Nicholas Eckhart / Flickr Creative Commons

Elder-Beerman executives have announced the company is going out of business, impacting hundreds of jobs in the Miami Valley.

A bankruptcy court hearing to approve the sale and wind-down of parent company Bon-Ton Stores, Inc. operations is scheduled for April 18, 2018. If the court approves the deal, a joint venture will acquire the inventory and certain other assets of the company. The Dayton Daily News reports all locations of the Midwest-based department store could close within 10 to 12 weeks. 

Springfield's Elder-Beerman store, located in the Upper Valley Mall will close its doors at the end of January when its lease expires.  The store's parent company, Bon-Ton Incorporated cited declining sales revenue as the reason to cease operations.

Elder Beerman has been an anchor store in the Upper Valley Mall for nearly 20 years. Greater Springfield Commerce officials say the mall is the largest sales tax generator in Clark County.

Officials say that Springfield retains $46 out of every $100 spent at a national chain located in Clark County.