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Charlotte-based Belk is filing for bankruptcy but plans to keep its stores open, the company announced Tuesday.
Belk plans to file for Chapter 11 bankruptcy, but the Charlotte-based chain says it plans to keep its department stores open.
The news was announced Tuesday by Sycamore Partners, which owns Belk. The company expects “operations to continue as normal” through the financial restructuring transaction, which could be complete by March. Through the plan, Belk would unload $450 million in debt and could get about $225 million in new capital from Sycamore.
Greetings,
Please do not worry, we can assure you our Belk stores are here to stay and do not intend to close. Thank you for choosing Belk. Have a lovely day! Belk (@belk) January 26, 2021