Private equity firm Sycamore Partners has completed its acquisition of department store chain Belk, Inc.
As previously announced, under the terms of the transaction, Tim Belk will continue to serve as CEO of Belk, and the company will continue to be headquartered in Charlotte, North Carolina.
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., added, “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.”
Belk operates 296 department stores located in 16 southern states.