Boscov: Steamtown Mall Nearing Foreclosure

Map of Pennsylvania highlighting Lackawanna County

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

The Mall at Steamtown is on the verge of foreclosure, department store magnate Al Boscov disclosed to The Times-Tribune on Wednesday.

The mall ownership group, Steamtown Mall Partners LP, recently defaulted on a lump sum mortgage payment and a property foreclosure action is expected to be filed by Friday in Lackawanna County Court, Boscov told the newspaper’s editorial board.

The mall will continue to operate and shoppers should notice no difference at the Lackawanna Avenue retail complex during foreclosure, he said. All of the mall’s tenants but one, a store whose lease was up, have decided to stay.

Reiterating his personal commitment to the mall and to downtown Scranton, Boscov, chairman and chief executive of Boscov’s department store, said the mall’s ownership believes the foreclosure process will help the property emerge as a financially healthier operation.

Read more:  http://citizensvoice.com/news/boscov-steamtown-mall-nearing-foreclosure-1.1645780

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No Lack Of Ideas For Steamtown Mall’s Future

Map of Pennsylvania highlighting Lackawanna County

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

As Betty Lou and Larry Stevens carried bags of heavily discounted merchandise out of the closing Bon-Ton store, the Moosic residents hoped Ikea will take its place at the Mall at Steamtown.

The couple currently drives to Philadelphia’s branch of the Swedish store when they need furniture and thought Ikea could provide a major draw to the downtown Scranton mall.

“I think people would come to Steamtown for Ikea,” Mrs. Stevens said.

John Topa, the mall’s director of marketing and specialty leasing, told The Times-Tribune last week mall officials have a replacement lined up for the departing anchor store that would revitalize the downtown shopping center.

Read more: http://thetimes-tribune.com/news/no-lack-of-ideas-for-mall-s-future-1.1605656

Mall At Steamtown Battles For Survival

Map of Pennsylvania highlighting Lackawanna County

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

As Bon-Ton reported it will vacate the Mall at Steamtown in January, department store magnate Al Boscov admits the shopping complex is battling for its existence.

“I am trying to figure out ways that we can survive,” said Boscov, who developed the $101 million Lackawanna Avenue complex and is a principal in the group that owns the facility.

Bon-Ton reported it will close its 100,000-square-foot store in the mall before its lease expires Jan. 31. Spokeswoman Mary Kerr said it probably will cease operations between Jan. 26 and Jan. 29.

“It’s sad. It’s certainly something that we don’t want to do,” Kerr said. “We do have to make these hard decisions at times.”

Read more: http://citizensvoice.com/news/mall-at-steamtown-battles-for-survival-1.1570580

Bon-Ton To Close Steamtown Mall Store

Map of Pennsylvania highlighting Lackawanna County

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

Bon-Ton will vacate the Mall at Steamtown in January, the company reported today.

The York-based retailer reported it will close its 100,000-square-foot store in the mall Jan. 24, employees reportedly were told today.

The store was underperforming and a decision was made not to extend the lease at the mall, which expires Jan. 31, said Mary Kerr, a Bon-Ton spokeswoman.

Read more: http://thetimes-tribune.com/news/bon-ton-to-close-steamtown-mall-store-1.1570367

Phillipsburg Mall Sold

Census Bureau map of Lopatcong Township, New J...

Census Bureau map of Lopatcong Township, New Jersey (Photo credit: Wikipedia)

Vacancy-plagued Phillipsburg Mall has been sold after nine months on the commercial real estate market.

Pennsylvania Real Estate Investment Trust announced Thursday it sold the mall for $11.5 million, giving the company a 9.8 percent capitalization rate on its investment.  The buyer is Mason Asset Management of Great Neck, N.Y.

Mason owner Elliot Nassim said his company specializes in the redevelopment of malls. “We hope to bring some new tenants to the mall,” he said.

Phillipsburg Mall is a 574,000-square-foot shopping center straddling Lopatcong and Pohatcong townships. It is anchored by Kohl’s, Sears, Bon-Ton and JC Penney.

Read more:  http://www.mcall.com/business/mc-phillipsburg-mall-sold-20130111,0,6549066.story

Bon-Ton Eliminates COO Role

The Bon-Ton Stores said Friday it will eliminate the position of chief operating officer, terminating Barbara J. Schrantz effective Sept. 14.

The York-based department store chain made the announcement in a one-sentence filing with the U.S. Securities and Exchange Commission.

Schrantz joined The Bon-Ton in 2005 as a senior vice president, becoming an executive vice president in 2009 and COO last year.

The company did not immediately explain the move or say who will assume Schrantz’s duties.

Read more: http://lancasteronline.com/article/local/725367_Bon-Ton-eliminates-COO-role.html#ixzz25Q5yxy5V

Phillipsburg Mall Ordered For Sale

Phillipsburg Mall is home to anchors like Sears, Bon-Ton, Kohl’s and JCPenney’s.

But have you noticed that the mall’s corridors are riddled with vacancies?

I witnessed the sea of empty storefronts as I walked through the mall during lunchtime Wednesday. I wasn’t necessarily dodging tumbleweeds, but the dearth was obvious.

Phillipsburg has one of the highest vacancy rates among the Lehigh Valley‘s shopping malls, with nearly three dozen empty storefronts among its more than 90 spaces in its online directory.

Read more:http://www.mcall.com/business/retailwatch/mc-phillipsburg-mall-for-sale-20120519,0,6196043.column?obref=obinsite

York-Based Bon-Ton Pays New CEO $5.7 Million

The Bon-Ton is in the red, but its new president and chief executive officer will be in the pink.

Brendan L. Hoffman will start with a $5.7 million compensation package, consisting of annual salary, various bonuses and restricted stock.

The York-based retailing chain disclosed the pay Wednesday in a filing with the Securities and Exchange Commission.

In the filing, The Bon-Ton said the former Lord & Taylor CEO will begin with a $1 million salary.

Read more: http://lancasteronline.com/article/local/575163_Bon-Ton-pays-new-CEO–5-7-million.html#ixzz1kih3jxG3

York-Based Bon-Ton Store’s Bonds Being Shunned By Investors

Investors are shunning Bon-Ton Stores Inc.‘s bonds – a bad sign for the York-based department store chain with seven stores in the Lehigh Valley.

In contrast, other retailers have recently gained from rising consumer confidence in the U.S.

Bon-Ton’s $480 million of 10.25 percent notes due in March 2014 lost 2.8 percent last month, the worst performance of any bonds in the Bank of America Merrill Lynch U.S. High Yield Super Retail Index, which climbed 1.7 percent overall. Moody’s Investors Service put its Caa1 rating for the securities on “negative outlook” on Dec. 1, citing the company’s “persistent underperformance.”

Read more: http://www.mcall.com/business/mc-allentown-bontton-20120103,0,3027398.story