Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"New York private-equity firm Sycamore Partners will acquire 100% of Belk Inc. in a transaction that values the company at approximately $3 billion.
“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. We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore,” says Tim Belk, chairman and chief executive.
Belk will remain chief executive of the company. The headquarters will remain in Charlotte."
This was the most likely predicted scenario, that Belk would be acquired by a private equity firm. This will provide stronger financial backing for the company, and allow it to remain headquartered in Charlotte, rather than merged into Macy's or some other store. So overall this should be good news.
I hope one outcome is the emergence of some high level philanthropy, a la the Levine family, from the Belk family, who is getting quite a windfall from this sale.
The Belk family will still own a minority interest in the company, they are selling controlling interest to Sycamore Partners, who have already owns brands like the Jones Group & investments in several.other retail chains.
I have heard the real gold mine in the Belk assets is all of the property.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.