Mid Hudson Times May 09 2018 | Page 3

3 Mid Hudson Times, Wednesday, May 9, 2018 Bon-Ton closing impacts Town of Newburgh By LAUREN BERG Bon-Ton Inc.’s bankruptcy and subsequent auction purchase in April by joint venture liquidation companies has resulted in all 250 of its department stores going out of business, including one located in the Newburgh Mall. The Newburgh Bon-Ton features a huge “going out of business banner” on the outside of the store, and dozens of signs inside promoting sales from 20% to 40% off, which will likely only increase in coming weeks. As of April 30, all sales in-store and online are final. The going out of business sales commenced on April 20, and was scheduled to continue for another 10 to 12 weeks, depending on the store’s merchandise inventory. “The store will not be open past August 31,” wrote Bon- Ton media contact Christine Hojnacki. The Newburgh Bon-Ton’s closing will affect 62 employees. “When any business closes, it results in a hardship to the employees and their families. I am saddened to see this retailer close, particularly since many residents shopped there including myself,” wrote The Bon Ton Store at the Newburgh Mall sports “Going Out of Business” signs. Supervisor Gil Piaquadio in an email to the Mid Hudson Times. However, not all locals are sad to see it go. Newburgh resident Sarah Diaz walked out of the Bon-Ton empty handed on May 3, noting that despite the sales, the prices were still too high. “The prices are the same,” said Diaz. TUESDAY, MAY 15 Noon - 9 PM “Actually, the prices are more, but with the discount they are going to be the same. The shoes, which would normally be $40, are bumped up to $70 with a 25% coupon.” Diaz said she would sometimes shop at Bon-Ton during Christmas time, but that the closing wouldn’t really affect her. But the closing is sure to affect the town, which has struggled to bring stores to the 122-acre property across from the Newburgh Mall. Bon-Ton’s closing comes on the heels of news in January that the Ridge Hudson Valley’s development deal (formerly known as the Loop) fell through shortly after Newburgh’s school board voted down the retail project’s tax deal. Currently, company Matrix Development Group is planning to build an approximately one million square foot warehouse distribution center which would employ around 1,000 employees. The town is still in the process of approving the site plans. Bon-Ton is one of two anchor stores at the Newburgh Mall, the other being Sears. But the Sears corporation has faced some financial woes itself, and is slated to close nearly 200 Sears stores this year alone. When asked if the Newburgh Mall’s Sears store was in jeopardy, a representative of the Newburgh Mall Management responded that, “As far as we know it is not closing.” The Newburgh Mall Management was unable to comment on the Bon-Ton closing at this time. Mortgage Loan Off er BALLOT POSITION #2 Mark LEVINSTEIN A Dedicated Student-Focused Candidate lighten your load [email protected] closing costs If you need a mortgage, we have solutions. Save $200 off of closing costs on these mortgage products: • First-time Home Buyers • Construction • Fixed and Adjustable Rate • Jumbo Newburgh Enlarged City School District BOARD OF EDUCATION $200 off your 801 Auto Park Place, Newburgh, NY 845.562.6766 salisburybank.com $200.00 Discount Coupon offer valid on mortgage applications received and originated between 3/12/18 and 9/30/18. Offer applies only to permanent financing for primary and secondary owner occupied homes and does not apply to Home Equity Loans or Lines of Credit. Discount Coupon offer will be applied at closing, toward the cost of an appraisal fee, and may NOT be used as a down payment, or in combination or conjunction with any other offers. Standard underwriting guidelines will apply. Coupon must be presented at time of application. Offer is only available at the Newburgh office. Member FDIC ©Salisbury Bank and Trust Company 76949Riverside_Mortgage_Promo_MidHudsonTimes_5x5.375.indd 1 Equal Housing Lender NMLS#562127 4/2/18 10:51 AM