Bon-Ton files for bankruptcy protection

“Bon-Ton intends to use this court-supervised process to explore potential strategic alternatives to maximize value for the benefit of its stakeholders, which may include a sale of the company or certain of its assets as part of the plan of reorganization,” reads an announcement released on Sunday. Last month the company announced that it would close 47 stores over the first quarter of this year.

"We are currently engaged in discussions with potential investors and our debt holders on a financial restructuring plan, and the actions we are taking are intended to give us additional time and financial flexibility to evaluate options for our business,” said President and CEO William Tracy in the Sunday announcement. “Bon-Ton has seven well-loved brands and associates who have remained committed to delivering excellent service to our customers for decades. During this court-supervised process, we plan to continue operating in the normal course and executing on our key initiatives to drive improved performance.”