The Bon Ton files for bankruptcy, but plans to keep sole Mass. location in Westfield open | masslive.com
Department-store chain The Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection Monday, less than a week after announcing plans to close 47 stores across its chain. That list doesn't include the Bon-Ton in the Westfield Shops, the chain's only Massachusetts location. Chapter 11 of federal bankruptcy law buys a company time by protecting them from creditor lawsuits. Bon-Ton told investors Monday it has a commitment from its creditors for up to $725 million in financing which could allow the company to operate as it restructures.