Business

Belk, Cici's Pizza both filing for Chapter 11 bankruptcy


Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday, Jan. 26, 2021, that it will file for Chapter 11 bankruptcy.


CHARLOTTE, N.C. — Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy.


The chain’s owner, private equity firm Sycamore Partners, said in a news release that Belk will continue with “normal operations” as it goes through bankruptcy, The Charlotte Observer reported.


A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake.


"We’re 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,” Belk CEO Lisa Harper said in a statement.


The 133-year-old chain grew from the opening of a store in Monroe, North Carolina, by William Henry Belk in 1888.






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