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Belk Emerges from Chapter 11

Restructuring positions the retailer for future growth

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Belk has completed its financial structuring and has emerged from bankruptcy under a plan that allows it to pay its vendors, has no impact on employees and will allow the retailer to keep all stores open, according to a press release.

“We are pleased to have received nearly unanimous support from all of our stakeholders to complete this restructuring in just one day, positioning us to pursue our growth initiatives and move the company forward from a strengthened financial foundation,” said Lisa Harper, Belk CEO.

The restructuring will eliminate $450 million of debt and provide $225 million in new capital for growth initiatives.

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