18 April, 2018
Under WARN, employers are required to give 60 days advance notice of covered plant closings and covered mass layoffs. Sears and Younkers worked together to open the mall in northeast Cedar Rapids in 1960, and are Lindale's only remaining original stores.
Southbridge Mall's owner didn't return multiple calls from a Globe Gazette reporter seeking comment Tuesday afternoon.
It appears the end might be near for Younkers and other Bon-Ton Stores brands.
An attorney for Bon-Ton said at a hearing last week that the investor group that signed a letter of intent with the retailer represented "the last and only opportunity for the debtors to continue operating in business".
The auction still had not ended by late Monday, Reuters reported.
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Bon-Ton, which opened in 1854, first filed for Chapter 11 bankruptcy protection on February 4. The deal, however, included a number of contingencies and required Bon-Ton to seek court approval for the company to pay a $500,000 work fee as the parties sought to finalize a purchase agreement.
Money from the auction will be used to pay Bon-Ton's creditors.
The moves comes as state officials are waiting for key players in the River City Renaissance Project to meet benchmarks for the state to approve about $10 million. Its 200 stores anchor many mall across the USA under a variety of brand names. Its Southbridge store opened November 8, 1984, ahead of the mall on May 23, 1985. There is also a Younkers store in Duluth.
Among those in the Westdale Mall location in Cedar Rapids, that was announced earlier this year.