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Dove

Corbin, KY

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#1
Jan 14, 2009
 
I also heard a rumor that Belk is closing soon. Any truth to this rumor?
SBC

Hopkinsville, KY

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#2
Jan 14, 2009
 
probally so, bunch of places are closing 4 good. our country is crumpling to nothing
hello

East Bernstadt, KY

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#3
Jan 14, 2009
 
dawhares,goodys and now belks??? omg!
i thought

Conway, SC

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#4
Jan 14, 2009
 
Wednesday, Jan. 14, 2009
Belk freezes extras to keep up job pool
Bonuses, raises, matching plans on hold for year
By Jen Aronoff - McClatchy News
CHARLOTTE, N.C.-- Belk Inc. plans to curtail executive compensation, freeze salaries and eliminate its contributions to employee retirement accounts for 2009 to help weather the recession, the 121-year-old Charlotte-based department store chain said Tuesday.Corporate operations in Charlotte will also lose a small number of jobs because of a restructuring."The country is in a deep recession, and the timing of recovery is uncertain," Belk spokesman Steve Pernotto said. "A number of the key consumer indicators continue to worsen, and some have worsened considerably, like unemployment." Belk is financially sound but wants to remain that way, without mass layoffs, Pernotto said.
As a result, the company's top 20 executives will not receive bonuses or stock awards for 2008 or 2009. The company's top five executives received no bonuses or stock for 2007, either, according to a regulatory filing; such payments are generally tied to performance. Chief Executive Tim Belk received $1.6 million in total compensation that year, according to the filing.
All other bonus-eligible employees - fewer than 600 out of 28,000 workers companywide - will see their bonus-earning potential reduced by half.
No employees companywide will receive salary increases in 2009. The company is also suspending in 2009 both 401(k) matching contributions and those made to employee pensions.Since June, more than 30 large companies nationwide have announced plans to change or stop matching contributions to employee 401(k) plans, according to the Pension Rights Center, a consumer group dedicated to retirement security.Belk moves take effect in February, the start of the company's fiscal year."We're taking these actions in what we believe is the best interests of the company and associates in the long term," Pernotto said. "We're going to get through this. We've been through everything from the Great Depression to any recession anybody's quoted in the last 10 years, and we've been fine. We'll continue to be fine."
A precipitous drop in consumer spending has left retailers reeling, and traditional department stores have been offering steep discounts to generate traffic. Department stores are strongly tied to apparel and home goods, both of which have been selling poorly in the current economy.
i thought

Conway, SC

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#5
Jan 14, 2009
 
so no I dont think they are closing.
thought so

Mount Sherman, KY

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#6
Jan 14, 2009
 
i thought wrote:
so no I dont think they are closing.
We didn't think Goody's would close either. It's the busiest store in Somerset next to Wal-Mart. Watch out, there will be lots of stores close their doors.
i thought

Conway, SC

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#7
Jan 14, 2009
 
all the goody's are closing...they have been in Bankruptcy a long time.Belks is a much stonger company.
info

Somerset, KY

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#8
Jan 15, 2009
 
i thought wrote:
all the goody's are closing...they have been in Bankruptcy a long time.Belks is a much stonger company.
true. goody's is a totally different store than Belk. Belk sales nice home goods, higher end names of clothing than goody'(such as Liz Claiborne, Nine West, Fossil, Madison, Jones New York, and men's suit etc.) Plus, Belk has a cosmetic dept that carries a large percentage of their stores profit. The store in Somerset has no plans to close. trust me, i know first hand. When goody's and other stores closed the employees were made aware of the situation, and it doesn't hurt to know the numbers you are pulling as a company!!! Belk had a great yr as far as numbers are concerned and continue to do so. We have been assured the company is in good standing.
My Opinion

Sheridan, AR

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#9
Jan 15, 2009
 
Love Belks, they have some very nice sales and the quality is good.
Kip

Brownsville, TN

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#10
Jan 15, 2009
 

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GOODBYE BELKS HAHAHA, NEXT TIME GET RID OF YOUR SNOBBY WORKERS. HOWS IT FEEL NOW THAT YOUR NOT THE HIGH TIER OF SOMERSET LOL.
never know

Mount Sherman, KY

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#11
Jan 15, 2009
 
info wrote:
<quoted text>
true. goody's is a totally different store than Belk. Belk sales nice home goods, higher end names of clothing than goody'(such as Liz Claiborne, Nine West, Fossil, Madison, Jones New York, and men's suit etc.) Plus, Belk has a cosmetic dept that carries a large percentage of their stores profit. The store in Somerset has no plans to close. trust me, i know first hand. When goody's and other stores closed the employees were made aware of the situation, and it doesn't hurt to know the numbers you are pulling as a company!!! Belk had a great yr as far as numbers are concerned and continue to do so. We have been assured the company is in good standing.
Not so fast Know First Hand, the employees of our Goody's had no idea their store was closing until it was on the Lexington news. The local store did more business than any other store in their chain and is the busiest in our community next to Wal-Mart. Don't be so sure your company is in good standing. You may not know as much as you think you do.
i thought

Conway, SC

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#12
Jan 15, 2009
 
never know wrote:
<quoted text>
Not so fast Know First Hand, the employees of our Goody's had no idea their store was closing until it was on the Lexington news. The local store did more business than any other store in their chain and is the busiest in our community next to Wal-Mart. Don't be so sure your company is in good standing. You may not know as much as you think you do.
If they didnt know they were idiots it has been in every major paper for over a year that they were going to have to shut down.
Have you ever been in a Belks outside KY?tHE kY STORES ARE THE BABY STORES. Most Belks are huge bigger than Dillards and carry big names.

“Boogie Chill'un”

Level 6

Since: Dec 08

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#13
Jan 15, 2009
 
Well, the opening of Belk's has been delayed in Richmond. They WERE moving from the Richmond Mall to the new Richmond Center. Their space is finished at Richmond Center, but they put a halt to putting any merchandise on the shelves/racks. Richmond is now w/o a Belk's and NO word on when or if it will return. That being said, Goody's DID open thier new store in the Center after moving from the mall.....smells like trouble for Belk's to me.
Employee

Corbin, KY

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#14
Jan 15, 2009
 
I work for corporate in Charlotte. They have not announced any closings or plans for closing, and we are on track for our new store openings in Richmond, KY, and 2 GA stores. Our project money has not been cut, and new projects are on-going, so I can say with good faith that we are not closing any stores at this time.
Employee

Corbin, KY

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#15
Jan 15, 2009
 
also - it will be a long time before merchandise is placed in the store. That is our last step, and usually moves in right before the store opening. The stores do not open until March. This is not out of the ordinary.

“Boogie Chill'un”

Level 6

Since: Dec 08

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#16
Jan 16, 2009
 
Employee wrote:
also - it will be a long time before merchandise is placed in the store. That is our last step, and usually moves in right before the store opening. The stores do not open until March. This is not out of the ordinary.
Cool, I didn't know, I thought they would open w/ the rest of the stores from the mall....like Hasting's, Goody's, Hibbett's, etc. Glad to hear it.
Bad Times

Helenwood, TN

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#17
Jan 16, 2009
 

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I just hope JC Penney doesn't go out.
leo

Hopkinsville, KY

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#18
Jan 17, 2009
 
Kip wrote:
GOODBYE BELKS HAHAHA, NEXT TIME GET RID OF YOUR SNOBBY WORKERS. HOWS IT FEEL NOW THAT YOUR NOT THE HIGH TIER OF SOMERSET LOL.
you're an idiot. belks isn't closing. they are doing great financially so go laugh somewhere else.

Level 8

Since: Sep 08

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#19
Jan 17, 2009
 
Wonder what Henry Simpson would think ?- Met him and John Belk , Claude Efird , Jack Kuhne several years ago - Great bunch of guys -
Mr H

Athens, TN

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#20
Feb 23, 2009
 

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My other half works at the Belks in a major mall in Tennessee and even though the market is bad,the General Manager is being very nice to all the employees and is doing what he has to to make sure that no one does without. In this market it is hard for all companies, but Belks is one of very few compnies that really cares about their employees and the employees take pride in the job that they are doing.
I just wish that all companies stood behind their employees as much as Belks takes pride in doing!

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