Belk reportedly nears a deal to file for chapter, give lenders an equity stake

Belk division retailer

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Sycamore Partners’ Belk is shut to a deal the place the division retailer chain would file for chapter safety, and supply its lenders with a stake within the firm, folks conversant in the matter informed Bloomberg.

Talks between the events are nonetheless ongoing, the information outlet stated, warning that phrases hadn’t but been finalized.

Last week, the Wall Street Journal reported Belk was approaching a deal the place the retailer would have remained exterior of chapter.

Department shops have struggled to adapt to the altering market through the pandemic as extra consumers shift purchases on-line and head to malls much less regularly. Shoppers even have been buying much less attire, which is a key class for many department shops. In early January, Macy’s introduced dozens of retailer closures and a number of other division retailer chains, together with Neiman Marcus, J.C. Penney and Lord & Taylor sought chapter safety final 12 months.

Sycamore declined CNBC’s request for remark. Belk wasn’t instantly obtainable to touch upon the report.

For extra data, see Bloomberg’s full story right here.

—CNBC’s Lauren Thomas contributed to this report.

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