Only liquidators bidding to buy out Bergner's parent Bon-Ton
The only two bids at the start of a bankruptcy auction late Monday for Bergner's parent company Bon-Ton were both from liquidators, according to numerous reports.
The Milwaukee Journal-Sentinel reports Bon-Ton will go out of business without a bidder who wants to continue to run the business. The Bergner's parent company had hoped to find a buyer who would turn the company around after years of unprofitability, the Journal-Sentinel reported.
The department store chain filed for bankruptcy in February. If liquidated, its assets would be sold off to pay back debts.
A bankruptcy judge in Delaware will have to sign off on a final bid. The auction is set to continue Tuesday in New York.
Bergner's operates locations in Peoria, Bloomington, Pekin, Galesburg and Peru.