A unit of financially suffering retailer Bon-Ton stores Inc. has notified securities regulators that it is the use of a 30-day grace duration to put off a $14 million interest payment on a mortgage.
Bon-Ton subsidiary Bon-Ton branch stores Inc. said in a submitting with the Securities and alternate commission that exercise the grace duration will not prevent the company from borrowing underneath that mortgage settlement. The payment turned into due Friday.
Bon-Ton, the discern corporation of Boston shop, Younkers and different branch stores, has been losing cash as it tries to compete with online stores and faces reduced foot traffic at shopping shops. Bon-Ton shops regularly are anchors of shops.
Bon-Ton has has been unprofitable in each of the closing six economic years, and it’s heading in the right direction to post a loss once more for 2017. via the first 3 quarters of 2017, Bon-Ton misplaced $one hundred thirty five.four million.
Bon-Ton, which has dual headquarters in Milwaukee and York, Pa., introduced in November it plans to shut at the least 40 shops with the aid of the stop of 2018. It hasn’t recognized which stores are slated for closing, but that represents about a sixth of Bon-Ton’s 260 department stores, fixtures galleries and clearance centers.
further to Boston keep and Younkers, Bon-Ton operates department stores below the logo names Bergner’s, Bon-Ton, Carson’s, Elder-Beerman and Herberger’s