Last Belk Family Member to Retire
After 128 years, the day-to-day operations of Belk will be lead by someone other than a Belk. Tim Belk announced he will be retiring as CEO of the retail chain in July. Lisa Harper, the former CEO of Hot Topic, will succeed Belk on July 5. Belk is the only remaining family member in the company that was sold to private equity firm Sycamore Partners in December for $3 billion.
Total Retail’s Take: Belk has closed a net total of 17 stores since 2007. By selling itself to Sycamore Partners, it’s in a better position to succeed in a time of e-commerce growth. This will also mark the first time a non-family member will run Belk. This change will be good for the chain because it allows for a different perspective on the business. The company has been family-operated for well over 100 years and in a time of declining retail sales, new ideas can be good for business.