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Bon-Ton Department Stores to exercise grace period for interest payments

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Bon-Ton Department Stores to exercise grace period for interest payments

Bon-Ton Stores Inc.'s wholly owned subsidiary Bon-Ton Department Stores Inc. voted to exercise a 30-day grace period for making $14 million in interest payments due Dec. 15 on the unit's 8.00% second lien senior secured notes due 2021, according to a Dec. 14 company release.

The Pennsylvania-based department store operator said the lenders under its second amended revolving credit facility have confirmed that the decision will not impact Bon-Ton's ability to continue to borrow under that facility.

In September, Bon-Ton Stores was reported to have hired an advisory firm to help restructure its debt. The company also previously revealed plans to close at least 40 stores through 2018 as it reported declines in third-quarter earnings.