Never believe anything Belk says in press releases. They promised not to close stores or layoff employees during bankruotcy. But notes to creditors in the filing state that cuts and closures will be addressed after the bankruptcy.
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Yes, once they filed for bankruptcy protection, the decisions are no longer the corporate officers'. A judge or other designee will decide the most efficient way for Belk to pay off it's debtors. If that involves closing stores and laying off employees there will be nothing anyone at Belk can do about it.
Exactly..
The most basic thing to understand about bankruptcy is that Belk management is no longer in control of the finances, the judge and trustee are. Ipso facto, there's not enough money to go around and promises were broken. If you are under the delusion that Belk job security has priority over debtors, you've got another think coming.