Belk, a private apparel retailer with locations in 16 states, already marked the first bankruptcy of 2021 . The Charlotte, North Carolina-based department store chain has struggled like other apparel retailers amid the pandemic.
This is what our research found. belk Stores are temporarily closing .
Belk pledged to have no layoffs or stores closures as a part of the bankruptcy . Still, filings that Belk distributed to lenders hint that cuts could come after its exit from bankruptcy.
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 closing its Jonesville Store?
The department store chain will close its Jonesville facility starting at the end of April through about May 28, it recently told the S. C. Department of Employment and Workforce through a Worker Adjustment and Retraining Notification. Belk said all jobs at that center would be eliminated, affecting about 310 workers.
Charlotte-based Belk is shutting down a fulfillment center in a small South Carolina town this spring, a move that will eliminate more than 300 jobs at the site.
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 .
You see, 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.
One thought is that Belk is back not that they were gone for very long . (Photo by John Greim/Light. Rocket via Getty [+] If you blinked, you might have missed it: Belk, the Southeastern-based department store chain, filed for bankruptcy, presented its reorganization plan and had it all approved by the court in a matter of a couple of days.
One of the next things we asked ourselves was what’s wrong with Belk?
But, as has been pointed out previously here on Forbes. Com, it has any number of those problems on hand: • Belk’s physical footprint is still too big and too weak to continue as is. It has too many small stores in bad locations and too many larger stores in bad malls.
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.
Is Belk bankrupt in Houston?
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 .
Another thing we wondered was; is Belk owned by a family?
The most common answer is; as other department store families sold their empires, Belk was one of the last department stores to stay owned by the family . Tim and John Belk, heirs to the empire, served as CEO and president, respectively, before they sold the company. This story was originally published January 26, 2021 3:11 PM.