Belk’s board of directors unanimously approved a merger with Sycamore Partners, expected to be completed in the fourth quarter of 2015. Belk agreed to be 100% acquired in a transaction with an estimated value of approximately $3 billion.
Founded in 1888 by William Henry Belk, Belk is the largest family-owned and operated department store in the US. Chairman and CEO Tim Belk will remain chief executive and the company will continue to be headquartered in Charlotte, NC. Belk operates 300 stores in 16 southern states.
“We are delighted to have found a financial partner that sees what we see in Belk: a 127-year-old brand that remains relevant today with exceptional customer loyalty in small, medium and large cities throughout the South,” said Belk. “We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore. This transaction is an across-the-board win for our stakeholders.”
Source: Chain Store Age
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