Bon-Ton Stores Inc, one of the largest U.S. department store operators, has secured a loan that will allow it to file for bankruptcy as early as Sunday, Reuters reported. The move will make Bon-Ton, which has about 260 stores and nearly $1 billion in debt, the first major U.S. brick-and-mortar retailer to file for bankruptcy this year. Last year, more than 15 U.S. retailers filed for bankruptcy, the most in six years, as consumers moved more of their shopping online. The loan will help Bon-Ton continue to operate in bankruptcy and carry it through a potential sale, according to sources. The York, Pa.-based retailer has also retained law firm Young Conaway Stargatt & Taylor LLP for its filing, in addition to attorneys from Paul, Weiss, Rifkind, Wharton & Garrison LLP.
