A judge has approved Chapter 11 bankruptcy plans for North Carolina-based department store chain Belk, creating a new infusion of capital and cutting its debt load.
UPDATE: February 25, 2021: Belk has emerged from Chapter 11 bankruptcy a day after filing, the company said in a press release. With the approval of a restructuring agreement, the department store retailer said it has $225 million in new capital, extended maturities (to 2025) on its term loans and has shed about $450 million in debt. The infusion of cash and reduction in debt provides Belk with increased liquidity to focus on its key initiatives for growth, including further enhancements to its omnichannel capabilities and the expansion of merchandise offerings into new, relevant product categories, including home, wellness and outdoor, the company said.
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Judge approves reorganization plans for Belk wbir.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wbir.com Daily Mail and Mail on Sunday newspapers.
This Popular Department Store Just Filed for Bankruptcy msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.