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UPDATE: February 25, 2021: Belk has emerged from Chapter 11 bankruptcy a day after filing, the company said in a press release. With the approval of a restructuring agreement, the department store retailer said it has $225 million in new capital, extended maturities (to 2025) on its term loans and has shed about $450 million in debt. "The infusion of cash and reduction in debt provides Belk with increased liquidity to focus on its key initiatives for growth, including further enhancements to its omnichannel capabilities and the expansion of merchandise offerings into new, relevant product c...

Wikimedia Commons Charlotte-based Belk is filing for bankruptcy, but it says it plans to keep its stores open. In uptown Charlotte 50 years ago, there were no Hornets and no Panthers, no Bank of America or Wells Fargo. Really, there were just two names that mattered to our city back then: Ivey’s and Belk. They were both department stores, and in some ways they were the center of life in the city. Countless Charlotteans bought their wedding dresses or prom outfits there. Many Charlotte old-timers remember the stores as where they saw their first elevator or ate their first fancy meal.

The deal would take the retailer through a prearranged restructuring of its debt. Bloomberg | Jan 26, 2021 (Bloomberg)—Sycamore’s Belk Inc. is nearing a deal to file for bankruptcy with plans to hand an ownership stake to lenders, according to people with knowledge of the matter. The deal would take the department store chain through a pre-arranged restructuring of its debt, said the people, who asked not to be identified discussing the private talks. The terms aren’t final and could still change. A representative for Belk and Sycamore Partners declined to comment. The company ha...