The private equity firm, Sycamore Partners, has completed its acquisition of Belk, Inc.
Stefan Kaluzny, Managing Director of Sycamore Partners, said, “We are excited to have completed this acquisition and to begin our partnership with Belk. The Company has developed a loyal base of customers over its 127-year history, and we believe Belk is positioned for continued growth and success. We look forward to working with Belk’s management team and associates as they build on the Company’s legacy and continue to serve its customers and deliver Modern. Southern. Style.”
Tim Belk, chief executive officer of Belk, Inc., said, “We are very pleased to complete this transaction with Sycamore Partners, which delivers meaningful value to all our stakeholders. Our partnership with Sycamore will contribute to Belk’s continued success, and we look forward to leveraging Sycamore’s deep knowledge of the retail market to best serve our dedicated customers and provide even greater opportunities for our valued team members.”
As previously announced, under the terms of the transaction, Tim Belk is continuing to serve as CEO of Belk, and the Company continues to be headquartered in Charlotte, North Carolina.
Goldman, Sachs & Co. acted as financial advisor and King & Spalding LLP acted as legal advisor to Belk. BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sycamore Partners.
Belk at the Cool Springs Galleria recently 12.6 million reconstruction expanding the shoe department adding a separate store for Men’s and Children’s. With the completion of the expansion, Belk had a re-opening ceremony with a Karen Kane visit to the store. Belk is located at the Cool Springs Galleria, 1800 Galleria Boulevard, Franklin.
Karen Kane VisitsBelk at Cool Springs