Belk Sold To New York-Based Firm

CHARLOTTE – A firm has agreed to buy Belk, the nation’s largest family owned and operated department store company, Monday.

Sycamore Partners, a New York-based private equity firm, bought Belk for approximately $3 million.

All Belk stockholders will receive $68 per share in cash.

Tim Belk, the chairman and CEO of Belk, will remain in charge.

Belk headquarters will remain in Charlotte.