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NC community in shock, seeking answers after furniture maker's abrupt closure

“The whole town was surprised. They were still advertising and hiring a week ago.” ....

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Taylorsville NC reels after major furniture company closes

Taylorsville NC reels after major furniture company closes
charlotteobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from charlotteobserver.com Daily Mail and Mail on Sunday newspapers.

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When Charlotte Malls And Department Stores Close, What Happens Next?

When Charlotte Malls And Department Stores Close, What Happens Next?
wfae.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wfae.org Daily Mail and Mail on Sunday newspapers.

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Belk Fast Tracks Bankruptcy as New Investors Give Sycamore Partners a Second Chance

Belk Fast Tracks Bankruptcy as New Investors Give Sycamore Partners a Second Chance
Posted on 02/24/2021
Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina. Charlotte-based Belk will file for Chapter 11 bankruptcy on February 24 in an effort the company hopes will reduce debt by about US$ 450 million. The company’s majority owner is Sycamore Partners. Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The department store company entered a Restructuring Support Agreement. The agreement allows Sycamore Partners to retain control of Belk and provide US$ 225 million to keep the store going. KKR Credit (KKR), Blackstone Credit (Blackstone Group), and other participating lenders will become minority owners in the company. ....

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What's In Store For Belk As Charlotte Icon Enters Bankruptcy

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. ....

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