29 days ago
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About this Deal
It's just been disclosed that Belk will file Chapter 11 Bankruptcy. The department store, which has been in business for nearly 200 years, made the decision in efforts to reduce debt in the long term and regain a stronger financial foothold.
The company has been struggling for a few years, especially during the pandemic with less shoppers coming in stores to buy. The retail chain has had to lay off employees both at the store and corporate levels and reduce pay for some.
Belk will continue operating as normal through the bankruptcy process and hopes to come out of it by the end of February.
Read more here.
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