Be on the lookout for cost cutting measures across the board. The lenders involved in the bankruptcy swapped hundreds of millions of dollarsof debt that Belk owed them for partial ownership of the company. They also had to hand out a few hundred million more in a new loan! Don't expect them to stand idly by. They will want to recoup their losses. After all, this not just about Sycamore anymore.
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AKA the new norm..
Store Managers making over $100k should start packing their bags. RVP's making $150k & up should start packing their bags, Belk wants store managers at $55,000-$60,000 now. what a joke.
Thank goodness I got out of there.
Of course there will be cost cutting. Look for less full timers and more part time minimum wage employees with open availability. Full timers will be pushed out. Look for store closings as well. It happens at every retailer after a buy out and/or bankruptcy.
Good! Maybe we can finally get something done once they’re gone 😂
I work in corporate. Six figure store managers will be the first to go.