DES MOINES, Iowa (AP) - Debt-plagued H.C. Prange Co. of Green Bay, Wis. has agreed to sell its three-state department store division to retailer Younkers Inc., Younkers and Prange officials said Friday.
Younkers will pay about $67 million and will assume about $9 million of H.C. Prange's debt, Younkers officials said.
H.C. Prange, based in Green Bay, operates 25 department stores in Wisconsin, Illinois and Michigan.
The deal with Younkers would not include the 153 specialty stores that H.C. Prange operates under the names id and Peck & Peck, Prange officials said.
Younkers operates 29 department stores, all but three of them in Iowa and Nebraska. It has one store each in Illinois, Minnesota and South Dakota.
Younkers expects to close the deal by the end of August.
The privately held H.C. Prange company has been short of cash and has been struggling to keep up with its debt. It lost $8.4 million on sales of $302 million in its last fiscal year, ending in February.
The retailer showed profits until 1989, when it acquired 117 specialty stores and took on large debt just before the recession began.