Belk bankruptcy plan approved by judge. Iconic retailer gets the lifeline it sought. Last week, approximately 80 positions were eliminated at Belk’s corporate office as part of a restructuring move, a company spokeswoman confirmed Monday. (Source: Observer File Photo) By Austin Weinstein | The Charlotte Observer | February 24, 2021 at 3:49 PM EST - Updated February 24 at 3:49 PM
CHARLOTTE, N.C. (The Charlotte Observer) - Once one of Charlotte’s top companies, Belk filed Chapter 11 bankruptcy in Houston late Tuesday. It’s the first step in the retail icon’s reorganization plan that saw its owner, Sycamore Partners, cede a large stake of the company to its lenders while maintaining control.