Home  ›  Top Fashion Related Stores in Monroe Nc

Top Fashion Related Stores in Monroe Nc

Written By Friday, February 25, 2022 Add Comment Edit

American retail concatenation

Belk, Inc.
Formerly
  • New York Racket (1888–1898)
  • Belk Brothers (1898–1909)
Blazon Private
Industry Retail
Founded 1888 (134 years ago)  (1888) in Monroe, North Carolina, United States
Founder William Henry Belk
Headquarters Charlotte, North Carolina, United States

Number of locations

 293 (2019) [i]

Cardinal people

 Nir Patel (CEO)
Products Wear, footwear, bedding, furniture, jewelry, beauty products, and housewares.
Revenue Decrease Us$ 3.7 billion (FY 2017)[2]
Possessor Sycamore Partners

Number of employees

 25,000 (2017)
Website www.belk.com

Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with almost 300 locations in sixteen states. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings and wedding registry.

History [edit]

Early on history [edit]

The commencement Belk, established every bit New York Racket, in 1902

Belk was founded in 1888 by William Henry Belk in Monroe, N Carolina, outside Charlotte. The store was first called New York Dissonance and then Belk Brothers, after Belk fabricated his brother, physician Dr. John Belk, his partner.[iii] Belk bought in book to pass savings on and sold at fixed prices, then a relatively unusual practise.[4]

By 1909, the company had moved its headquarters to Charlotte and built a huge flagship shop on Trade and Tryon Streets in downtown Charlotte, which would remain the company's headquarters until it was airtight in 1988 to make manner for the construction of what is now Banking company of America Corporate Center. The business grew steadily, relying on "bargain sales" and advertising to grow the business and increment its influence throughout the South.

Beginning in 1921 with the Leggett Bros. stores of Due south Boston, Virginia, the Belk company grew past investing in various partnerships with local merchandisers in nearby markets.[4] Belk's growth out of the Southeast was pushed by Earl Jones Sr and the Belk-Jones make that opened the first Belk west of the Mississippi in 1947. The Jones family and the Belk-Jones make connected to abound Belk'due south westward expansion. This circuitous story is chronicled in a book published past Belk – Belk, Inc.: The Company and the Family unit That Built It – most the evolution of the company.[5]

1990s [edit]

This construction immune Belk to expand quickly and permitted local variation, only resulted in a diluted brand identity since most stores were co-branded. By the 1990s, the system had get increasingly untenable: stores were held past over 350 separate legal entities, Belk family members disagreed about whether to maintain or sweep away the structure, and some local partners threatened stability by selling their stakes. For example, the heirs of John Yard. Parks, bulk owners of the Parks-Belk concatenation, sold their interests to Proffitt's, a competitor. The Belks quickly sold their stake as well, although Belk would afterward purchase the stores back as part of its later acquisition of the entire Proffitt'due south chain. When Proffitt'southward fabricated an offer for the Leggett family'southward stake, which included 42 stores comprising about 20 pct of Belk's acquirement, John and Tom Belk were forced to respond by forming a new company in 1996 that bought the Leggetts out. This move accelerated the ho-hum trend of consolidating the store'southward ownership nether the Belks.[half-dozen]

In Apr of 1997 Belk closed its smallest store located in the smallest town with a Belk -- Chesterfield, SC -- with a population of less than one,500. In 1998, the company formed a new entity (Belk, Inc.) that merged the 112 remaining Belk companies, swapping the existing partners' local interests for shares in the combined entity; for instance, the Hudson family in Raleigh received almost 5% of the shares.[vii] The aforementioned year, Belk made a deal to acquire vii Dillard's locations in commutation for nine of theirs so that each could build on regional strengths. Slowly, Belk eliminated the dual brands, completing the process with a chain-wide Belk rebranding in the fall of 2010.

2000s [edit]

One of the earliest prototype 1960s-era stores to feature the trademark Belk arches, Southgate Mall, Elizabeth City, N Carolina, as shown in 2015

On July 5, 2005, Belk completed the purchase of 47 Proffitt'due south and McRae's department stores from Saks Incorporated, primarily in Tennessee and Mississippi. Belk converted the 39 Proffitt'southward and McRae'due south stores to the Belk nameplate on March 8, 2006.[eight] Just over a year later on, Belk purchased 38 Parisian department stores from Saks on October 2, 2006. Although virtually Parisian stores were converted to the Belk nameplate since September 12, 2007, some duplicate Parisian stores were closed, as at The Mall at Barnes Crossing in Tupelo, Mississippi, Richland Mall (then known as Midtown at Forest Acres), Columbiana Centre in Columbia, S Carolina, and Citadel Mall in Charleston, Due south Carolina. 4 Parisian stores in Indiana, Michigan, and Ohio, plus a store under structure at the fourth dimension in Michigan, were sold by Belk to The Bon-Ton Stores, Inc. Integrating the larger, more upscale Parisian stores proved a claiming for Belk, and spurred the creation of the company's flagship strategy.[9]

During the fourth quarter of 2005, Belk completed the sale of its private-label credit carte du jour division, Belk National Bank, to GE MoneyBank, a partitioning of GE Consumer Finance.[10] Consumers were issued new Belk credit cards replacing the erstwhile ones issued by BNB. All new Belk cards are now issued by GE MoneyBank, at present known as Synchrony Bank.[11]

Sometime Belk logo used from 1967 to 2010. The "All for yous!" slogan was used from the late 1990s onward.

2010s [edit]

On October 3, 2010, the News & Observer reported that Belk planned to update its logo.[12] On Oct 12 at SouthPark Mall, Belk introduced the new logo, its first since 1967. The chain embarked on a $70 million marketing campaign that replaced the erstwhile slogan "All for You!" with a new slogan, "Mod. Southern. Mode." Sixty stores got new signs in the showtime phase, with the remainder getting new signs throughout 2011.[13] Advertisements for Belk & Co. jewelry continue to use a variation of the one-time logo.

Past 2014, the chain operated 293 stores in 16 states, generating $iv billion in sales in 2014. The country of North Carolina leads in the number of Belk stores with 65 stores followed by Georgia and South Carolina with 45 and 35 stores respectively.[one] Its typical store covers 100,000 to 180,000 square anxiety. 50% of its stores are in regional malls, another 40% in open up-air community or retail parks, and 10% in open-air lifestyle centers.[14]

Acquisition by Sycamore Partners [edit]

On April iii, 2015, news reports revealed that Belk was exploring "strategic alternatives," including a possible sale of the company.[15]

On August 24, 2015, Belk announced that information technology had entered into a definitive merger agreement to be acquired by New York-based individual equity business firm Sycamore Partners. The conquering was completed on December x, 2015.[16]

On June 29, 2016, Belk appear that constructive as of July 5, Lisa Harper, CEO of Hot Topic (which is another Sycamore Partners-owned company), would supercede Tim Belk equally CEO of Belk. This would be the first time since the founding of the company that a non-Belk family member would head the company.[17]

Fifty-fifty equally Belk has made its recent acquisitions, the concatenation has operated limited electronic commerce on its website, and those websites acquired and redirected to Belk.com. Home furnishings such as bedding, small kitchen appliances, crystal, dinnerware, and china have been offered for several years to online shoppers as a part of the chain's online bridal and souvenir registry. The chain revamped its website and registry on September 15, 2008. Celebrity-branded product lines are another pursuit, including a partnership with actress Kristin Davis for a ladies apparel and accessories collection which debuted in fall 2008 in 125 shop locations and online. However, that product line was discontinued in late 2009.

In July 2020, information technology was announced that Sycamore Partners had made a $1.75 billion offering to acquire section shop concatenation and competitor JCPenney out of bankruptcy. Under the terms of the plan, ii hundred fifty JCPenney stores would have been rebranded as Belk in an effort to compete directly with Macy's, while the remaining JCPenney stores would be liquidated.[xviii] JCPenney was ultimately acquired by Brookfield Property Partners and Simon Property Group instead.[19]

2021: One-day bankruptcy [edit]

On January xx, 2021, it was announced that KKR and other major lenders were in talks with Belk to foreclose the chain from declaring defalcation, having proposed a deal nether which a portion of Belk'south $ii.6 billion debt would be converted to equity and Sycamore would retain an ownership pale.[20]

On January 26, 2021, information technology was appear that Belk would file for Chapter 11 defalcation, continuing to operating usually through the defalcation process, which Sycamore expected to get out by the end of February 2021. Sycamore would retain majority command of Belk, while private equity firms KKR and Blackstone would receive a minority stake in the company following its emergence from bankruptcy. The plan would liquidate about $450 million of debt and raise $225 million in new capital, with no employee layoffs or store closures anticipated.[21] [22]

On February 23, 2021, it was appear that Belk had filed Affiliate 11 bankruptcy in Houston which is the first step in an arrangement programme that would allow Belk'southward owner Sycamore Partners to sacrifice a large stake in the company to its lenders while it maintains control of the company. If the defalcation programme is approved it would give Belk a new infusion of capital while cutting its debt load past nigh $450 1000000 and giving the company financial breathing room every bit information technology continues to grapple with the continuing effects of the COVID-19 pandemic.[23] [24]

On February 24, 2021, only i day after filing for Affiliate 11 Bankruptcy the company announced that is had successfully completed its fiscal restructuring, finalizing an expedited pre-packaged, ane-day reorganization and emerging well-positioned for long-term growth. As part of the restructuring, Belk received $225 million of new upper-case letter, reduced its debt by approximately $450 million, and extended maturities on all term loans until July 2025. The plan received nearly unanimous support from existing lenders, supply providers and landlords to be paid in full as normal operations continue at all store locations. every bit well as on Belk's e-commerce platform.[25] [26] [27]

On July six, 2021, Belk announced that Nir Patel has been promoted to CEO from his previous position of President and chief merchandising officeholder. Patel replaces Lisa Harper who has been the company's CEO since July 2016, but will now serve as executive chair of the Belk Board of Directors. Information technology was not disclosed what prompted the leadership change.[28] Along with the CEO change, Belk also announced that Don Hendricks will be promoted from Chief Operating Officeholder to President. The company as well hired Chris Kolbe every bit EVP, Chief Merchandising Officeholder.

[edit]

In December 2010, Belk announced that it would become the title sponsor for the former Meineke Auto Care Bowl (played in Charlotte), renamed as the Belk Bowl kickoff in 2011. The sponsorship would continue for three years. On July 18, 2013, Belk announced a six-year extension of the bowl partnership with the Atlantic Coast Conference (ACC), start in 2014.[29] Under the agreement, the basin featured teams from the ACC and the Southeastern Conference (SEC). On Nov 20, 2019, Belk announced that it would no longer be the championship sponsor for the bowl game following the 2019 playing.[thirty] Overall, Belk was the title sponsor for ix editions of the basin (2011–2019).[31]

Flagship locations [edit]

The chain has multiple "flagship" locations—larger locations in urban and metropolitan centers,[32] and a wider array of merchandise and services including in-shop salons.[33] [34] As of 2014, the chain claimed eighteen flagship locations, and plans to upgrade more locations.

  • SouthPark Mall, in Charlotte, North Carolina, houses the chain'southward largest store, with more than 336,414 square anxiety (31,253.9 g2). The store was built in 1970 as ane of the mall's original anchor stores. The mall was co-developed by the Belk and Ivey families.
  • Riverchase Galleria, in Birmingham, Alabama houses a flagship store, made official after a recent renovation brings it up to par with the mall'due south rival lifestyle eye, The Meridian.[35]
  • The Meridian, in Birmingham, Alabama, houses a flagship store built in 1997 as a Parisian store and one of the lifestyle center's original anchors. Its intended conversion to a Belk flagship was announced on April 25, 2007, with the reorganization complete by September 2007. It had been Parisian's flagship shop.
  • Crabtree Valley Mall in Raleigh, North Carolina, where Hudson Belk built an elaborate 236,000-square-foot (21,900 m2) shop in 1972 (subsequently expanded to 305,000 square feet (28,300 chiliad2) in 2007, with separate locations for menswear and in-mall cosmetics counters) in Northward Carolina'south high-tech Enquiry Triangle.
  • Columbiana Centre in Columbia, S Carolina, is abode to one of Belk flagship stores, where Belk expanded into the former Sears ballast location calculation fifty,000-square-foot (four,600 m2) to the already over 150,000-foursquare-foot (xiv,000 m2) store in 2015, creating separate location for mens vesture department, in ane of South Carolinas biggest malls.[36]
  • Galleria Dallas, in Dallas, Texas, opened in Apr 2014, a 170,000-square-pes (16,000 mtwo) store which replaced the one-time Saks Fifth Artery.[37] It is the first regional mall in Texas to house a Belk, in contrast to other Belk locations in Texas that are in outdoor shopping centers. Belk announced this shop'due south closure in January 2020.[38]

Run across also [edit]

  • Belk Bowl Archived March iv, 2020, at the Wayback Automobile
  • John M Belk Papers : UNCC Atkins Library

References [edit]

  1. ^ a b "Shop Directory". belk. Retrieved August 18, 2020.
  2. ^ "Belk Inc (Belk, Inc) - Charlotte, N Carolina (NC) | Company Profile". Archived from the original on September 19, 2010.
  3. ^ "Belk'south Rooted in Monroe". This 24-hour interval in N Carolina History. Due north.C. Section of Natural & Cultural Resources. Retrieved May 29, 2019.
  4. ^ a b Womick, Fleck (Dec 2010). "Principal Street Merchant". Our State. Archived from the original on April ii, 2015. Retrieved March 29, 2015.
  5. ^ "History". Belk.com. January 1, 1970. Retrieved Oct 27, 2016.
  6. ^ Bull, Becky (October vii, 1996). "Belk making small moves to fight foes". Charlotte Business organisation Journal. Retrieved March 29, 2015.
  7. ^ Mildenberg, David (January 12, 1998). "Hudson office appears vital to Belk future". Triangle Concern Periodical. Retrieved March 29, 2015.
  8. ^ "Kingsport Times-News". Archived from the original on March three, 2016.
  9. ^ Davis, Lisa. "What's in shop for Belk". No. November 2008. Archived from the original on Jan 3, 2015.
  10. ^ "Belk to sell credit-card business to GE". Charlotte Business Journal. November 21, 2005.
  11. ^ "View All Stores". Belk.com. January 1, 1970. Retrieved October 27, 2016.
  12. ^ "NC-based Belk department stores get new logo". The Charlotte Observer. October 3, 2010. Retrieved October 15, 2010. [ expressionless link ]
  13. ^ Valle, Kirsten (October 12, 2010). "Belk unveils its new logo at SouthPark". The Charlotte Observer. Archived from the original on July 8, 2011. Retrieved October thirteen, 2010.
  14. ^ Belk, Inc. "Grade x-Yard Annual Report, Fiscal Yr 2014". Sec.gov. US Securities and Exchange Committee. Retrieved March 29, 2015.
  15. ^ Peralta, Katherine (April two, 2015). "Belk exploring possibility of selling company". Charlotte Observer. Retrieved April iii, 2015.
  16. ^ "Sycamore Partners Completes Acquisition Of Belk, Inc". Prnewswire.com . Retrieved December eleven, 2015.
  17. ^ Butler-Young, Sheena (June 29, 2016). "Tim Belk To Step Down As Belk CEO, Hot Topic'southward Lisa Harper To Step In". Footwearnews.com . Retrieved July 26, 2016.
  18. ^ Fickenscher, Lisa (July 28, 2020). "Private-equity firm Sycamore poised to purchase J.C. Penney, merge it with North Carolina chain Belks; Penney brand probable to vanish". MarketWatch. Retrieved August 18, 2020.
  19. ^ Ayers, Rebecca (September 9, 2020). "The New York Times: J.C. Penney to sell retail business to Simon Property Group and Brookfield Belongings Partners". www.bizjournals.com . Retrieved November 25, 2020.
  20. ^ Thomas, Laura. "Belk'south pinnacle lenders, including KKR, looking to avoid taking section store through defalcation, WSJ says". CNBC. Retrieved January 22, 2021.
  21. ^ Weinstein, Austin; Muccigrosso, Catherine. "Belk to file bankruptcy. Retailer, hit difficult past pandemic and debt, to stay open up". WBTV. Retrieved January 27, 2021.
  22. ^ "Afterward nigh 190 years, department shop chain Belk will file for Chapter 11 bankruptcy". USA Today. Retrieved January 27, 2021.
  23. ^ Weinstein, Austin. "Belk files Chapter 11 bankruptcy in Houston, giving the retail icon a lifeline". The Charlotte Observer. Retrieved Feb 23, 2021.
  24. ^ Ronalds-Hannon, Eliza. "Sycamore's Belk Files Bankruptcy to Tame Debt, Heighten Greenbacks". Bloomberg. Retrieved February 23, 2021.
  25. ^ "Belk Successfully Completes Pre-Packaged, Ane-Day Financial Restructuring with Backing of Majority Owner Sycamore Partners and Lenders Including KKR Credit and Blackstone Credit". Belk. Retrieved February 26, 2021.
  26. ^ "Belk Successfully Completes Pre-Packaged, I-Day Financial Restructuring with Backing of Majority Owner Sycamore Partners and Lenders Including KKR Credit and Blackstone Credit". Yahoo Finance. Retrieved Feb 24, 2021.
  27. ^ Weinstein, Austin. "Belk bankruptcy plan approved by judge. Iconic retailer gets the lifeline it sought". The Charlotte Observer. Retrieved February 24, 2021.
  28. ^ Muccigrosso, Catherine. "Belk names new CEO months after the iconic department store concatenation left bankruptcy". The Herald-Sun (Durham, Due north Carolina). Retrieved July 7, 2021.
  29. ^ "Archived copy". Archived from the original on December eighteen, 2013. Retrieved December 5, 2013. {{cite spider web}}: CS1 maint: archived copy equally title (link)
  30. ^ "Belk out equally sponsor of college football bowl game in Charlotte". world wide web.bizjournals.com . Retrieved November 25, 2019.
  31. ^ Spanberg, Erik (November 20, 2019). "Belk out equally sponsor of college football game basin game in Charlotte". bizjournals . Retrieved March 24, 2021. {{cite spider web}}: CS1 maint: url-status (link)
  32. ^ Thomas, Jennifer (April ix, 2014). "Belk opens flagship store in Dallas". Charlotte Business Journal. Retrieved March 29, 2015.
  33. ^ "Customer Service - Belk.com". Belk Salons and Spas . Retrieved April 4, 2015.
  34. ^ Lucy Berry. "Store openings, construction, negotiations on summer calendar at Bridge Street Town Centre (photos)". AL.com . Retrieved Oct 27, 2016.
  35. ^ "Belk plans makeover for Riverchase Galleria store, other new investments across the concatenation". AL.com. March 11, 2013. Retrieved October 27, 2016.
  36. ^ Thomas, Jennifer (January 24, 2014). "Belk plans $6.1M investment in Columbia flagship shop". Charlotte Business Periodical. Retrieved June five, 2020.
  37. ^ "Saks Fifth Avenue is leaving the Galleria; Belk is moving in | Business | Dallas News". Bizbeatblog.dallasnews.com. January 29, 2013. Archived from the original on April one, 2016. Retrieved October 27, 2016.
  38. ^ "Belk to shut flagship Galleria Dallas location". wfaa.com. January 24, 2020. Retrieved August 18, 2020.

External links [edit]

  • Official website

0 Response to "Top Fashion Related Stores in Monroe Nc"

Post a Comment

Subscribe to: Post Comments (Atom)

Iklan Atas Artikel

Iklan Tengah Artikel 1

Iklan Tengah Artikel 2

Iklan Bawah Artikel