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After Bankruptcy, Herberger’s & Younkers Stores To Be Liquidated
Posted On Apr 18 2018
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The Carson’s store in Cross County Mall is slated to close, as its parent company announced a series of closings late Tuesday.
Now we’re finding out that all of its stores are going to be liquidated.
Bon-Ton’s storefront in the Brick Plaza.
A group of investors that included mall owners Namdar Realty Group and Washington Prime Group had signed a letter of intent to bid for the stores and keep them open.
The liquidation process normally takes 10 to 12 weeks, but Berry said nothing has been set. That left only liquidation firms bidding for the company.
That group would have kept some local stores and a distribution center open.
“There is a chance that this might not happen”, said Heather Sotelo, executive director of the Greater Sterling Development Corp.
Younkers stores that could close are located in Iowa in Davenport’s NorthPark Mall, Dubuque, Muscatine, West Burlington, and Coralville. The two stores employ 356 people, the notice said.
The 160-year-old company has survived economic recessions and depressions, but it couldn’t withstand technology that bolstered the ascendance of electronic retailing.
Corporate parent Bon-Ton operates stores under the Herberger’s name in North Platte, Norfolk, Scottsbluff, Hastings and Kearney.
Bon-Ton had been in talks with US mall owners Namdar Realty Group and Washington Prime Group Inc.to secure a bid that would have kept open a large portion of Bon-Ton locations. Stores in Springfield and Middletown closed in 2013 and 2017, respectively.
“Unfortunately it’s just part of this ongoing saga of declining mall traffic and department stores’ inability to adapt and drive any kind of interest to get consumers into their stores”, Perkins said. “Bergner’s has been a staple here for a long time and it would be a big loss”.
The bid is anticipated to be approved.
Linda Saltalamachia Of Newburgh, who stopped by the Newburgh Bon-Ton on Wednesday, said she travels even farther for much of her shopping, because “Newburgh has no place to shop”.
