the liquidation was no surprise to the community.
"We will have some workers unemployed and it will definitely hit some families in our region," he said. "We are very resilient, we've done that with Delphi and GM and NCR before, and we're doing a good job of getting our workers back to work."
5. HISTORY OF ELDER-BEERMAN IN DAYTON Elder-Beerman has a deep-seated presence in the Miami Valley – and it can be traced back to another store, Boston Dry Goods, in 1883. The Boston Dry Goods Store was opened by Thomas Elder, William Hunter, Jr. and Russell Johnston on East Third Street in the early 1880s. It sold textiles, clothing, and groceries and later became Elder & Johnston Co.
In 1962, Dayton businessman Arthur Beerman, who had opened two bargain bar men in 1950, merged his store with Elder & Johnston Co. In the 1960s, Elder-Beerman Co. opened numerous department stores in the area, including Hamilton and Richmond, Indiana.
The company continued to expand, acquiring department stores in Michigan, Illinois and Kentucky. In 1993, the 50th store opened at the Mall of Fairfield Commons in Beavercreek. In 2003, Elder-Beerman was acquired by Bon-Ton Stores, Inc.
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