Belk names new CEO months after the iconic department store chain left bankruptcy

Belk named a new CEO on Tuesday. The news comes months after the iconic Charlotte-based department store chain emerged from bankruptcy.

Nir Patel has been promoted to CEO from president and chief merchandising officer, according to a company news release.

Patel replaces Lisa Harper, who had been the CEO since July 2016. Harper is now executive chair of the Belk Board of Directors.

Belk did not disclose what prompted the leadership change.

Patel has worked at Belk for five years serving in various roles, including as executive vice president and general merchandising manager before being promoted three years ago to chief merchandising officer.

Last year, Patel was named president overseeing marketing and ecommerce.

“I’m honored to continue the great legacy of Belk,” Patel said in a statement. He praised colleagues’ work through the coronavirus pandemic, adding, “ I’m excited to see all the ways that we’ll continue to grow.”

Prior to working at Belk, Patel was senior vice president for Kohl’s and vice president at Land’s End. He also worked at Abercrombie & Fitch, Target and Gap.

Patel, a native of Huntsville, Alabama, Patel graduated from Boston University with a bachelor’s degree in finance. He and wife Jennifer have three children.

Belk’s headquarters is on Tyvola Road in Charlotte. The company has 17,000 employees and 291 department stores in 16 Southeast states. As of February, it had about 1,200 corporate employees.

Belk bankruptcy

Belk, owned by private equity firm Sycamore Partners, filed for Chapter 11 bankruptcy in February. The move was expected, but still delivered a psychological blow to the area it called home for over a century.

The Belk family had sold the department store to Sycamore in 2015 for $3 billion.

The bankruptcy plan was approved within 24 hours, giving Belk an infusion of capital and cutting its debt load by about $450 million, the Observer previously reported.

The 133-year-old department store was hamstrung by its debt load of $2 billion, declining store sales and dying business model when the coronavirus pandemic hit last year.

More than a business

Several generations of Belk family members owned and ran the company before its sale to Sycamore.

The formerly-family run retailer stood out as more than a store in the Charlotte market, and throughout the South. It’s where people shopped for wedding, prom and anniversary clothes and jewelry. Generations of families found their first jobs and some, lifelong careers at Belk.

The Belk family’s philanthropy also meant the name has been splashed across local buildings, sports events, stadiums and college departments.

Belk also brought celebrities and fashion icons to Charlotte’s SouthPark store, like the late Kate Spade, Tommy Hilfiger, Cam Newton and Oscar da la Renta.

Belk had “knit together communities all across the South,” local historian Tom Hanchett previously told the Observer.

Other administrative changes

Belk also detailed other leadership changes on Tuesday:

▪ Don Hendricks, who has worked for the company for five years, was promoted from chief operating officer to president. He formerly worked as chief information officer and chief operating officer for companies including Gymboree, Hot Topic and Torrid.

▪ Chris Kolbe was hired as executive vice president and chief merchandising officer to take the lead on merchandising and product design. Kolbe has 30 years of experience in retail with senior executive roles at Kohl’s, Land’s End and Urban Outfitters.

This story was originally published July 6, 2021 at 4:41 PM with the headline "Belk names new CEO months after the iconic department store chain left bankruptcy."