According to a May 4 S&P report, Belk is one of a small handful of companies with a 1 in 2 chance of near term default. This is disconcerting for sure but it is painfully evident in all the new changes that Belk is making in their post Covid 19 re-openings. How much longer until we see a bankruptcy or restructuring? Belk has been eerily quiet on the matter.
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They did by eliminating 80 positions at the corporate level, however, it’s been said that the money they saved by eliminating those positions went into the pockets of Harper, Hendricks and Riggs. Don’t forget they all make over $1 million per year, with Harper supposedly in the $4 million range. Drastically overpaid is an understatement.
Guess it will be bankruptcy because didn't they do restructuring earlier this year?
Belk needs to be honest and tell the employees the company is near death.
Whenever a company refuses comment on financial matters to the press, that is a RED FLAG something is not only wrong, but there is possible corruption on some level going on. When someone does not want to address obvious issues that is an indication that they themselves are trying to evade answering difficult or probing questions. Such is the team of six executives at Belk that will only release a video of themselves relaxing at home during a pandemic, but will make no comment on financial matters that affect the well being of all the staff of the company.
Belk not only has been eerily quiet on the matter, some have inferred that something nefarious is going on with the operation of the company and with sycamore partners, only time will tell.