Owner of Elder-Beerman explores possible bankruptcy filing

Bon-Ton Stores Inc., which is the parent company of Elder-Beerman, has hired a restructuring firm to look into bankuptcy as it grapples with more than $900 million of debt.

The company has hired PJT Partners to find ways to refinance the company’s debt as sales and customer traffic declines. The company is already working with AlixPartners to restructure its operations, but will now work with PJT specifically on its finances.

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The company’s comparable store sales decreased by more than 6 percent in the second quarter compared to 2016, and its net loss was more than $33 million. Total sales in the period decreased 7 percent to $504 million, compared with $542 million in the second quarter of fiscal 2016.

Bon-Ton operates about 260 stores, and has a major presence in the Dayton region. The chain has Elder-Beerman stores at the Dayton Mall, Mall at Fairfield Common and several others at Dayton area locations.

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