South Carolina Ping 
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Posted on 01/26/2021 3:55:53 PM PST by Cecily
CHARLOTTE, N.C. (WTVD) -- A 133-year-old North Carolina retail icon has filed for bankruptcy amid the COVID-19 pandemic.
Belk announced Tuesday that it plans to restructure financially under Chapter 11 of the U.S. Bankruptcy Code.
The company hopes to complete the reorganization by the end of February.
"Belk has a 130-year legacy of providing quality products at great prices," said Lisa Harper, Belk CEO. "Like all retailers navigating COVID-19, our priority has been the safety of our associates, customers and communities. As the ongoing effects of the pandemic have continued, we've been assessing potential options to protect our future. We're confident that this agreement puts us on the right long-term path toward significantly reducing our debt and providing us with greater financial flexibility to meet our obligations and to continue investing in our business, including further enhancements and additions to Belk's omnichannel capabilities."
(Excerpt) Read more at abc11.com ...
LMFAO!
Whatever
I actually feel sorry for stupid people
Idiots, it would probably help if they opened up their dressing rooms. Do they really think covid only lives in the dressing rooms? I stopped shopping there when I couldn’t try anything on.
I’m sensing.... an MBA.
This is good for me. Every time we shop in a mall, my wife says: “I need to go in Belk.”
She never buys anything at Belk.
But for some reason, she needs to go in and wander for 30 minutes.
Lots of stores don’t have their dressing rooms open.
I liked Belk, thought their employees were really good compared to someplace like Macy’s. Oh, well.
This allows them to break lease agreements and renegotiate better agreements.
Here goes the commercial real estate market in the US
Old fashioned retailers like Belk have been on the ropes for years. Chicom flu is just the knock out punch.
That doesn’t make sense. People haven’t stopped going to stores. Maybe the prices were too high, or maybe their market was too narrow.
I’m 74 now. When I was a kid my mom used to drag me around the Belk store in Charlotte. There were two other stores in downtown Charlotte, Ivey’s and Efird’s but they folded years ago. The Sears was good too. Great selection of toys.
They were largely family owned until 2015, and then bought out, leaving the company with 2 billion in debt. I have been a customer since the 60’s. They had a fluoroscope way back, in the shoe department, where you could see your feet inside your shoes! Totally cool and probably cancer-causing.
I didn’t know about the buy-out in 2015, but noticed they had cut staff to the bone — you had to search for an employee to help you. A shame, since they carried good quality clothing and other goods and had long-time salespeople who knew their stuff.
I’m doom casting here but I don’t see the mall retail concept being sustainable in the future. With people freaked out to be in crowds, having to wear a mask just to be there, it’s not a comfortable place to shop for more and more folks.
I agree, Belk was always a quality store. I didn’t know that the family had cashed out either.
South Carolina Ping
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More job loses= bigger leviathan welfare state by the end of Joe’s term North Korea/Venezuela will seem like a paradise.
Thanks for the Ping
I guess maximizing shareholder value is so passe.
Belk still has good online sales.
You brought back memories for me- although I’m not in my 70’s yet :0) My mom, her twin sister, my cousins, and I would drive up to the Belks and Ivey’s stores once a month. (Remember Eastland Mall? I learned how to ice skate there). We lived in the north-eastern part of South Carolina and this monthly trip was highlight for us all.
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