Fri 02/17/2023 17:01 PM
An ad hoc group of lenders to North Carolina-based department store Belk has hired Paul Weiss and Evercore as legal counsel and financial advisor, respectively, in light of the company’s deteriorating financial performance, cash burn and looming debt maturities, according to sources.
The company’s adjusted EBITDA in the third quarter ended Oct. 31 2022, swung to negative $12 million from positive $16 million in the year-earlier period as demand for discretionary goods continued to slide amid...
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