Sycamore Partners Buys Belk

Belk Inc. (Charlotte, N.C.) has been sold to the private equity firm Sycamore Partners (New York). This move ends 127 years of Charlotte-based ownership for the Southern department store chain, but its headquarters will remain in the city.

The Charlotte Observer reports the company was sold for $3 billion after the company analyzed pressure facing the chain from online shopping. Belk will continue to invest in its online presence. Sycamore Partners has commented that few changes will be made to stores at this time.