How can Lisa Harper and her "crew" claim that Belk sales are good, with a Moody's Caa1 credit rating lower than Macy's and Nordstrom, next to JC Penny and Neiman Marcus both which just filed for bankruptcy? Belk is almost at the bottom of the list in terms of credit, only GNC (General Nutrition Center) ranks lower.
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Sycamore is going to have to chop us up and pretty quickly.
Our real estate is not worth much as well because of the locations.
I wouldn’t be surprised a Chapter 11 any day now
I would say the company has six months to a year left before they chapter 11 or liquidate, Belk is literally the titanic about to hit a huge iceberg.
What about associates that worked all last year at making goals and succeeded but got no kind of raise this year. What about THAT ! I bet corporate got theirs.
They claim sales are good because they may take a multi million dollar bonus just before the company goes under, and probably don’t want employees to suspect something nefarious is going on, typical tactic with private equity, the same thing happened at toys r us when I was manager there, and now the CEO and executives are being investigated and sued for fraud. You can read about that online, just google Toys R Us lawsuit, Belk appears to be a mirror image of that company.
Those "sales" are a freaking joke. Up and down and buy it today and get a better deal before the BIG sale goes on. It's no wonder customers get p-ss-d off with the pricing.
And associates are working like hell
I always have a good laugh at the Women's Kim Rodgers, one red shirt priced at $6.99, Blue Shirt priced at $7.49, Pink shirt priced at $9.99 WTF?
They are 2 full seasons behind – Xmas didn't sell well, Spring got curtailed by covid so they had all those Easter clothes that didn't move. Now, it's all supposed to be summer and back to school but there's no room b/c of clearance (Clarence!).
And let's not get started on all those "sales"– well, let's. One week, something is $19.99 door-buster so no coupon, week after, the same item is $19.99 and no door-buster but no coupon to use! "Clarence" prices change every week and even the signs are wrong when they are printed. Every item in the store has a sign, a sign, a SIGN!! It's almost to the point where every individual tie or sock has to have its own sign.
As Gomer Pyle would say, "Dumb, dumb, dumb! Just plain dumb!"
Stores that are busy are selling everything at clearance prices, so while it may be busy, I don’t think any real money is being made.
Turn out the lights this party is over. You cannot continue to sell merchandise at 70% off with no new freight coming in and survive. The Retail environment has changed to online and curb side pickup. Time to look elsewhere if you can because the end is near.