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  • WSOC Charlotte

    Belk owner loses controlling interest

    5 days ago
    https://img.particlenews.com/image.php?url=25NBpM_0ucR7v9R00

    Belk Inc. announced on Tuesday the closing of a deal that cuts its outstanding debt by nearly $1 billion.

    The deal gives a controlling interest in the Charlotte-based department store chain to existing lenders, including funds associated with KKR and Hein Park, according to a news release.

    Former Belk CEO tapped for leadership role in farm-preservation effort

    Belk, which has nearly 300 stores across the Southeast, was acquired by New York-based private equity firm Sycamore Partners in 2015 for about $3 billion. The retailer was founded in the Charlotte area in 1888 by the Belk family.

    Read more about what this latest deal means for the retailer on CBJ’s website here .





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