MATTOON (JG-TC) -- The Carson's department store at the Cross County Mall in Mattoon is not on the list of stores that its parent company, Bon-Ton Stores, plans to close in early 2018.
Bon-Ton, which filed for bankruptcy protection on Sunday, released a closure list of these 47 store on Jan. 31. The seven Illinois stores on the list consisted of a Carson's in Danville, a Bergner's in Peoria, and five stores in the Chicago area.
"As part of the comprehensive turnaround plan we announced in November, we are taking the next steps in our efforts to move forward with a more productive store footprint," said Bon-Ton CEO Bill Tracy in a press release. "We remain focused on executing our key initiatives to drive improved performance in an effort to strengthen our capital structure to support the business going forward."
Regarding the bankruptcy, the Associated Press reported that Bon-Ton is one of several national retailers that have taken this action in a competitive market where shoppers are buying more online overall.
The AP reported that Bon-Ton, which runs 260 stores in 24 states, largely in the Northeast and Midwest, is in talks with debt holders about restructuring $1 billion in debt. Bon-Ton received a commitment of $725 million in debtor-in-possession financing to operate during its restructuring process.
"We are currently engaged in discussions with potential investors and our debt holders on a financial restructuring plan, and the actions we are taking are intended to give us additional time and financial flexibility," Tracy said in press release. The company has dual headquarters in York, Pennsylvania, and in Milwaukee.