Belk, Inc., announced on Wednesday that its stockholders voted to approve the adoption of the previously announced merger agreement with affiliates of Sycamore Partners.
“We are pleased that our stockholders voted in favor of our sale to Sycamore Partners,” said Tim Belk, chairman and CEO, Belk, Inc. “The vote is a recognition of the considerable value and retail sector experience that Sycamore is bringing to Belk as we build on our 127-year history. I am personally gratified that we have achieved this successful outcome for our stockholders, associates and loyal customers throughout the south.”
The sale has also passed all required regulatory approvals, the retailer noted. The merger is subject to certain customary closing conditions and is expected to close in late November or early December 2015.