Home / Knowledge / News / Apparel/Garments / Sycamore completes acquisition of apparel retailer Belk
Sycamore completes acquisition of apparel retailer Belk
15
Dec '15
Sycamore Partners announced that it has completed acquisition of Belk, Inc; a US family owned and operated department store company with 296 Belk stores located in 16 US southern states.

“As previously announced, under the terms of the transaction, Tim Belk is continuing to serve as CEO of Belk, and the company continues to be headquartered in Charlotte, North Carolina,” a press release stated.

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,” he added.

Tim Belk, chief executive officer of Belk, Inc., said, "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,” Belk observed.

Goldman, Sachs & Co. acted as financial advisor and King & Spalding LLP acted as legal advisor to Belk, while BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sycamore Partners.

Charlotte, NC-based Belk, Inc. is the largest family owned and operated US department store company with 296 Belk stores located in 16 southern states and a growing digital presence.

Founded in 1888 by William Henry Belk, the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception.

In fiscal ended January 31, 2015, the company and its associates, customers and vendors donated more than $21.5 million to communities within Belk market areas.

Sycamore Partners is a private equity firm based in New York specialising in consumer and retail investments and has more than $3.5 billion in capital under management.

The firm's strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses.

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. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: The White House

Textiles | On 21st May 2018

China, US put trade war on hold

Following weeks of uncertainty over imposition and counter-imposition ...

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

Over 60% retailers already have IoT platforms: IDC

Apparel/Garments | On 21st May 2018

Over 60% retailers already have IoT platforms: IDC

Retail organisations are adopting IoT platforms and more than 60 per...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search