Belk begins new ownership era

The 127-year old family owned Belk department store chain is family owned no more, although one of the founder’s descendants remains in place as CEO.



The private equity firm Sycamore Partners completed its previously announced acquisition of the 296 unit Belk chain on Dec. 10, thus beginning a new chapter for what had been the nation’s oldest privately held department store retailer.



"We are excited to have completed this acquisition and to begin our partnership with Belk,” said Stefan Kaluzny, managing director of Sycamore Partners. “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."



Belk stores located in 16 Southern states and CEO Tim Belk represents the third generation of family leadership at the company founded in 1888 in Monroe, North Carolina.



"We are very pleased to complete this transaction with Sycamore Partners, which delivers meaningful value to all our stakeholders,” Belk said. “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."



Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments with more than $3.5 billion in capital under management. The firm's investment portfolio currently includes Aeropostale, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Talbots and Torrid.