The sale-leaseback deal Bon-Ton Stores Inc. was planning for three of its out-of-state stores to save the struggling retailer $44.9 million has fallen through.
Bon-Ton Stores Inc., which has dual headquarters in Milwaukee and York, Pa., was planning to sell stores located in Roseville and Duluth, Minn. and Aurora, Ill., to Florida-based United Trust Fund Limited Partnership.
The agreement was terminated, prior to the due diligence period, on June 16, according to a document filed with the SEC Monday.
“Bon-Ton will continue to explore all appropriate options relating to these three stores and the remainder of its real estate portfolio,” according to the filing.
Bon-Ton spokespeople could not immediately comment on the deal.
Bon-Ton Stores operates 267 department stores in 26 states under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers brands.
