CHARLOTTE, N.C. —The North Carolina-based department store chain Belk will file for Chapter 11 bankruptcy. The retail chain is owned by the private equity firm Sycamore Partners. The firm believes it will emerge from bankruptcy by the end of February.
The 133-year-old chain grew from the opening of a store in Monroe, North Carolina, in 1888. The Belk family sold the chain for $3 billion in 2015.
Belk has more than 20,000 employees at its nearly 300 stores in 16 Southeastern states, including seven stores in Kentucky. The stores are located in Richmond, Corbin, Somerset, Middlesboro, Ashland, Elizabethtown, and Bowling Green, according to the company.