belk inc-cl b (BLKIB) Key Developments
Belk to Launch Store at Bel Air in Mobile
Jul 23 15
Rouse Properties reported it has signed a lease with Belk to open a new 237,000-square-foot store at The Shoppes at Bel Air in Mobile, Alabama. In a release, the company noted that Belk will be taking the place of an existing Sears, and expanding on its already integral presence at The Shoppes at Bel Air. Rouse also announced it will commence a complete transformation of the center including the redevelopment of enclosed mall space into an engaging streetscape with retail and high-volume restaurant concepts fronting on Airport Boulevard.
Belk Attracts Bid
Jul 6 15
Reuters reports that Belk Inc. (OTCBB:BLKI.B) is the target of a more than $3 billion bid from private equity firm Sycamore Partners.
Sycamore Partners Reportedly Mulls Acquisition Of Stakes In Belk
Jul 2 15
Sycamore Partners reportedly is seeking acquisition of stakes in Belk Inc. (OTCBB:BLKI.B). Sycamore Partners is preparing an offer for Belk Inc. that could value the U.S. department store chain at between $3 billion and $3.5 billion, including debt, and become the buyout firm's largest deal, people familiar with the matter said on July 2, 2015. Sycamore Partners is in the process of finalizing financing arrangements for a potential acquisition of Belk, the people said. The family that owns Belk is expected to make a decision on whether to sell the company this month, the people added. Private equity firms TPG Capital, L.P., KKR & Co. L.P. (NYSE:KKR), Bain Capital, LLC and Golden Gate Capital considered offers for Belk earlier, according to the people. The sources asked not to be identified because the sale process is confidential. Sycamore, Belk, TPG, KKR, Bain and Golden Gate declined to comment. In the fiscal year that ended January 31 2015, Belk generated revenue of $4.1 billion.
Belk Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015
May 29 15
Belk Inc. announced unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company's net sales were $985.0 million, compared to $955.1 million in the prior year period. On a comparable store basis, net sales increased 3.3%. Net income was $21.8 million compared to $19.3 million in the prior-year period. Net income excluding non-comparable items totaled $24.6 million compared to $19.4 million in the prior year period. Operating income was $44.4 million against $41.0 million for the same period a year ago. Income before income taxes was $10.7 million against $10.2 million for the same period a year ago.
Belk Inc., Annual General Meeting, May 27, 2015
Apr 23 15
Belk Inc., Annual General Meeting, May 27, 2015., at 11:00 US Eastern Standard Time. Location: Mint Museum UPTOWN, 500 South Tryon Street. Agenda: To elect the nine Directors nominated by the board of directors to serve one-year terms; to approve, on an advisory basis, executive compensation of the named executive officers, often referred to as a say on pay ; to ratify the appointment of KPMG LLP as independent registered public accounting firm for fiscal year 2016; and to consider and act upon any other matters that may properly come before the meeting or any adjournment or postponement thereof.