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.