個案總覽

In June 2018, an intern at an investment firm was given the task of assessing the financial condition of Bon-Ton Holdings, Inc. (Bon-Ton), a leading US department store chain. In January 2018, it had entered into forbearance agreements with some of its lenders and announced store closures at 42 locations as part of its rationalization program. On February 4, 2018, it filed a voluntary petition for protection against bankruptcy and for reorganization. With the US retail industry already having witnessed more than 15 bankruptcies in 2017-the most in the last six years-would Bon-Ton survive? What measures could the company take to fight bankruptcy? What actions might put the company back on track?

In June 2018, an intern at an investment firm was given the task of assessing the financial condition of Bon-Ton Holdings, Inc. (Bon-Ton), a leading US department store chain. In January 2018, it had entered into forbearance agreements with some of its lenders and announced store closures at 42 locations as part of its rationalization program. On February 4, 2018, it filed a voluntary petition for protection against bankruptcy and for reorganization. With the US retail industry already having witnessed more than 15 bankruptcies in 2017—the most in the last six years—would Bon-Ton survive? What measures could the company take to fight bankruptcy? What actions might put the company back on track?