Could Belk Be The Next Retail Casualty As Some Vendors Say They Are Not Being Paid?
At least four vendors from the home furnishings sector who sell to the Belk department store company say they are not being paid — or are being paid very slowly — for their outstanding invoices. They also say merchants at the retailer are not providing details on payment plans or just aren’t speaking at all. Coming as financing factors are reported to be no longer offering their services for Belk orders and the entire department store segment remains in distress, it is raising speculation that the company could be headed into a dire financial situation. In July, as its stores reopened, the retailer announced a number of job cuts, primarily at its Charlotte, North Carolina headquarters, but did not specify a total or provide details on which positions were eliminated. It appears that these were originally furloughs that turned into permanent layoffs, a practice many retailers have employed in 2020. Read more at Forbes.
