Sycamore Partners to Buy Belk for Nearly $3 Billion
August 24 2015 - 10:40AM
Dow Jones News
Private-equity firm Sycamore Partners has agreed to buy Southern
department-store chain Belk Inc. for about $3 billion, including
debt.
The offer of $68 a share is a discount to Belk's closing price
of $78 a share on Friday. The Belk family owns most of the shares
in the retailer, which has about 300 stores.
Chief Executive Tim Belk will remain in his post, while the
company will remain based in Charlotte, N.C.
The deal is expected to be completed in the fourth quarter of
the year.
New-York based Sycamore is a retail-focused firm with interests
in brands such as AĆ© ropostale Inc., Coldwater Creek and
Talbots.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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(END) Dow Jones Newswires
August 24, 2015 10:25 ET (14:25 GMT)
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