CHARLOTTE, N.C. — Three months after department store Belk announced it's looking to sell the company, industry reports stated a private equity firm will make an offer to buy the Charlotte-based retailer.
Reuters reported a private capital group called Sycamore Partners may offer Belk between $3 billion and $3.5 billion for their nearly 300 stores.
With many similar buyouts, major changes could be come with it. A major concern for Belk shoppers was how it will affect their wallets.
The equity group's goal could be to streamline the operation, cut costs and jobs, then sell off Belk again in a few years for a profit.
Belk donated more than $21 million to charity last year with their name splashed across the University of North Carolina at Charlotte campus. There’s a highway named after John Belk and the high-profile Belk bowl game.
Channel 9 anchor Scott Wickersham asked if it could all go away.
Neither Sycamore nor Belk had a comment on reports of the offer, but it seems likely that one way or another the Charlotte-based company that has had such an effect on Charlotte won't be locally-owned much longer.
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