Belk Acquired by Sycamore Partners

Belk Inc. (Charlotte, N.C.) has entered an agreement with private equity firm Sycamore Partners (New York), wherein the firm will acquire 100 percent of the department store chain at an estimated value of $3 billion.

The agreement is expected to be completed in the last quarter of 2015 and was unanimously approved by Belk’s board of directors. It is subject to certain conditions, including the receipt of regulatory and stockholder approval, reports Women’s Wear Daily. Tim Belk will remain Belk's ceo under the new agreement.

Belk said, “We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore.”