Belk Acquired by Sycamore Partners for $3B

Charlotte, N.C.-based Belk Inc. has agreed to be purchased by New York-based private equity firm Sycamore Partners for $3 billion, including the company’s debt. The deal effectively ends local control of the 127-year-old company that began in downtown Monroe, N.C. and grew into the largest family-owned department store chain in the country. Belk said Monday that its headquarters will remain in Charlotte, and Tim Belk will remain CEO. The deal is subject to regulatory approval and is expected to close in the fourth quarter of this year, according to a securities filing.