Report: Belk in talks with top lenders to avoid bankruptcy filing
The major lenders of Belk are in discussions with the department store chain to keep it out of bankruptcy, reported The Wall Street Journal.
Belk, which is owned by Sycamore Partners, and its big lenders, which include KKR & Co. and Blackstone Group Inc., are moving closer toward reaching an out-of-court restructuring deal, the report said, but an agreement is not guaranteed at this point. Belk operates nearly 300 stores across 16 states in the Mid-Atlantic and South. The formerly family-owned business was purchased in 2015 in a $3 billion dollar by Sycamore Partners.
Similar to other department store retailers, Belk’s business has been upended by the pandemic. The company eliminated some 80 jobs at its Charlotte, North Carolina, headquarters in February 2020.