Daily News: September 5, 2017

Bon-Ton Hires AlixPartners to Oversee Turnaround

Reuters reported that U.S. department store chain Bon-Ton Stores hired advisory firm AlixPartners to help turn around its business and slash its debt load.

The move is indicative of the struggles facing the brick-and-mortar retail sector, according to Reuters, which has been plagued by numerous bankruptcies this year as consumers increasingly seem to prefer e-commerce companies.

In addition to hiring AlixPartners, Bon-Ton is also interviewing banks to appoint an advisor to review strategic options including debt restructuring, sources said to Reuters.

Bon-Ton’s debt totaled about $850 million as of July 29, 2017, Reuters said, and its market capitalization is just $15 million.