US department-store chain Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection in federal court. The company does not rule out the full sale of the business.
The company is on track to close 47 out of 260 stores across the country. This is one more offline retailer to suffer from the e-commerce industry. Every year fewer Americans visit psychical stores.
The company reported having $1.7 billion in debts and $1.6 billion in assets.
More than 20 US retailers, including Toys R Us, Hhgregg, Gymboree and RadioShack, filed for bankruptcy protection in 2017.