It was not disclosed what prompted the leadership change. 2441 Whiskey Rd. This move accelerated the slow trend of consolidating the store's ownership under the Belks.[6]. On October 3, 2010, the News & Observer reported that Belk planned to update its logo. Even as Belk has made its recent acquisitions, the chain has operated limited electronic commerce on its website, and those websites acquired and redirected to Belk.com. Belk's rich heritage of community involvement and philanthropy dates back to the company's founders who believed strongly in the importance of giving back to the communities that made the success of their company possible. [33][34] As of 2014, the chain claimed 18 flagship locations, and plans to upgrade more locations. Belk converted the 39 Proffitt's and McRae's stores to the Belk nameplate on March 8, 2006. as well as on Belk's e-commerce platform.[25][26][27]. Slowly, Belk eliminated the dual brands, completing the process with a chain-wide Belk rebranding in the fall of 2010. Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with nearly 300 locations in 16 states. [9], During the fourth quarter of 2005, Belk completed the sale of its private-label credit card division, Belk National Bank, to GE MoneyBank, a division of GE Consumer Finance. The plan received nearly unanimous support from existing lenders, supply providers and landlords to be paid in full as normal operations continue at all store locations. This complex story is chronicled in a book published by Belk Belk, Inc.: The Company and the Family That Built It about the evolution of the company. On November 20, 2019, Belk announced that it would no longer be the title sponsor for the bowl game following the 2019 playing. Style." The company also hired Chris Kolbe as EVP, Chief Merchandising Officer. Southern. Integrating the larger, more upscale Parisian stores proved a challenge for Belk, and spurred the creation of the company's flagship strategy. In 1998, the company formed a new entity (Belk, Inc.) that merged the 112 remaining Belk companies, swapping the existing partners' local interests for shares in the combined entity; for example, the Hudson family in Raleigh received almost 5% of the shares. [23][24], On February 24, 2021, just one day after filing for Chapter 11 Bankruptcy the company announced that is had successfully completed its financial restructuring, finalizing an expedited pre-packaged, one-day reorganization and emerging well-positioned for long-term growth. By the 1990s, the system had become increasingly untenable: stores were held by over 350 separate legal entities, Belk family members disagreed about whether to maintain or sweep away the structure, and some local partners threatened stability by selling their stakes. This would be the first time since the founding of the company that a non-Belk family member would head the company.[17]. When Proffitt's made an offer for the Leggett family's stake, which included 42 stores comprising about 20 percent of Belk's revenue, John and Tom Belk were forced to respond by forming a new company in 1996 that bought the Leggetts out. On July 6, 2021, Belk announced that Nir Patel has been promoted to CEO from his previous position of President and chief merchandising officer. The chain has multiple "flagship" locationslarger locations in urban and metropolitan centers,[32] and a wider array of merchandise and services including in-store salons. [12] On October 12 at SouthPark Mall, Belk introduced the new logo, its first since 1967. [16], On June 29, 2016, Belk announced that effective as of July 5, Lisa Harper, CEO of Hot Topic (which is another Sycamore Partners-owned company), would replace Tim Belk as CEO of Belk. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings and wedding registry. [20], On January 26, 2021, it was announced that Belk would file for Chapter 11 bankruptcy, continuing to operate normally through the bankruptcy process, which Sycamore expected to exit by the end of February 2021. Celebrity-branded product lines are another pursuit, including a partnership with actress Kristin Davis for a ladies apparel and accessories collection which debuted in fall 2008 in 125 store locations and online. with a new slogan, "Modern. [21][22], On February 23, 2021, it was announced that Belk had filed Chapter 11 bankruptcy in Houston which is the first step in an organization plan that would allow Belk's owner Sycamore Partners to cede a large stake in the company to its lenders while it maintains control of the company. [15], On August 24, 2015, Belk announced that it had entered into a definitive merger agreement to be acquired by New York-based private equity firm Sycamore Partners. "Belk Inc (Belk, Inc) - Charlotte, North Carolina (NC) | Company Profile", "Hudson role appears vital to Belk future", "Belk to sell credit-card business to GE", "NC-based Belk department stores get new logo", "Form 10-K Annual Report, Fiscal Year 2014", "Belk exploring possibility of selling company", "Sycamore Partners Completes Acquisition Of Belk, Inc", "Tim Belk To Step Down As Belk CEO, Hot Topic's Lisa Harper To Step In", "Private-equity firm Sycamore poised to buy J.C. Penney, merge it with North Carolina chain Belks; Penney brand likely to vanish", "The New York Times: J.C. Penney to sell retail business to Simon Property Group and Brookfield Property Partners", "Belk's top lenders, including KKR, looking to avoid taking department store through bankruptcy, WSJ says", "Belk to file bankruptcy. The Jones family and the Belk-Jones brand continued to grow Belk's westward expansion. 50% of its stores are in regional malls, another 40% in open-air community or retail parks, and 10% in open-air lifestyle centers. [30] Overall, Belk was the title sponsor for nine editions of the bowl (20112019).[31]. For example, the heirs of John G. Parks, majority owners of the Parks-Belk chain, sold their interests to Proffitt's, a competitor. The plan would liquidate about $450 million of debt and raise $225 million in new capital, with no employee layoffs or store closures anticipated. Belk was founded in 1888 by William Henry Belk in Monroe, North Carolina, outside Charlotte. The sponsorship would continue for three years. [3] Belk bought in volume to pass savings on and sold at fixed prices, then a relatively unusual practice.[4]. [13] Advertisements for Belk & Co. jewelry continue to use a variation of the old logo. Sixty stores got new signs in the first phase, with the remainder getting new signs throughout 2011. Four Parisian stores in Indiana, Michigan, and Ohio, plus a store under construction at the time in Michigan, were sold by Belk to The Bon-Ton Stores, Inc. Belk, Inc. is the nation's largest privately owned mainline department store company with more than 300 fashion department stores in 16 contiguous Southern states and sales totaling $3.5 billion in its past fiscal year. Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares. Belk Department Store In July 2020, it was announced that Sycamore Partners had made a $1.75 billion offer to acquire department store chain and competitor JCPenney out of bankruptcy. Beginning in 1921 with the Leggett Bros. stores of South Boston, Virginia, the Belk company grew by investing in various partnerships with local merchandisers in nearby markets. If the bankruptcy plan is approved it would give Belk a new infusion of capital while cutting its debt load by about $450 million and giving the company financial breathing room as it continues to grapple with the continuing effects of the COVID-19 pandemic. The state of North Carolina leads in the number of Belk stores with 65 stores followed by Georgia and South Carolina with 45 and 35 stores respectively. Patel replaces Lisa Harper who has been the company's CEO since July 2016, but will now serve as executive chair of the Belk Board of Directors. On July 5, 2005, Belk completed the purchase of 47 Proffitt's and McRae's department stores from Saks Incorporated, primarily in Tennessee and Mississippi. The Belks quickly sold their stake as well, although Belk would later purchase the stores back as part of its later acquisition of the entire Proffitt's chain. [10] Consumers were issued new Belk credit cards replacing the old ones issued by BNB. [28] Along with the CEO change, Belk also announced that Don Hendricks will be promoted from Chief Operating Officer to President. This page was last edited on 23 June 2022, at 19:42. The business grew steadily, relying on "bargain sales" and advertising to grow the business and increase its influence throughout the South. The store was first called New York Racket and then Belk Brothers, after Belk made his brother, physician Dr. John Belk, his partner. Home furnishings such as bedding, small kitchen appliances, crystal, dinnerware, and china have been offered for several years to online shoppers as a part of the chain's online bridal and gift registry. Sycamore would retain majority control of Belk, while private equity firms KKR and Blackstone would receive a minority stake in the company following its emergence from bankruptcy. On July 18, 2013, Belk announced a six-year extension of the bowl partnership with the Atlantic Coast Conference (ACC), beginning in 2014. [19], On January 20, 2021, it was announced that KKR and other major lenders were in talks with Belk to prevent the chain from declaring bankruptcy, having proposed a deal under which a portion of Belk's $2.6 billion debt would be converted to equity and Sycamore would retain an ownership stake. [4] Belk's growth out of the Southeast was pushed by Earl Jones Sr and the Belk-Jones brand that opened the first Belk west of the Mississippi in 1947. [29] Under the agreement, the bowl featured teams from the ACC and the Southeastern Conference (SEC). However, that product line was discontinued in late 2009. Under the terms of the plan, two hundred fifty JCPenney stores would have been rebranded as Belk in an effort to compete directly with Macy's, while the remaining JCPenney stores would be liquidated. [18] JCPenney was ultimately acquired by Brookfield Property Partners and Simon Property Group instead. [1] Its typical store covers 100,000 to 180,000 square feet. [7] The same year, Belk made a deal to acquire seven Dillard's locations in exchange for nine of theirs so that each could build on regional strengths. In December 2010, Belk announced that it would become the title sponsor for the former Meineke Car Care Bowl (played in Charlotte), renamed as the Belk Bowl beginning in 2011. [14], On April 3, 2015, news reports revealed that Belk was exploring "strategic alternatives," including a possible sale of the company. All new Belk cards are now issued by GE MoneyBank, now known as Synchrony Bank.[11]. The company seeks to be the department store of choice in each community it serves by providing superior service and merchandise that meets customers' needs for fashion, value and quality. As part of the restructuring, Belk received $225 million of new capital, reduced its debt by approximately $450 million, and extended maturities on all term loans until July 2025. By 1909, the company had moved its headquarters to Charlotte and built a huge flagship store on Trade and Tryon Streets in downtown Charlotte, which would remain the company's headquarters until it was closed in 1988 to make way for the construction of what is now Bank of America Corporate Center. The acquisition was completed on December 10, 2015. [8] Just over a year later, Belk purchased 38 Parisian department stores from Saks on October 2, 2006. 803-642-5628, Monday - Saturday: 10:00 am - 9:00 pm; Sunday: 11:00 am - 6:00 pm. In April of 1997 Belk closed its smallest store located in the smallest town with a Belk -- Chesterfield, SC -- with a population of less than 1,500. The chain embarked on a $70 million marketing campaign that replaced the old slogan "All for You!" Although most Parisian stores were converted to the Belk nameplate since September 12, 2007, some duplicate Parisian stores were closed, as at The Mall at Barnes Crossing in Tupelo, Mississippi, Richland Mall (then known as Midtown at Forest Acres), Columbiana Centre in Columbia, South Carolina, and Citadel Mall in Charleston, South Carolina. Iconic retailer gets the lifeline it sought", "Belk names new CEO months after the iconic department store chain left bankruptcy", "Belk out as sponsor of college football bowl game in Charlotte", "Store openings, construction, negotiations on summer agenda at Bridge Street Town Centre (photos)", "Belk plans makeover for Riverchase Galleria store, other new investments across the chain", "Belk plans $6.1M investment in Columbia flagship store", "Saks Fifth Avenue is leaving the Galleria; Belk is moving in | Business | Dallas News", "Belk to close flagship Galleria Dallas location", https://en.wikipedia.org/w/index.php?title=Belk&oldid=1094649331, Companies based in Charlotte, North Carolina, Economy of the Southeastern United States, Privately held companies based in North Carolina, Companies that filed for Chapter 11 bankruptcy in 2021, Articles with dead external links from October 2010, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0. Aiken SC, 29803 By 2014, the chain operated 293 stores in 16 states, generating $4 billion in sales in 2014. Retailer, hit hard by pandemic and debt, to stay open", "After nearly 190 years, department store chain Belk will file for Chapter 11 bankruptcy", "Belk files Chapter 11 bankruptcy in Houston, giving the retail icon a lifeline", "Sycamore's Belk Files Bankruptcy to Tame Debt, Raise Cash", "Belk Successfully Completes Pre-Packaged, One-Day Financial Restructuring with Backing of Majority Owner Sycamore Partners and Lenders Including KKR Credit and Blackstone Credit", "Belk bankruptcy plan approved by judge. [5], This structure allowed Belk to expand quickly and permitted local variation, but resulted in a diluted brand identity since most stores were co-branded. The chain revamped its website and registry on September 15, 2008.
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