Belk to be purchased for $3 billion by New York-based equity company

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CHARLOTTE, N.C. — Belk Inc., the nation’s largest family-owned and -operated fashion department store company, announced Monday it is being purchased by New York-based private equity firm Sycamore Partners, according to a statement from Belk.

The company will be acquired for $3 billion. Under the terms of the merger agreement, all Belk stockholders will receive $68per share in cash for each share of Belk common stock they own.

“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,” Tim Belk, chairman and CEO of Belk, said in a statement. “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.”

“We have great respect for Belk’s management team and associates, its deeply rooted brand, its footprint of stores and its growing online presence,”  Stefan Kaluzny, Managing Director of Sycamore Partners, said. “Belk is exactly the kind of investment we look for: an outstanding brand with a proven success formula and the potential for further growth.”

No stores will close and no jobs are expected to be cut as a result of the company being sold.