NEW: Owners of Belk department store chain filing for bankruptcy protection

The operators of the Belk department store chain have filed for Chapter 11 bankruptcy but plan to keep all of its stores open and emerge from the filing next month.

Belk’s parent owner Sycamore Partners announced the move Tuesday and said they will shed $450 million in debt as part of the agreement with creditors.

The first Belk store opened in North Carolina in the late 1800s and now operates more than 300 stores in 16 states. The Belk family sold its interest in the chain in 2015.

(IMAGE: GM)