A BELK department store is set to close after more than two decades of business.
The liquidation sale begins August 11 at the Columbia, South Carolina store.
The store has been a fixture at Richland Mall in Forest Acres since 1998 but is due to close in September, according to The State newspaper.
Goods prices will be slashed by 65 percent as bosses rush to clear leftover stocks ahead of the shutdown.
At the same time, the prices for items in the sale area will be reduced by 75 percent.
With 284 stores, Belk has been a staple of the American retail scene since 1888, and its competitors include chains like Macy’s, JCPenney and luxury brand Dillard’s.
Jessica Rohlik, the company’s spokeswoman, told The State that the closure is to allow the brand to focus on other locations in Colombia.
The upcoming closure comes just months after a Belk store in Selma, Alabama, closed after 18 years.
Item prices were reduced by 60 percent before the store finally closed.
According to a statement published in The Selma Sun, executives decided to close the store after a “careful review” of the business structure.
In 2021, Belk filed for bankruptcy before recovery plans were swiftly approved.
According to Forbes, debts of around 450 million US dollars were paid off.
Lisa Harper, CEO of Belk, said at the time: “We are confident that this agreement puts us on the right long-term path to significantly reduce our debt and give us more financial flexibility to meet our commitments and continue to invest in our business .”, as reported by the Associated Press.
Belk was among retailers furloughing workers during the Covid pandemic, and bosses took a 50 percent pay cut.
The pay cut was introduced when shops were temporarily closed.
Belk isn’t the only chain to experience store closures. The US Sun reported how a Nordstrom Rack store in San Francisco is preparing to close.
Shoppers still have days to snag a last minute deal as the store closes on August 27th.
Liquidation sales are underway at Christmas Tree Shops stores ahead of the August 12 store closure.
The ailing retailer applied for bankruptcy protection around three months ago.