Department store retailers have been hit hard by the pandemic, and even the oldest and the biggest aren't immune. On Tuesday, Belk announced that it would file for Chapter 11 bankruptcy. The department store retailer's owner, Sycamore Partners, will keep a majority stake in the business, while the retailer's creditors will receive a minority stake. Sycamore expects Belk to emerge from bankruptcy proceedings by the end of February.
"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," Belk CEO Lisa Harper said in a statement.