Belk to be acquired by N.Y.-based Sycamore Partners

The Belk family was instrumental in Charlotte becoming a university, procuring the land where we located, and have been the largest financial contributors to our school over the years. I hate to see the chain leave family hands after more than a century, but at least it isn’t being purchased by Macy’s. The Belk family has always been very generous to the community, it will be interesting to see what they focus on now that they are sitting on a mountain of money.

New York private-equity firm Sycamore Partners will acquire 100% of Belk Inc. in a transaction that values the company at approximately $3 billion.

Looks like these guys have a valid interest in retail and apparel vs. a slash and sell approach.

So is old Belk Gym now the Sycamore Gym. :))

Unfortunately that portfolio is less than impressive, Belk might be their crown jewel. I don’t have a lot of confidence in this transaction.

It’ll result in the loss of some high-paying local jobs. Most won’t care since it’s not their job being lost.