SHAREHOLDERS APPROVE SALE OF BELK TO SYCAMORE PARTNERS

Shareholders have approved the acquisition of Belk Inc., which is based in Charlotte, N.C. and operates almost 300 stores in 16 Southern states, by New York-based private equity firm Sycamore Partners for approximately $3 billion. The transaction is subject to customary conditions but is expected to be completed by early December 2015.

Under the terms of the agreement, which was announced this summer, all Belk stockholders will receive $68.00 per share in cash for each share of Belk common stock they own. CEO Tim Belk will retain his position with retailer.

“We are pleased that our stockholders voted in favor of our sale to Sycamore Partners,” said Belk in a statement. “The vote is a recognition of the considerable value and retail sector experience that Sycamore is bringing to Belk as we build on our 127-year history. I am personally gratified that we have achieved this successful outcome for our stockholders, associates and loyal customers throughout the South.”

Belk will join Sycamore Partners’ growing retail and fashion investment portfolio, which currently includes Aeropostale, Coldwater Creek, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Pathlight Capital, Talbots and Torrid.