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Belk sold, no store closings, layoffs announced

STAFF REPORTS
Published on Monday, August 24, 2015

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None of the 297 Belk stores are planning to be closed, according to a company spokeswoman.
 

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None of the 297 Belk stores are planning to be closed, according to a company spokeswoman.

 

Belk Inc. announced it would be acquired by Sycamore Partners, a private equity firm based in New York, in a transaction valued at about $3 billion including debt. Sycamore, in its biggest ever deal, will pay $68 in cash for each share of Belk.

The Charlotte, N.C.-based department store chain, operates 297 stores throughout the South, including one in Greer.

A Belk spokeswoman said the headquarters will remain in Charlotte and there are no plans to cut any of the 1,300 jobs at the company’s corporate offices. No Belk stores will close based on the announcement, she said.

Tim Belk will continue as Belk's CEO of the 127-year-old company, that began in nearby Monroe and grew into the largest family-owned department store chain in the country.

Sycamore has investments in other retailers such as apparel makers Aeropostale Inc, Coldwater Creek and Hot Topic Inc.

The deal is subject to regulatory approval and is expected to close in the fourth quarter this year, according to a securities filing.

 

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