Belk has lost sight of what has made it successful in the first place since it was bought out in 2015 by Sycamore. Belk cares more about making money than serving loyal customers. The way the company treats its workers poorly reflects the mind set of the top people who run the company. If Belk is going under next year 2022, Belk got what it deserved!
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Better to be hurt by the truth rather than to be comforted by a lie from Sycamore Partners and Belk crooked leaderships!
Massive layoffs at the field and corporate levels. Terminations and restructuring if your still around. C suite movement.
Closures. Scared yet??? Sycamore! Sycamore! Sycamore!
@okh. Armchair experts? While you are the one placing judgement. Ever hear of opinions? duh
Last year someone commented about a chapter 11 in early jan or feb and they were correct, they also commented that Lisa Harper would step down and that was correct, so lots of the comments on here end up to be true...just sayin'
Every year around this time someone always posts a comment such as this one. Not sure what point they’re trying to make or if they just want to cause panic. Now let’s hear from the armchair experts at Belk. Go ahead..
gqb, if it’s total lawlessness and everyone is happy (sure I’m not talking about stores level employees, their happiness is irrelevant), why would it lead to “shake up”? I’m not being sarcastic, it’s a question.
Look for Sycamore to sell belk, layoffs, house cleaning of executive leadership.....the whole nine yards....
If the Belk words don’t add up, it’s usually because the truth wasn’t included in the equation.
Smell something fishy about this Belk Chapter 11 this year!
Chapter 11’s Descent into Lawlessness
Bankruptcy Administration and Jurisdiction, Bankruptcy Roundtable Updates, Jurisprudence, Workouts and Pre-Packs |
By Lynn M. LoPucki (Security Pacific Bank Distinguished Professor of Law, UCLA School of Law)
The bankruptcy courts that compete for big cases frequently ignore the Bankruptcy Code and Rules. This Article documents that lawlessness through a detailed examination of the court file in Belk, Inc.—a one-day Chapter 11—and a series of empirical studies.
Chapter 11’s lawlessness reached a new extreme in Belk. Belk filed in Houston on the evening of February 23, 2021. The court confirmed the plan at ten o’clock the next morning, and the parties consummated the plan that same afternoon. Almost none of Chapter 11’s procedural requirements were met. The court did not give creditors notice of the disclosure statement or plan confirmation hearings until after those hearings were held. Belk filed no list of creditors’ names and addresses, no schedules, no statement of financial affairs, and no monthly operating reports. No creditors’ committee was appointed, no meeting of creditors was held, and none of the professionals filed fee applications. The ad hoc groups that negotiated the plan failed to file Rule 2019 disclosures. Because no schedules were filed, no proofs of claim were deemed filed. Only eighteen of Belk’s ninety-thousand creditors filed proofs of claim, and Belk apparently just made distributions to whomever Belk considered worthy.
The procedural failures in Belk are just the tip of the iceberg. The competing courts are ignoring impermissible retention bonuses, refusing to appoint mandatory examiners, failing to monitor venue or transfer cases, granting every request to reject collective bargaining agreements, and providing debtors with critical-vendor slush funds.