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.
- Belk to file bankruptcy. Department stores to stay open, with no layoffs or closures.Charlotte Observer
- Why The Belk Bankruptcy Plan Is Not A Done DealForbes
- Belk to File for Bankruptcy but Remain Sycamore-OwnedThe Wall Street Journal
- Sycamore Planning to Fast-track a Belk Chapter 11WWD
- Belk Confirms It's Filing for Bankruptcy — But Plans to Keep its Stores and Owner SycamoreFootwear News
- Belk plans to file for Chapter 11 bankruptcy, will restructure $450M in debtCharlotte Business Journal
- Department store chain Belk to file for Chapter 11 bankruptcy, private equity firm Sycamore to retain controlCNBC
- Charlotte icon Belk to file for bankruptcyCharlotte Agenda
- Belk files bankruptcy, says won't change store operationsWTVQ
