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Belk was founded in 1888 by William Henry Belk in Monroe, North Carolina, outside Charlotte. The store was first called New York Racket and then Belk Brothers, after Belk made his brother, physician John Belk, his partner. [3] Belk bought in volume to pass savings on and sold at fixed prices, then a relatively unusual practice. [4]
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A closeout or clearance sale (also called a closing down sale in the United Kingdom [1]) is a discount sale of inventory either by retail or wholesale. It may be that a product is not selling well, or that the retailer is closing because of relocation, a fire (a fire sale ), over-ordering, or especially because of bankruptcy . [ 2 ]
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The company's founder William Burke Belknap the elder (1811–1884) was born in Brimfield, Massachusetts, the son of Morris Burke Belknap the elder (1780–1877) and Phoebe Locke Thompson Belknap (1788–1873) and is not to be confused with William Burke Belknap the younger (1885–1965) or William Burke Belknap Jr.
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