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Department store chain Belk filing for Chapter 11 bankruptcy – Fox Business
Sycamore Partners will retain majority control of Belk, according to an agreement it reached with some of Belk’s creditors
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Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy.
The chain’s owner, private equity firm Sycamore Partners, said in a news release that Belk will continue with “normal operations” as it goes through bankruptcy, The Charlotte Observer reported.
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Sycamore Partners said it expects to emerge from bankruptcy by the end of February….
