Herberger’s Parent Company Files For Bankruptcy
According to Finance and Commerce, the parent company of Herberger's, Bon-Ton has filed for bankruptcy.
The late filing makes Bon-Ton the largest retailer to file bankruptcy so far this year. It has been reported several times in 2017 the chain was having struggles, and the hope was the Christmas season would be the saving grace the struggling department store needed, but it was not to be.
Bon-Ton, operates 260 stores in 24 states, mostly in the Northeast and Midwest, is in talks about restructuring $1 billion in debt. Herberger's has a store in Bismarck.
The company announced they would close stores on 2018 but the complete list was not made available by press time.
Many other large retailers are struggling on this 'on-line shopping' economy, including Macy's and J.C. Penney.