Will Macy's Take Over Belk Stores?
Just weeks after Macy's declared it's looking for a new way to grow revenues, a major North Carolina rival confirms it might be for sale. Analysts are skeptical the Cincinnati-based retailer wants to double-down on a traditional department store concept, however. Belk, based in Charlotte, North Carolina, operates 297 department stores throughout the Southeast from Maryland to Texas. Last week, Belk reported a $146.1 million profit on revenues of $4.1 billion, but disclosed it was reviewing its long-term strategic plan and hired investment banker Goldman Sachs to weigh its options.