Belk Inc. took heavy fourth-quarter losses after writing down the value of previous acquisitions, but the nation’s largest privately owned department store said it is poised to emerge from the downturn in better shape.
Losses for the quarter ended Jan. 31 tallied $202.8 million after a $326.6 million pretax charge for goodwill impairment, which accountants use to register the intangible assets of acquisitions. In recent years, Belk bought a string of chains, including Proffitts, McRae’s and Parisian from Saks Inc. The quarterly losses compared with year-ago earnings of $85.6 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"