What: a US department store chain looking to file for administration in an attempt to protect itself

Why it is important: like many department stores in the US, Belk has been suffering from the changes in consuming habits and from the health crisis. Now it is about to enter a deal to file for bankruptcy, taking the department store chain through a pre-arranged restructuring of its debt

Covid-19 has been tough on retailers all over the world, and to cope with that Southern department store Belk had to delay and halt payments to some vendors; now it is looking at bankruptcy in an attempt to salvage its business. Owned by Sycamore, the retailer could hand an ownership stake to lenders.

Belk Department Store Chain Said to Plan Bankruptcy to Tame Debt