Iconic North Carolina Based Department Store Is Restructuring and Saving Jobs

When I saw the headline about Belk, my stomach dropped. We cannot lose this local institution. But this iconic North Carolina based department store is actually restructuring. The goal is better financial health and saving jobs. Iconic North Carolina Based Department Store Is Restructuring According to the Charlotte Observer, Belk is cutting debt by almost a billion dollars. The restructuring of finances was announced in a press release this week. It also includes news of securing $485 million in new financing. It's all part of a strategy to "strengthen it's financial standing". This Is A Good Thing Don Hendricks is the CEO of Belk. And he reveals this is a "pivotal milestone for the company's sustainable, long term growth and profitability". Belk revealed in the news release published in the Charlotte Observer,"The privately-owned department store’s “deleveraging transaction” is with the company’s first and second lien lenders, including private equity firms KKR and Hein Park, and private equity owner Sycamore Partners." Thousands Of Jobs Will Be Saved Ok but what does all this mean for you and me? Well, for one thing this is going to save thousands of jobs. And in a world where it seems like large corporations keep laying off people and eliminating positions, this is very good news. You can find a Belk in 16 southern states and has almost 300 stores. Belk employs around 20,000 people. Belk was once the biggest family owned department store chain in the United States. Three generations of the Belk family led the way. In 2015, the family sold Belk to Sycamore for 3 billion dollars. And who can blame them. I have fond memories of going to our local Belk when I was growing up in Shelby. Going to Belk was once a joy and it felt special. I would love to have that feeling again. I'm pulling for you Belk. I hope this new restructuring plan helps restore you to the department store I remember.