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Belk is filing bankruptcy. Stores to remain open


AUSTIN WEINSTEIN
AND CATHERINE MUCCIGROSSO
The Charlotte Observer
Belk, the 133-year-old, Charlotte-based department store chain, will file for Chapter 11 bankruptcy, its owner, the private equity firm Sycamore Partners, said Tuesday.
Along with taking major financial hits during the COVID-19 lockdown, retailers will likely be forced to innovate to survive.
Belk will continue “normal operations” as it goes through bankruptcy, according to a news release from Sycamore. Pending objections, New York-based Sycamore expects to exit bankruptcy by the end of February.
“We’re confident that this agreement puts us on the right long-term path toward significantly reducing our debt and providing us with greater financial flexibility to meet our obligations and to continue investing in our business,” Belk CEO Lisa Harper said in a statement. ....

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