Belk shrinks debt load by nearly $1B

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The Southern department store is also collecting about $485 million in new financing, and some of its lenders will have controlling stakes.

Belk, which runs nearly 300 stores in 16 Southeastern states, was family-owned for almost 130 years when Sycamore acquired it in 2015 for $3 billion. Tim Belk, a member of the third generation of the founding family, retired as CEO in 2016 after 12 years; his brother, Johnny Belk, by then had already left his job as chief operating officer.

The Southern department store is also collecting about $485 million in new financing, and some of its lenders will have controlling stakes.A Belk storefront.

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Article Details

Author / Journalist: Daphne Howland

Category: EconomyBusiness

Markets: United States

Topics: Shed Debt Belk Load Time Years Bankruptcy Department Last Store Million

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 11:35:00 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: retaildive.com

Language: English

Article Length: 283 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Retail Dive

News ID: 21754114

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