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...The real-life experience of LBOs in the department store space has been much less fruitful, with post-LBO Neiman and Belk landing in Chapter 11, while other outside-influenced department stores have also...
...Several anchor tenants such as JCPenney and Belk have declared their bankruptcies in recent months....
...Sycamore went as far as to threaten that should creditors continue to pursue fraud allegations, another one of its portfolio companies, a department store called Belk, would stop buying Nine West merchandise...
...“Giving back and taking care of your own was a way of surviving, as there were no other options,” says Belk....
...Among the transactions given the cold shoulder were offerings from Belk, the US department store chain, and Lannett, the generic drugmaker....
...Bonds sold by Belk, the US department store, and Lannett, the drugmaker, had to be sold at steep discounts, costing underwriters millions....
...Mr Martin said Saks was still considering a possible sale of the remainder of its Saks Department Store Group division, following the sale of its Proffitt’s and McRae’s operations to Belk for $622m....
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