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AUSTIN WEINSTEIN
AND CATHERINE MUCCIGROSSO
The Charlotte Observer
Belk, the 133-year-old, Charlotte-based department store chain, will file for Chapter 11 bankruptcy, its owner, the private equity firm Sycamore Partners, said Tuesday.
Along with taking major financial hits during the COVID-19 lockdown, retailers will likely be forced to innovate to survive.
Belk will continue ânormal operationsâ as it goes through bankruptcy, according to a news release from Sycamore. Pending objections, New York-based Sycamore expects to exit bankruptcy by the end of February.
âWeâre confident that this agreement puts us on the right long-term path toward significantly reducing our debt and providing us with greater financial flexibility to meet our obligations and to continue investing in our business,â Belk CEO Lisa Harper said in a statement.
Wikimedia Commons/CC BY-SA 4.0
Charlotte-based Belk is filing for bankruptcy but plans to keep its stores open, the company announced Tuesday.
Belk plans to file for Chapter 11 bankruptcy, but the Charlotte-based chain says it plans to keep its department stores open.
The news was announced Tuesday by Sycamore Partners, which owns Belk. The company expects “operations to continue as normal” through the financial restructuring transaction, which could be complete by March. Through the plan, Belk would unload $450 million in debt and could get about $225 million in new capital from Sycamore.
Greetings,
Please do not worry, we can assure you our Belk stores are here to stay and do not intend to close. Thank you for choosing Belk. Have a lovely day! Belk (@belk) January 26, 2021