The parent company of Boston Store Bon-Ton has gotten a signed letter of intent from a group of investors interested in acquiring the firm and keeping the company running, according to our partners at the Milwaukee Business Journal.
Court documents show Bon-Ton paid $500,000 to an investor group for third-party counsel and consulting fees and expenses.
The letter of intent was signed on April 6, the same day the Department of Workforce Development received a warning that Bon-Ton could possibly close 12 Wisconsin stores and eliminated more than 2,200 jobs.
The group is comprised of Namdar Realty Group, Washington Prime group, DW Partners LP and AM Retails Group Inc.
Bon-Ton has delayed the date of its auction for companies to bid on the department store company to April 16 after it was originally scheduled for April 9.