The Minnesota-based retailer is expanding its partnership with Canadian department store Hudson’s Bay to sell its private-label children’s clothing line.
Aldi plans to add 800 stores over the next four years. Dollar General expects to add that many just this year. And their main rivals have ambitions of their own.
3 Lessons from the Bankruptcy of Belk Girlfriends in God See All Devotionals 2021 Feb 25
In 1888, William Henry Belk opened a modest store called The New York Racket in Monroe, North Carolina. Three years later, his brother John Belk became a partner and renamed the store Belk Brothers Company. By 1923 they operated 20 stores that generated $10 million in annual sales. In 1955, the sons of William Henry Belk transformed Belk from downtown bargain stores to modern fashion destinations in shopping centers and malls throughout the South. In 1988, a new generation of Belk family members merged all 112 stores into one company. By the time it was sold in 2015 for $3 billion, it had grown to nearly 300 locations in 16 states.
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.