Belk announces sale of company for $3billion

CHARLESTON, S.C. (WCIV) — Belk, Inc., the department store that touts “Modern. Southern. Style.” announced a $3 billion deal with New York-based Sycamore Partners. According to the release, Sycamore Partners (which also manages Aeropostale, Coldwater Creek, Hot Topic, Talbots, and Torrid) will get 100 percent of Belk whose stockholders will get $68 per share. “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 Chairman and CEO Tim 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.” Tim Belk will remain CEO of Belk and the company will continue to be headquartered in Charlotte. The merger was unanimously approved by Belk’s board of directors and is expected to be completed in the fourth quarter of calendar 2015. It still needs to be approved by the U.S. Securities and Exchange Commission. If you own stock in Belk, you can find a copy of the proxy statement at www.sec.gov and www.belk.com. You can also call Investor Relations at (404) 257-1000.