Citing sources familiar with the matter, Bloomberg reports it is not clear if Bon-Ton would liquidate or reorganize if it does go bankrupt. The company could also combine some parts of its retail operations with another business.
Last year, Bon-Ton announced plans to close at least 40 of their stores in 2018. The company is struggling under more than $1 billion of debt, a situation not helped by a poor holiday sales season.
Locally, Bergner's has two stores in Peoria and one store each in Pekin, Bloomington and Galesburg.