WFAE
It’s been nearly a month since Charlotte-based Belk announced it would file for bankruptcy, and late Tuesday the department store filed its Chapter 11 reorganization in, of all places, Texas.
Belk is hoping for a speedy stay in bankruptcy, but the factors that landed the company in this position have been a long time coming: changing shopping habits and a load of debt from the company’s takeover in 2015.
While publicly saying no layoffs or store closings are planned as part of the bankruptcy, Belk has sent signals that cuts are coming.
NEW: How Belk went bankrupt: Inside the fall of a Charlotte icon.