CHARLOTTE — Belk Inc. entered — and exited— Chapter 11 bankruptcy protection in less than 24 hours this week.
It was a whirlwind turnaround, expedited by a reorganization plan that was pre-approved by the majority of the company’s debt holders.
That filing erased $450 million in debt and infused $225 million in new capital into the business; the longtime Charlotte retailer say it has no plans to close any of its 291 stores.
Belk issued a statement Wednesday, stating that bankruptcy provided the company with increased liquidity to focus on key initiatives for growth.
But those steps might not be enough, says Steve Cox, a professor in Queens University’s McColl School of Business.
Read more here to see what multiple industry observers think about the Charlotte retailer’s prospects.
Cox Media Group
/cloudfront-us-east-1.images.arcpublishing.com/cmg/LH3JSJEF3VBLRJLJQESEAG34AM.png)
