The company will be acquired for $3 billion. Under the terms of the merger agreement, all Belk stockholders will receive $68 per share in cash for each share of Belk common stock they own.
“We are delighted to have found a financial partner that sees what we see in Belk: a 127-year-old brand that remains relevant today with exceptional customer loyalty in small, medium and large cities throughout the South,” Tim Belk, chairman and CEO of Belk, said in a statement. “We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore. This transaction is an across-the-board win for our stakeholders.”
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