Why is Belk, a company that pays scab wages to its store level workers, a company that lets stores become outdated, unclean, and a total disaster, and a company that fails to keep its employees up to date on anything, billions in debt? Where did the money go? Is belk money laundering? Something is rotten in Denmark.
2 replies (most recent on top)
They were a cash cow when Sycamore bought them. They take what they want off the top and the rest gets split. If debt racks up they don’t care as long as they and the top leaders get paid BIG money and bonuses.
Now that the lenders are running the show they will be looking at every dime getting spent....Don is not running the show anymore...he's nothing more than a face...it's the banks that put fwd the $$
They will cut unnecessary job and close under performing stores! Also selling a building to Dillards or Von Maur could totally happen.
The stores will have to work harder than ever to keep up with metrics and stay on budget.
I'm sure the travel budget for corporate will be slashed and it will be do more with less
Time will tell if they can pay back the loan or not