Bankrupt Bon-Ton Stores Inc. officials said it is in talks with “interested parties” about buying the retailer.
Bon-Ton, the parent company of Elder-Beerman, announced the company has several possible buyers. The company received permission from its lenders to delay the deadline for bids to purchase the retailer, according to a statement. The new deadline is Wednesday.
The Dayton Daily News breaks down what it means for the retailer and its local presence:
Have any local stores closed?
No local Elder-Beerman stores were included in the round of closures announced earlier this year. Only one store in Ohio was impacted. However, Bon-Ton could also reduce the number of distribution centers from three to two, shutting down its facility in Fairborn.
» RELATED: New Elder-Beerman shops opening in Dayton
When did the company file for bankruptcy?
The company and its subsidiaries filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware in early February. A vendor group still has the option of buying 210 stores still open after the planned closures of nearly 50 stores this spring.
What other stores are owned by Bon-Ton?
Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers are all owned by Bon-Ton. No other stores other than Elder-Beerman have a strong presence in the Dayton region.
If Elder-Beerman stores closed in the area, how would it affect the Dayton region?
Most Elder-Beerman stores are located within local malls, so possible closures would have a detrimental effect on multiple shopping centers. Elder-Beerman has stores in Piqua, Huber Heights, the Mall at Fairfield Commons in Beavercreek, the Kettering Towne Center, among others in Ohio. The stores employ hundreds of workers.
What’s Elder-Beerman’s history in Dayton?
Elder-Beerman has a deep-rooted presence in the Miami Valley — and it can be traced back to another store, Boston Dry Goods, in 1883. The Boston Dry Goods store was opened by Thomas Elder, William Hunter, Jr. and Russell Johnston on East Third Street in the early 1880s. It sold texiles, clothing and groceries, and it later became the Elder & Johnston Co.
In 1962, Dayton businessman Arthur Beerman, who had opened two Beermans for Bargains junior department stores in 1950, merged his store with the Elder & Johnston Co. During the 1960s the Elder-Beerman Co. opened numerous department stores in the region, including Hamilton and Richmond, Ind.
The company continued to expand, acquiring department stores in Michigan, Illinois and Kentucky. In 1993, the 50th store opened at the Mall at Fairfield Commons in Beavercreek. In 2003, Elder-Beerman was acquired by Bon-Ton Stores, Inc.
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