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Sunday, March 30, 2008

Bon Ton Sees Credit Rating Drop - Closing Greenbay Distribution Center

Bon Ton the owners of the former Retail chain Carson's experienced a credit rating drop this week from stable to negative and has stated that they will close a distribution center in Greenbay that is covered along with 23 stores by a $323 million mortgage.

The company has seen multiple years of sales decline and the recent economic slump in the housing market is likely having an impact on furniture and household sales.  This troubled company's distribution center closing could signal weakness for many other companies that were in a stronger position prior to the real estate industry meltdown and credit tightening.

When people can't buy houses on credit, its unlikely that they will initially spend very much money on furniture or fancy bathroom lighting or anything else until the real estate and mortgage market either improves or people give up on owning a home and turn to renting an apartment or house.

Related Stories to Bon Ton Distribution Center closing


Bon-Ton to close Green Bay distribution center, NC - Mar 28, 2008
The Bon-Ton Stores Inc. will close its 175000 square-foot distribution center in Green Bay and consolidate the merchandise-processing functions into ...
Bon-Ton to close distribution center
Bon-Ton Stores to consolidate Green Bay, Wis., distribution center Forbes
The Bon-Ton Stores, Inc. Announces the Consolidation of Its Green ... FOXBusiness
Pravda -
all 31 news articles » BONT

Green Bay Younkers' distribution center to close
Herald Times Reporter, WI - Mar 28, 2008
The Bon-Ton Stores, which owns Younkers and Younkers Furniture Gallery at Bay Park Square in Ashwaubenon, plans to close its 175000-square-foot distribution ...

Fitch Affirms Bon-Ton's IDR at 'B'; Revises Outlook to Negative
Business Wire (press release), CA - Mar 13, 2008
The facility is secured by mortgages on 23 stores and one distribution center with an appraised value of approximately $328 million as of March 2006. ...