Belk secures $1.27B in new financing
Belk Inc. has closed on new financing to enhance its financial flexibility and support its ongoing investments in its stores, customers and omnichannel platform.
The privately owned, 138-year-old department store company has secured $1.275 billion in new senior secured credit facilities with Wells Fargo Bank, N.A. and Pathlight Capital. The financing consists of a $900 million asset-based revolving credit facility and a $375 million first-in, last-out term loan facility.
Wells Fargo serves as administrative agent and collateral agent for both facilities. Pathlight Capital serves as term loan managing agent for the FILO facility.
Based In Charlotte, N.C., the retailer operates nearly 300 Belk, Belk Market and Belk Outlet locations across 16 Southeastern states. In 2025, it debuted a new, smaller-store format.
"This opportunistic financing represents an important milestone and reflects the continued strength in Belk's business by providing us with the flexibility to continue investing in our business and serving our customers," said Vince Phelan, CFO, Belk. "We appreciate the support, expertise and collaborative approach demonstrated by Wells Fargo, Pathlight Capital and the broader lender group throughout the transaction."
The new five-year financing replaces Belk's existing ABL, FILO and securitization facilities. It provides the company with a simplified capital structure and enhanced liquidity to support working capital needs, seasonal inventory investment and other general corporate purposes, Belk stated. The facilities are supported by a broad collateral base that includes inventory, receivables, real estate, equipment, intellectual property and the company's private-label credit card program.
"Wells Fargo is proud to expand its relationship with Belk and deliver a flexible financing solution supporting the company's long-term objectives," said Keith Vercauteren, division manager and head of Wells Fargo's corporate and retail asset-based lending platform. "We look forward to supporting the company in its next phase."
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