Bon-Ton Stores Inc. won court approval yesterday for a bid to wind down its operations, clearing the way for one of the largest U.S. department store chains to begin selling everything from its store inventory to leases and fixtures, Reuters reported. With the disappearance of Bon-Ton, analysts said rivals such as Macy’s Inc., J.C. Penney Co. Inc. and Kohls Corp. will compete to keep longtime customers from turning to discounters like Walmart Inc. or online stalwart Amazon.com Inc. “Now Macy’s and J.C. Penney will be the primary beneficiaries of Bon-Ton’s bankruptcy, and Stein Mart Inc will be able to get great leases at rock bottom low prices,” said Burt Flickinger, managing director at retail consultancy Strategic Resource Group. “Ironically, Sears Holdings Corp., which to its credit has done a very good job in the last three to four quarters on soft lines and clothes and apparel, will benefit greatly, too.” Read more.
A special episode of “Eye on Bankruptcy” focused on the next wave of retail cases will be taped before a live audience at the Annual Spring Meeting on Saturday! Watch a preview. Walk-up registration welcome!
