Belk filing for Chapter 11 bankruptcy
CHARLOTTE, N.C. (WITN) - A fixture in North Carolina is filing for bankruptcy.
Belk announced today that it plans to reorganize under Chapter 11 bankruptcy, and expects that to be completed by the end of February.
Belk, which is based in Charlotte, has been in business for 133 years and has nearly 300 stores in 16 southeastern states. Here in Eastern Carolina, the company has locations in Greenville, Jacksonville, Kinston, Morehead City, Washington, as well as other locations.
Stores across the country have been hit hard during the COVID-19 pandemic as most customers switched to online shopping.
Belk’s majority owner, Sycamore Partners, plans to significantly reduce the company’s debt by some $450 million. Stores will continue “normal operations” during the bankruptcy, according to a news release.
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