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Old 08-24-2015, 08:54 AM
 
Location: Southport
4,639 posts, read 4,998,776 times
Reputation: 3438

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"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."


BREAKING: Belk to be acquired by NY-based Sycamore Partners - Charlotte Business Journal
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Old 08-24-2015, 09:32 AM
 
Location: Mauldin/Greenville
3,727 posts, read 4,666,296 times
Reputation: 1537
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.
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Old 08-24-2015, 11:16 AM
 
Location: North Carolina
48 posts, read 43,626 times
Reputation: 49
Expect a lot of layoffs, Sycamore runs a tight ship.
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Old 08-24-2015, 12:08 PM
 
Location: Southport
4,639 posts, read 4,998,776 times
Reputation: 3438
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.
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Old 08-24-2015, 01:55 PM
 
Location: Charlotte
1,430 posts, read 1,935,326 times
Reputation: 835
At least Charlotte gets to keep it's company.
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Old 08-24-2015, 04:47 PM
 
48,592 posts, read 19,435,577 times
Reputation: 19981
I didn't think the Belk family would ever give it up. Unfortunately it's been bought by financial vultures.
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Old 08-24-2015, 09:39 PM
 
Location: Mooresville, NC
2,152 posts, read 2,698,020 times
Reputation: 1672
Good time to get out by the Belk family IMO.
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Old 08-25-2015, 06:32 AM
 
672 posts, read 604,813 times
Reputation: 270
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.
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Old 08-25-2015, 07:35 AM
 
Location: NC
6,032 posts, read 7,777,946 times
Reputation: 6362
I have heard the real gold mine in the Belk assets is all of the property.
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