Bon-Ton stores closing, 2,225 employees to lose jobs
MILWAUKEE (CBS 58) – Bon-Ton will close 200 stores across the country, including 12 stores in Wisconsin and Milwaukee’s corporate office at Grand Avenue.
More than 2,200 employees of department store company Bon-Ton will soon be out of a job.
It was no secret Bon-Ton stores were struggling. The parent company of Boston Store and Younkers filed for Chapter 11 bankruptcy in February. There was hope that it would find a buyer that would keep the company in business, but now the company is prepping to liquidate and shut down its stores.
Dr. Matteo Arena, Associate Professor of Finance at Marquette says the job market for some Bon-Ton employees, the ones who work in the corporate offices, will be better than those who work on the floor.
That’s because Bon-Ton’s competitors, like Macy’s and Dillards are taking on new employees.
“They are not growing and some of them are downsizing so it’s unlikely that Bon-Ton employees will be able to find similar jobs at other retailers,” said Dr. Arena.
In a statement, President and CEO Bill Tracy said he’s disappointed by the outcome and that they tried to get a bidder that would keep them open. He goes on to say they’ll try to minimize the impact on the store associates.
Once the sale goes through, Bon-Ton Stores are expected to close within the next 10-12 weeks.