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According to court documents, the group agreed to a deal worth 3.6 million for Bon-Ton’s assets, including: up to 4.8 million as a cash purchase price to pay off certain financing and outstanding letters of credit; a 5 million credit bid, offsetting some of the 1 million in notes held by the group; and .8 million in funding for wind-down operations.

“While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve,” said Bill Tracy, Bon-Ton president and chief executive officer.

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Its downtown Milwaukee corporate office has 700 employees. S., including Boston Store locations at Mayfair Mall in Wauwatosa, Brookfield Square in Brookfield, Southridge Mall in Greendale, Bayshore Town Center in Glendale, The Shops of Grand Avenue in downtown Milwaukee and Regency Mall in Racine.

Bon-Ton has 2,255 employees in Wisconsin and more than 22,000 employees in the U. All of those employees will lose their jobs when the company’s stores are closed and its operations shut down.

“There’s plenty of interest in the assets,” a noteholder attorney said.

“It’s just not interest of the kind the debtors and their management team want.” The letter of intent gives the investor group and Bon-Ton until Sunday to reach a definitive agreement.

The noteholders offer included cash to pay down certain debt along with $60 million to wind down the business and $100 million credit.

“The only real and timely bids generated from the debtor’s lengthy marketing process call for the liquidation of the assets as the path to maximize value,” the noteholders, who hold about 0 million in Bon-Ton bonds, wrote in their objection.

The deal, however, included a number of contingencies and required Bon-Ton to seek court approval for the company to pay a 0,000 work fee as the parties sought to finalize a purchase agreement.

A bankruptcy court judge denied that request, and the deal never came together.

40'- 40" ROLLER CONVEYORS, 2 9/16" ON 4" CENTERSCOMPLETE NO BAKE POWERED ROLLER CONVEYOR SYSTEM TO INCLUDE 42" POWER ROLLER CONVEYORS 3.5" DIAMETER X 7" CENTERS, APPROX.

The accused pleaded guilty for charges against him.

Attorneys for Bon-Ton argued spending the 0,000 was a worthwhile business expense that would potentially allow the company to continue to employ nearly 23,000 people.

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