Let me see if I got this right: under the new financial restructuring agreement Belk will have 300 of its stores covering 16 states remain in operation. Under the agreement, Belk’s debt will be reduced by roughly $450M, which should give us some breathing room. So why are people not seeing this as a good thing?
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I'm skeptical. I think at some point there will be store closures. It's interesting how no mgr is mentioning this elephant in the room during morning meetings. Instead Belk put out this FAQ thing that attempts to put a positive spin on it, but it would be nice if they stopped acting like this isn't something employees should really be concerned about. Company: "yeah, things are in the c-apper but you keep getting those email captures and credits. 50%!!! let's make our goal for the week!"
I’m having a hard time to believe that Sycamore will do something different and good for business development. So far it was about taking everything they can from Belk. This is the model of relationship between the owner and its company and same people will stay in charge. I really want to be optimistic...
Because there will be cuts in capital, expenses, payroll, pto, product, jobs- all just to keep the lights on and make syko happy