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The Bon-Ton Stores filed for bankruptcy late Sunday, raising questions about the future of its Carson's department stores in Hammond, Hobart and Michigan City.
The Milwaukee-based retailer secured $725 million in financing to support its operations in the meantime, and is looking for a buyer as it restructures operations through the Chapter 11 process. The company, which operates stores at the former Woodmar Mall in Hammond, at Southlake Mall in Hobart, and at Marquette Mall in Michigan City, said it may sell all or parts of itself as it reorganizes in bankruptcy court.
“We are currently engaged in discussions with potential investors and our debtholders 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," President and CEO Bill Tracy said.
The Milwaukee-based retailer secured $725 million in financing to support its operations in the meantime, and is looking for a buyer as it restructures operations through the Chapter 11 process. The company, which operates stores at the former Woodmar Mall in Hammond, at Southlake Mall in Hobart, and at Marquette Mall in Michigan City, said it may sell all or parts of itself as it reorganizes in bankruptcy court.
“We are currently engaged in discussions with potential investors and our debtholders 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," President and CEO Bill Tracy said.