The Milwaukee Post

6 • Milwaukee County Post • April 13, 2018 Investors sign letter of intent to buy Bon-Ton Stores By KATHERINE MICHALETS Conley News Service MILWAUKEE — Although The Bon-Ton Stores was scheduled to go to bankruptcy auction on Monday, a group of investors stepped forward to express interest in buy- ing the company and signed a letter of intent to do so. On April 6, Bon-Ton, dual headquartered in Milwaukee and York, Pa., filed a notice with the Wisconsin Department of Workforce Development, indicating 2,255 employees across the state could lose their jobs if the company's assets are completely liqui- dated. The notice said that the company could close 12 retail locations around the state, as well as its corpo- rate headquarters in down- town Milwaukee, which alone employs 717. If the stores close, the layoffs are anticipated to start June 5 and would take several months, according to the notice. Since filing for Chapter 11 reorganization in early February, Bon-Ton has been seeking a buyer after years of struggling with debt and declining sales. The company operates retail stores under the names Boston Store, Younkers and others. On Monday, Bon-Ton announced that a group of investors comprised of DW Partners, Namdar Realty Group (including its part- ner Mason Asset M a n a g e m e n t ) a n d Washington Prime Group said they wanted to buy the company. According to the announcement, Bon-Ton and the investor group are in the process of finalizing an asset purchase agree- ment in advance of an auc- tion, which is now sched- uled to be held Monday. "We are pleased to have received this signed letter of intent and are advancing our discussions with the investor group to complete an asset purchase agree- ment as we proceed toward the court-supervised auc- tion," said Bill Tracy, presi- dent and CEO of Bon-Ton, in a statement. "With the help of our advisors, we will evaluate all qualified bids and are committed to maxi- mizing value and pursuing the best path forward for the company and our stakehold- ers. I would like to thank our talented associates, our vendors and our other part- ners for their ongoing sup- port through our court- supervised restructuring process. As always, we remain focused on serving our loyal customers with quality merchandise and an exceptional shopping expe- rience in our stores and across e-commerce and mobile platforms." DW Partners is an alter- native asset manager focus- ing on investment in credit markets across a broad range of asset types and strategies. Namdar Realty Group is a privately held commercial real estate investment and manage- ment firm that owns and operates more than 30 mil- lion square feet of commer- cial real estate in the United States. Washington Prime Group is a retail real estate investment trust and a rec- ognized leader in the owner- ship, management, acquisi- tion and development of retail properties. Also contributing: Dave Fidlin, Special to the Post The number of people Bon-Ton employs in the following stores in Wisconsin: ■ Boston Store, Brook- field Square Mall in Brookfield, employs 243. ■ Boston Store, Mayfair Mall in Wauwatosa, employs 191. ■ Boston Store, South- ridge Mall in Greendale, employs 180. ■ Boston Store, Shops of Grand Avenue in Milwaukee, employs 52. ■ Boston Store, Bayshore Mall in Glendale, employs 201. ■ Boston Store, East Towne Mall in Madison, employs 93. ■ Boston Store, West Towne Mall in Madison, employs 124. ■ Boston Store, Janes- ville Mall in Janesville, employs 74. ■ Boston Store, Regency Square in Racine, employs 108. ■ Younkers, Oakwood Mall, Eau Claire, employs 93. ■ Younkers, Shoppes at Woodridge in Marshfield, employs 71. ■ Younkers, Bay Park Square, Green Bay, employs 108. — Conley News Service BUSINESS Johnson Controls names Franzen vice president MILWAUKEE — Johnson Controls International announced Tuesday that Antonella Franzen has been appointed vice president and chief investor relations and communications officer, effective immedi- ately. Franzen will report directly to Chairman and CEO George Oliver. Franzen will assume responsibility lead- ing internal and external communications. She will also oversee the company's com- munications leadership team, which includes internal representatives from communications, marketing, human resources and government affairs. Franzen has been serving as vice presi- dent, investor relations, since the merger of Johnson Controls and Tyco. Dees chosen VP of operations for Marcus Hotels & Resorts MILWAUKEE — Marcus Hotels & Resorts, the hotel owner and management company and division of The Marcus Corporation, announced Tuesday that Carl Dees has been named vice president of operations. Dees joins Marcus Hotels & Resorts from Crescent Hotels & Resorts, where he most recently served as vice president of opera- tions for the third-party hotel management company. "We are excited to welcome Carl to our executive team," said Michael Swasey, sen- ior vice president of operations for Marcus Hotels & Resorts. Phillips returns to REV Group MILWAUKEE — On Tuesday, REV Group, Inc. announced that Tom Phillips has rejoined the company as chief operat- ing officer, effective April 1. Phillips will work closely with the REV Group's business units to ensure that they are executing on the company's key supply chain, quality, cost and new product initia- tives. Since his return from retirement, Phillips has been working in conjunction with finance and business leaders to identi- fy opportunities for further growth, prof- itability and customer service. According to the announcement, Phillips will take on many of the duties of Marcus Berto, executive vice president, who was terminated by REV Group effec- tive March 26, due to personal conduct inconsistent with the company's policies. The Tile Shop reopens in West Allis WEST ALLIS — The Tile Shop has reopened in its recently renovated location at 1701 S. 108th St. The 18,622-square-foot store, which first opened in 1999, now has 30 fully tiled vignettes to display new trends and a por- tion of The Tile Shop's hundreds of new products. The remodeled store also features new, energy-efficient LED lighting through- out the store that's better for the environ- ment and for customers to see products in optimal lighting. Dan Muckelbauer/Post Editor Boston Store at Brookfield Square is among the Bon-Ton retail stores slated for closure unless efforts to save at least some of the stores are successful. Impact of Wisconsin store closings announced by Bon-Ton

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