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Home / Business / Belk files for Chapter 11 bankruptcy :: WRAL.com

Belk files for Chapter 11 bankruptcy :: WRAL.com



-Belk, a popular department store chain, has filed for Chapter 11 bankruptcy protection in Houston.

The Charlotte-based company will hold an emergency relief hearing on Wednesday.

Applying for Chapter 11 bankruptcy allows the court to restructure debt and negotiate terms without having to sell all assets.

On January 27, the company signed a restructuring agreement with major shareholder Sycamore Partners and its debt holders to plan a capital restructuring of the company and reduce debt.

Court documents show that despite the temporary closure of all Belk stores in March 2020 due to the COVID-1

9 pandemic, the company still generated $3.7 billion in revenue.

This chain store first opened in Monroe in 1888. Since then, it has opened 291 stores in 16 states.


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