The Bon-Ton Stores, Inc. Receives Signed Letter of Intent from DW Partners, Namdar Realty Group and Washington Prime Group

The Bon-Ton Stores, Inc. (OTCQX: BONT) (“the Company”) today announced that it has received a signed letter of intent from an investor group composed of DW Partners, Namdar Realty Group (including its partner Mason Asset Management) and Washington Prime Group (the “investor group”), pursuant to which the investor group proposes to acquire the Company as a going concern in a Bankruptcy Court-supervised sale process. The Company and the investor group are in the process of finalizing an asset purchase agreement in advance of an auction, which is now scheduled to be held on April 16, 2018.

Bill Tracy, President and Chief Executive Officer, said, “We are pleased to have received this signed letter of intent and are advancing our discussions with the investor group to complete an asset purchase agreement as we proceed toward the court-supervised auction. With the help of our advisors, we will evaluate all qualified bids and are committed to maximizing value and pursuing the best path forward for the Company and our stakeholders. I would like to thank our talented associates, our vendors and our other partners for their ongoing support through our court-supervised restructuring process. As always, we remain focused on serving our loyal customers with quality merchandise and an exceptional shopping experience in our stores and across e-commerce and mobile platforms.”

DW Partners is an alternative asset manager focusing on investment in credit markets across a broad range of asset types and strategies. Namdar Realty Group is a privately held commercial real estate investment and management firm that owns and operates more than 30 million square feet of commercial real estate in the United States. Washington Prime Group is a retail real estate investment trust and a recognized leader in the ownership, management, acquisition and development of retail properties.

Bon-Ton sought and received approval from its lenders to extend the date of the auction to April 16, 2018. The auction is designed to achieve the highest or otherwise best offer, and is subject to, among other things, Bankruptcy Court approval and other customary conditions. A hearing to approve a sale is expected to take place later in April.

Bon-Ton is continuing to operate in the ordinary course as the Company completes its court-supervised restructuring process. Bon-Ton was required to provide notification under certain state and federal laws of potential job losses even as it works to complete a sale of the Company as a going concern, and is hopeful the sale process will preserve jobs. The Company’s stores remain open and are continuing to serve customers.
more at:  http://investors.bonton.com/news-releases/news-release-details/bon-ton-stores-inc-receives-signed-letter-intent-dw-partners

Related Posts

Supply Squeeze, Changing Consumer Behavior Challenges Publishers (publishersweekly.com)

A May 4 webinar hosted by Ingram Content Group addressed supply chain challenges, logistic delays, inflation, the role environmental impacts play on consumer shopping preferences, as well as how accessibility is increasing the reach for e-books and audiobooks. Participants included Rob Grindstaff, director of sales operations and product development for Ingram's Lightning Source; Ruth Jones, director of global sales and digital services at Ingram Content Group UK; and Gina Walpole, the senior services manager for Ingram Content Group UK. Panelists noted that troubles with the supply chain persist. Problems include a shortage of materials, increased freight prices, and port congestion. All of this is putting a strain on publishers as it becomes more difficult for them to accurately predict demand and, consequently, supply for a given title. It was pointed out that paper mills are operating at full capacity while some are shifting production from producing paper to packaging. Labor shortages persist across the logistics supply chain—and are predicted to carry into 2023. All this is resulting in rising costs.

U.S. Postal Service Reports Third Quarter Fiscal Year 2023 Results

Total operating revenue was $18.6 billion for the quarter, a decrease of $168 million, or 0.9 percent, compared to the same quarter last year. First-Class Mail revenue increased $221 million, or 4.0 percent, on a volume decline of 678 million pieces, or 5.9 percent, compared to the same quarter last year. Shipping and Packages revenue remained relatively flat while volume declined 41 million pieces, or 2.4 percent, compared to the same quarter last year. Marketing Mail revenue decreased $333 million, or 8.8 percent, on a volume decline of 2.6 billion pieces, or 16.0 percent, compared to the same quarter last year. The Marketing Mail decreases were driven by the continued decline in advertising spending due to economic pressures experienced throughout most of the fiscal year, a higher inflationary environment affecting print media production costs, and lower political and election mail revenue and volume, compared to the same quarter last year, due to the timing of elections. Total operating expenses were $20.5 billion for the quarter, an increase of $1.8 billion, or 9.6 percent, compared to the same quarter last year. On a non-GAAP basis, adjusted operating expenses increased by $382 million, or 2.0 percent, compared to the same quarter last year.

2022 USPS Promotions

Developing a strategy for future campaigns can feel overwhelming—we get it. Staring at a white wall is how it usually starts. Well, how about first looking at where you can save money? WHAT’S THIS USPS PROMOTIONS AND INCENTIVES PROGRAM ABOUT? In 2011, the USPS introduced the marketing mail promotions program, in which they discount a percentage of postage on any campaign that meets the requirements. The purpose is to encourage marketers to integrate different technologies with mail to engage audiences and strengthen the relevance of direct mail. After ten years now, it’s been proven successful.
Back To Top
×Close search
Search