The investor group offered 8 million in cash along with the assumption of some of Bon-Ton’s debt.A group of second lien noteholders, who also bid on Bon-Ton’s assets, objected to the payment of the work fee.Its downtown Milwaukee corporate office has 700 employees. S., including Boston Store locations at Mayfair Mall in Wauwatosa, Brookfield Square in Brookfield, Southridge Mall in Greendale, Bayshore Town Center in Glendale, The Shops of Grand Avenue in downtown Milwaukee and Regency Mall in Racine.Bon-Ton has 2,255 employees in Wisconsin and more than 22,000 employees in the U. All of those employees will lose their jobs when the company’s stores are closed and its operations shut down.The only other bids for Bon-Ton were from liquidators.The Great American-Tiger Capital joint venture holds 8 percent of Bon-Ton’s second lien secured notes due in 2021, according to Bon-Ton.
Last week, Bon-Ton filed notices with regulators around the country regarding potential layoffs if it could not find a going concern buyer.
The Great American-Tiger Capital group will have until Aug.
31 to complete going-out-of-business sales for the company’s stores, according to court documents that outline details of the group’s bid for the company.
The noteholders offer included cash to pay down certain debt along with million to wind down the business and 0 million credit.
“The only real and timely bids generated from the debtor’s lengthy marketing process call for the liquidation of the assets as the path to maximize value,” the noteholders, who hold about 0 million in Bon-Ton bonds, wrote in their objection.