Sycamore Partners-owned department store Belk Inc. said it will file for bankruptcy with a plan to cut its debt by $450 million.

Under the terms of the agreement, the retailer will remain under Sycamore’s control and will receive $225 million of new capital from the private equity firm and other lenders.

The plan for a pre-packaged bankruptcy has approval so far from holders of over 75 percent of Belk’s first-lien term loan and 100 percent of its second-lien loan, according to a statement released Tuesday. The retailer aims to exit court protection by the end of February.

Bloomberg on Monday reported Belk was preparing a Chapter 11 bankruptcy filing to tame its debt.

Under the announced agreement, which is subject to approval of the bankruptcy court, Belk’s remaining debt maturities would be extended to 2025. Suppliers will be paid in full for past and future shipments, the statement said, and Belk plans to continue normal operations throughout its bankruptcy.

By Eliza Ronalds-Hannon.