It seems the only companies making any money lately are those that specialize in restructuring retail businesses.
Add The Bon-Ton Stores to the list of retailers hiring turnaround advisers. The Wall Street Journal reports the retail chain has enlisted the help of PJT Partners to help it figure out how to continue in the face of ballooning debt and deflated sales.
Citing unnamed sources, the publication says Bon-Ton needs to refinance more than $900 million in debt and prepare for a potential bankruptcy.
The company, which operates 260 stores in 24 states under a variety of nameplates, including Bergner’s, Herberger’s and Younkers, had already retained AlixPartners in a bid to overhaul its operations. In April, Bon-Ton landed on S&P’s list of retailers most likely to default due to its $63 million losses in 2016.
RIP.