Belk closed the Galleria store in March 2020. For over a century Belk stores have dominated large and small communities of the American south. In recent years, the Charlotte-based retailer has tried to shake off its image as a staid “southern store.”.
DALLAS — Belk’s flagship store at the Galleria Dallas mall will close on March 21, according to a notice sent by Belk to the Texas Workforce Commission. “All positions and jobs at the location will be eliminated,” according to the layoff notice written by Tom Harvey, Belk’s senior vice president of retail merchandising and store operations.
On Aug. 27, department store Lord & Taylor, which has 38 stores across the United States, announced that it had filed for bankruptcy and would be 2 Neiman Marcus. Though many Nordstrom stores are still alive and well, the company announced in May that it would be closing 16 of its department stores in addition to all 4 Stein Mart. Discount retailer Stein Mart announced the closure of its 280 stores in September, just a month after filing for Chapter 11 bankruptcy protection.
When I was writing we ran into the query “Are Belk stores open?”.
Our answer is that in a statement, the department store chain said, “based on the guidance issued by the CDC regarding large gatherings and for the safety of our communities, all Belk stores will temporarily be closed to customers .”.
Is Belk going out of business?
The business remained largely family-run until 2015, when private equity firm Sycamore Partners purchased Belk for $3 billion . According to a July 2020 report in the New York Post, Sycamore Partners had initially planned to merge Belk with JCPenney, which filed for bankruptcy on May 15. However, those plans seem to have since fallen through.
You may be wondering “Is Belk going out of Business 2020?”
After struggling financially for much of 2020, Sycamore announced in January that Belk would file bankruptcy and restructure .
What happened to Belk in Charlotte NC?
In July, Belk cut an undisclosed number of jobs , mostly at its headquarters in Charlotte, North Carolina. This followed the elimination of 80 corporate jobs in February.
The venue for the bankruptcy, the Southern District of Texas, may appear a bit out of place because Belk has no stores in the Houston area. But the district is a hotbed of U., and bankruptcies .
Who owns Belk?
Belk was founded by the Belk family , who started the chain with a single store in their native North Carolina in 1888. The business has since expanded to 291 retail locations across 16 states in the Mid-Atlantic and South.
You might be thinking “How old is Belk department store chain?”
Some articles claimed the 133 -year-old chain grew from the opening of a store in Monroe, North Carolina, by William Henry Belk in 1888. Three generations of the Belk family led the company to become the biggest family-owned department store chain in the country by 2015, when the family sold it for $3 billion.
It will retain majority control of Belk , according to an agreement it reached with some of Belk’s creditors. A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. The bankruptcy plan will help Belk shed about $450 million of debt.