Belk just announced plans to shed nearly $1 billion in debt in their latest post-bankruptcy move.
The Charlotte-based retail giant was able to dump the debt and delay the repayment of their credit line to 2029 by pledging future revenue streams to lenders, according to a statement.
The post-bankruptcy brand also announced securing $485 million in new financing to strengthen its financial standing and keep their stores open for the time being.
Belk CEO Don Hendricks highlighted recent “momentum and growth” but did not specify current pressures. The restructuring aims to reduce the company’s capital structure and provide additional liquidity, facilitated by private equity firm Sycamore.
Belk, acquired by Sycamore in 2015 for $3 billion, runs nearly 300 stores across 16 Southeastern states.
