Bon Ton Company, Boston Store, TOM discussed on Jeff Wagner

Automatic TRANSCRIPT

A central part of bayshore mall town centre whatever again for as long as i can remember for all the years that i have lived here it's forty you know forty plus well more way way way more than that since nineteen against sixty eight so i've gone on fifty years it's been a part of of that community yesterday bon ton company which is the parent company it owns boston store and boston store bond time does businesses boston store in some places they do businesses yonkers and others couple other ones they have been they've been in bankruptcy and they owe creditors a ton of money and yesterday there was what they call an auction and the question would be with somebody come in and bid to take them out of bankruptcy you would there be somebody who would step up and say we want to buy this company and we've got a plan to bring it out of bankruptcy and we want to continue to operate the scores as ongoing concerns the other interests were the people that are owed money a creditors and the creditor say okay we're already this these stores are incredibly dead we are all sorts of money what really should happen is we should just throw in the towel we should liquidate sell whatever stuff you have left and pay us off out of the proceeds and the people who are saying you know you need to liquidate it they're saying look it doesn't make any sense to throw good money after bad as it is we're not gonna get close to what we're old but at least we'll get something if you try to bring this out of bankruptcy well it's not gonna work you know it's going to be undercapitalized and it's gonna fail anyways and then there's going to be even less to pay the creditors so at auction the only people that emerged to to bid on bond tom was the people that were owed the lick the people who are pushing for liquidation there was talk that there were a couple mall owners or operators from across the country who are going to try to put together a package and bid to all off to run it as an ongoing concern they apparently never ended up bidding on.

Coming up next