Department store chain Belk filing for Chapter 11

Department store chain Belk filing for Chapter 11 bankruptcy. Sycamore Partners will retain majority control of Belk, according to an agreement it reached with some of Belk’s creditors Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. The chain’s owner, private equity firm Sycamore Partners, said in a news release that Belk will continue with “normal operations” as it goes through bankruptcy, The Charlotte Observer reported. Check out the link to read more about this.