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OK yes stores will reopen and there will be product to purchase on line.
Question is who owns those stores and websites BONTQ or CSC Generation Holdings? Looks to me like CSC owns them and they are not a public company at this time.
Ok then I'm selling 1st thing tomorrow LOL
By Sari Lesk – Reporter, Milwaukee Business Journal
a day ago
A judge signed off Monday on the sale of The Bon-Ton Stores Inc.’s intellectual property.
The department store chain, which had corporate offices in Milwaukee, closed the doors at its retail operations at the end of August after liquidating its merchandise. Great American Group, which conducted the going-out-of-business sales, said late last month that Bon-Ton's intellectual property was in the process of being sold.
Bankruptcy court filings reveal that CSC Generation, a technology platform, was the successful bidder to buy the defunct retailer’s intellectual property assets. The purchase includes the registrations to social media accounts and their content, along with customer data and databases. CSC would pay $900,000, according to the purchase agreement.
CSC is acting through its affiliate, The Bon-Ton Holdings Inc.
L’Oreal USA, meanwhile, agreed to purchase the customer and transactional data for Bon-Ton's beauty, cosmetics, hair care, skin care and fragrance customers. That purchase came with a price tag of $312,900, an agreement shows.
On Monday, U.S. Bankruptcy Judge Mary Walrath signed orders approving those sales.
According to court records, CSC is a “decentralized, multi-brand technology platform” that wants to give Bon-Ton's customers “renewed access to great brands at great prices” both online and at brick-and-mortar stores. The firm says it is experienced in retail as the operator of DirectBuy savings club.
An ombudsman’s report says CSC “claims to be saving companies from Amazon” and intends to do the same in this transaction.
CSC could not be reached immediately for comment on Monday about the development, nor its plans for the Bon-Ton brands moving forward.
L’Oreal sought the beauty portion of the data because Bon-Ton sold a broad range of its Lancome brand products online and in its stores, the report says.
“Due to store closings nationwide, a large pool of loyal Lancome customers will no longer have access to Lancome products, or other L’Oreal products, given where the stores were located,” according to the report. “For this and other reasons, L’Oreal is seeking to keep in constant contact with its loyal customers and also to expand its customer base to include Debtors’ beauty customers.”
Hilco Streambank was retained to oversee the sale of the intellectual property, the records show. The business received eight bids for the assets, four of which were deemed qualified ahead of a late July auction.
https://www.bizjournals.com/milwaukee/news/2018/09/10/judge-signs-orders-approving-sale-of-bon-tons.html
I like the news, looks like we can move forward with the future now and stop looking at the past, the worst is behind us here. Blue skies ahead......
Nice steady climb all day off the early low. Nice!
BONTQ is not making announcements, nor do they have any employees, or any stores. They have nothing. CSC, the new owner of the old BONTQ assets, is the one making announcement. It has nothing do to with BONTQ.
One more time. BONTQ owns NOTHING. I gave you the link with the proof. I suggest you read it.
All the stores, along with all the other physical assets, were sold in April. Read the proof.
https://www.sec.gov/Archives/edgar/data/878079/000095014218001037/eh1800625_ex9903.htm
BONTQ has nothing.
They are still trading, and making announcements, and using old employees, ansd will be opening stores that bontq owns, there is still many things that have to be addressed for you to be correct.n
The website and HQ are now owned by CSC. NOT BONTQ.
BONTQ has sold all of its assets. There is nothing left for BONTQ shareholders.
I suggest you read the bankruptcy filings on PACER, but if you don't have a (free) account, try these news stories for the facts.
https://www.sec.gov/Archives/edgar/data/878079/000095014218001037/0000950142-18-001037-index.htm
Especially read Exhibit 99.3, the Agency Agreement. Pages 1 and 2 detail that ALL of BONTQ's physical assets were sold in April. All of it.
https://lancasteronline.com/business/local_business/indiana-firm-completes-bon-ton-asset-purchase-plans-to-revive/article_015dd2c0-b523-11e8-889d-03fc966618d8.html
CSC now owns what is left. They bought all the IP, including the Bon-Ton name, the website, and all the social media platforms. If CSC decides to reopen the stores, they will be owned 100% by CSC. BONTQ, and BONTQ shareholders, have no interest in the new (or reopened) stores. NONE.
BONTQ won't be coming out of bankruptcy. It has already been liquidated. There is nothing left. Once the cash from the asset sales is distributed to the debtors and perhaps some creditors, the common stock will be cancelled.
The game is already over. BONTQ shareholders lost. They will be wiped out.
If you are correct, why di mthe stock go up 2000%, and bon ton has a website , and you nstilol can call their hQ, I think you need to check out your facts about all assets being sold, and what Bon Ton will be mdoing when they get of of bk.
That is not correct. This is basic bankruptcy 101.
BONTQ has liquidated its assets. The only reason they went Chapter 11 was in order to continue to operate the stores until they found a buyer. If they had gone Chapter 7, all business activity would have had to cease immediately, and that would have devalued the assets before they could be sold.
But in the end, the result is the same. BONTQ sold off all the stores, merchandise, and fixtures in April for $775 million. The only remaining assets were the IP, including the business name and website, which was sold last week for $900K. That is all.
BONTQ is defunct. There is ZERO chance of it coming back, since they are about $1 BILLION short of what they owe. And there are no assets left to reorganize.
When the bankruptcy is concluded, the remaining debt will be discharged and the equity (common stock of BONTQ) will be cancelled, because common shares cannot remain if any debt remains unpaid. That is the LAW. And it is guaranteed to happen here, too.
BONTQ shares are worthless and without any assets. There is zero chance that will change before the stock is cancelled by the Federal bankruptcy court.
Chapter 11 is not a full outright out of business deal, chapter 7 means all is gone, so get the facts right, we have a chance to come out of bk , and courts and debtors must be satisfied.
That is not correct. BONTQ stores are not going to reopen. The NEW OWNER might reopen some stores, but it nothing to do with BONTQ as they sold them.
Claiming that BONTQ will benefit in any way from the NEW OWNER possibly reopening stores is flat-out wrong.
1man said we are out of business, are new owner owns bontq assets, so we have worthless stock.
BONTQ stores to re-open!!! Tomorrow could be huge!!!
BONTQ will be cancelled. That is the LAW.
This is very basic stuff. Any investor in bankrupt companies should already know it.
The common stock will be cancelled at the conclusion of the bankruptcy. Even though it is Chapter 11, which is not at all unusual. It happens in most Chapter 11 bankruptcies. Even the SEC says it as a warning to investors:
http://www.sec.gov/reportspubs/investor-publications/investorpubsbankrupthtm.html
"Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution."
That should be crystal clear.
BONTQ has no assets left. New equity will not be issued to anyone, because there is nothing left to own. The cash raised in the asset sales will be distributed to the debtors, and if any is left, to the creditors, who will be lucky to receive pennies of what they are owed. Nothing will be left for the common shareholders, so they will be wiped out.
Again, this is the LAW and how bankruptcy actually works.
BONTQ is worthless. Anyone holding shares will lose 100% of their investment, guaranteed.
A trading freeze?
930,000 shares traded today.
IN CHAPTER 11 BONTQ STOCK WILL STILL HAVE VALUE , BUT THERE IS A TEMPORARY TRADING FREEZE.TRADING MAY STILL OCCUR. WE ARE FINE HERE ,BON-TON SHOPS RE-OPEN.
A Delaware bankruptcy judge has approved the sale of the Younkers name and customer information, including email addresses, to an Indiana-based company that plans to relaunch Younkers as an online retailer.
CSC Generation Holdings purchased the intellectual property assets from bankrupt Bon-Ton stores for $900,000, according to federal court documents.
Aside from Younkers, the Bon-Ton sale included customer information from Herbergers, Boston Store, Bergners, Carsons and Elder Beerman.
CSC, which could not be reached for comment Tuesday, previously said it plans sell most of its merchandise online, although it plans to reopen brick-and-mortar stores in Colorado, Illinois, Indiana, Wisconsin and Pennsylvania.
Younkers at Merle Hay Mall. (Photo: Patt Johnson/The Register)
Details of when the company plans to relaunch the websites and what merchandise will be offered has yet to be released. Company officials said the website would be revamped to be more relevant.
Younkers stores closed Aug. 29 after parent company The Bon-Ton Stores Inc. filed for bankruptcy and was sold to a liquidation company. Days later, the defunct department store's website posted a notice claiming a comeback could be in the works.
https://www.desmoinesregister.com/story/money/business/2018/09/11/younkers-customer-information-sold-store-relaunch/1267032002/
CSC IS THE NEW COMPANY!
Thanks man. That's great. We show very strong 2 days for a reason. We will get news unfolding soon.
What are you talking about man? The "Q" just means that the company is in BK. and it's CH-11 BK not CH-7. The company is STILL allowed to trade shares. The ONLY way investors get wiped out is if the company issues new shares. If the company does NOT issue new stock (which the COMPANY has to give an update on) then we're good.
No, you said yourself. CSC owns Bon-Ton now. Not BONTQ. CSC paid $900K to buy it from BONTQ. It is in all the filings and news stories.
https://www.bizjournals.com/milwaukee/news/2018/09/10/judge-signs-orders-approving-sale-of-bon-tons.html
They didn't buy BONTQ or the common shares of BONTQ, just the assets through the Federal Bankruptcy Court. They formed a new subsidiary, 100% owned by CSC, for the assets. BONTQ owns NOTHING.
So explain again - how will BONTQ shareholders benefit when they no longer own Bon-Ton and have ZERO to do with the new stores? How will that work?
I'll let the company do that =)
Q is only a symbol to reference a stock is/was in BK - The Common Shares are still 1 in the same, UNLESS they issue NEW STOCK "V" which IN MY OPINION I don't think they will do.....
Again, explain how CSC, the new owner of Bon-Ton, will provide any benefits to the bankrupt BONTQ. You didn't explain how that will work, since the new owners paid $900K for the assets from BONTQ and BONTQ shareholders no longer own it.
Since BONTQ and BONTQ shareholders have NO ownership in the name, the stores, or the website, how will they benefit?
Lay it out for us and why people should buy BONTQ if they have nothing to do with the new stores?
CSC Now Owns Bon-Ton. They(BON-TON) are NOW a Subsidiary of CSC Generation. It's out there for the WHOLE World to see. It's Pretty Simple to Understand. OH and BTW, they just created Bon-Ton Holding Co.
BONTQ down only 2%. Nice turn around again
We already know that BONTQ shares will be cancelled. Guaranteed.
Anyone holding BONTQ shares will lose EVERYTHING. BONTQ has already liquidated all of their assets, and now CSC owns Bon-Ton. Not BONTQ. This is obvious.
Why don't you explain the relationship between CSC and BONTQ? Surely you can tell us how CSC, the current owner of Bon-Ton, will provide benefits to BONTQ and BONTQ shareholders?
How will that work, exactly?
Time will tell what the final outcome of shares will be. Not all are cancelled.
Gary, In less than one 1yr - CSC took Direct Buy from $54M to $134M+ after they purchased them out of CH-11 BK in 2017. Their Focus is E-Commerce. And I believe they want to do the same with BONT(Q-Soon to Be Removed)
Why would they Cancel the Common Shares if they just formed Bon-Ton Holding Company? Makes one think-------
Nice day again.
CSC has formed Bon-Ton Holdings Inc. as the company that will operate the websites and stores.
https://www.desmoinesregister.com/story/money/business/2018/09/11/younkers-customer-information-sold-store-relaunch/1267032002/
148K on Bid----
Exactly and what U just posted was a legitimate link. Geesshhh!
Everything posted is from credible News Sources
CSC is the owner. Not BONTQ.
Claiming otherwise is not factual in any way.
This is not a difficult concept to understand.
That is not factual.
There are no "new developments" of any kind. CSC now owns Bon-Ton, the website, and all the stores. BONTQ is not involved in any way.
To claim otherwise is false. Anyone buying BONTQ thinking they will be involved in the new stores and website are wrong.
I'm not sure anyone is posting any false information.
New developments each day.
So, it is A-OK that people are buying on false information? And A-OK to continue to pretend that information is factual as long as it makes the stock go up?
Right. Who cares about all the people buying this worthless stock who are going to lose 100% of their money when the stock is cancelled.
1 HR Ago - CSC has formed Bon-Ton Holdings Inc. as the company that will operate the websites and stores.
https://www.desmoinesregister.com/story/money/business/2018/09/11/younkers-customer-information-sold-store-relaunch/1267032002/
This is about to close Green yet today!
The part of sale that makes us Green which is about to happen.
Those stores are one step closer to opening now that a federal bankruptcy judge signed off on the sale of the store's intellectual property.
https://www.pennlive.com/news/2018/09/judge_bon-ton_sale_reopening.html
What part of "sale" is difficult to understand?
BONTQ no longer owns Bon-Ton. CSC does. Any reopening has NOTHING to do with BONTQ.
BONTQ is completely worthless. All the assets are gone. The stock will be cancelled, guaranteed.
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Authorized Shares of BONTQ: 40,000,000 09/19/2017 and Outstanding Shares of BONTQ: 17,857,465 09/19/2017
Check out The Bon-Ton Stores, Inc. on Social Media: Facebook https://www.bonton.com/ Twitter https://twitter.com/bonton Instagram https://www.instagram.com/bontonstyle/
Current news trending on The Bon-Ton Stores, Inc. on Bing.com: https://www.bing.com/news/search?q=Bon-Ton+&FORM=HDRSC6
Current news on Google: https://news.google.com/topics/CAAqIggKIhxDQkFTRHdvSkwyMHZNRGgzZURodUVnSmxiaWdBUAE?hl=en-US&gl=US&ceid=US%3Aen
Information on the Bon-Ton Stores, Inc. - below - Source: https://en.wikipedia.org/wiki/The_Bon-Ton
Founded in 1898, The Bon-Ton Stores Inc. is a publicly-held American department store chain corporation which is headquartered in York, Pennsylvania, and Milwaukee, Wisconsin. The Bon-Ton Stores, Inc. had 267 stores, which included 9 furniture galleries and 4 clearance centers, in 26 states. Other brand names operated by The Bon-Ton were Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers.
Bon-Ton announced on April 17, 2018 that, after 120 years of retail service, they would be closing doors and begin liquidating all 267 stores after two liquidators, Great American Group and Tiger Capital Group, won an auction bid for the company. The bid was estimated to be worth $775.5 million. Stores closed within 10 to 12 weeks, during which a liquidation sale was administered. The last store closed on August 29, 2018.
In October 2003, The Bon-Ton expanded its reach into Ohio and the lower Midwest with the acquisition of the 69-store Elder-Beerman store chain. Following an attempt to convert to a privately held company, Elder-Beerman was offered more cash for its outstanding stock as part of the buyout. The chain operated as a separate banner until the company’s demise in 2018.
On November 25, 2003, Bon-Ton reported a net loss in the third quarter of $1.7 million, or $0.11 per share, including an asset impairment charge of $0.10 per share.
The Bon-Ton Stores chain doubled in size in November 2005 with the $1.1 billion purchase of the 142 stores of Saks' Northern Department Store Group, headquartered in downtown Milwaukee, Wisconsin. Corporate headquarters remained in York, Pennsylvania, but merchandising headquarters were relocated to Milwaukee. As with the Elder-Beerman acquisition, no store names were changed in the transaction. The newly acquired store group included Carson Pirie Scott (now branded as Carson's), Bergner's, Boston Store, Herberger's, and Younkers.
In September 2006, The Bon-Ton purchased four former Parisian stores (plus one under construction) from Belk (which had just purchased the chain); the stores were located in Michigan, Indiana, and Ohio (outside Belk's traditional operating territory). The stores in Indiana and Ohio were immediately rebranded to Carson Pirie Scott[10] and Elder-Beerman, respectively. The three Michigan stores maintained the Parisian name until 2013, when they were rebranded to Carson's.
The Bon-Ton's final years were marked with a string of financial losses and executive turnover.
From 2011 through 2017, the company did not post an annual profit. From 2011 through the company's bankruptcy, it had four CEOs[ and three CFOs. In December 2013, Mike Nemoir, senior vice-president, announced he would retire after four decades in the fashion industry at Bon-Ton and its predecessor companies on March 28, 2014. In May 2017, Tim Grumbacher retired after 50 years on the board of directors, and more than 25 as its chairman. He had also been Bon-Ton's CEO from 1985 to 1995 and held other senior management positions. Grumbacher's wife and fellow board member, Debra Simon, was elected to succeed him.
In fall 2016, Bon-Ton launched in-store and online "Close to Home" shops in 45 of its stores, selling locally sourced and locally themed products. In February 2017, the chain announced that it would expand these shops to at least 100 stores in 25 states and would partner with local designers, artisans and entrepreneurs in each market interested in selling their products in these shops.
The company's financial situation worsened rapidly in 2017, with same-store sales falling over 6% in both the second and third quarters. On May 5, 2017, Bon-Ton Stores was informed its common stock was no longer in compliance with NASDAQ listing requirements, and the stock was de-listed from the exchange on December 6. In November 2017, the company announced a store closure program, stating 40 to 45 stores would close after the holiday season.
During the first quarter of 2018, The Bon-Ton announced it would be closing 42 stores in 14 states, in addition to five stores previously announced. However, it wasn't enough to save the company from its large debt.
On December 18, 2017, Bon-Ton Stores revealed it had failed to pay $14 million in interest that had been due December 15. The company entered into a grace period with its lenders. Analysis from Standard and Poors downgraded the company into selective default, and predicted a bankruptcy or out-of-court restructuring at the conclusion of the grace period.
In February 2018, The Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection. The company had not made an annual profit since 2010.
On April 9, 2018, it was announced that Washington Prime Group and Namdar Realty Group would bid to save Bon-Ton from bankruptcy. On April 17, 2018, however, the plans fell through because the court ruled the company would not be able to pay a $500,000 "work fee".
On April 17, 2018, The Bon-Ton announced it would liquidate all 267 stores after The Great American Group LLC and Tiger Capitol Group LLC bid $775.5 million for the retailer and converting its Chapter 11 bankruptcy to Chapter 7. They acquired the inventory and other assets of the company and sold it all off. On August 30, Great America Group said all Pennsylvania locations were officially closed, and buildings would be vacated by the next day.
On September 1, 2018, it was reported that The Bon-Ton Stores, Inc-owned retail websites were updated with "Stay Tuned" messages and their respective brands were coming back. In early September 2018, it was also reported that CSC Generation Holdings agreed to be $900,000 for The Bon-Ton Stores's brand names, websites, social media accounts, and retail customer names, mailing addresses, and email addresses. Also, the cosmetics giant L'Oreal USA agreed to pay $313,000 to gain access to the names and addresses of The Bon-Ton Stores's beauty-product retail customers.
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