Company Overview of Belk Inc.
Belk, Inc., together with its subsidiaries, owns and operates department stores in the United States. Its stores offer fashion apparel, shoes, and accessories for women, men, and children; sportswear for men; and cosmetics, home furnishings, house wares, fine jewelry, gifts, and other merchandise. The company also provides various products under private label brands. Belk, Inc. sells its products through its Website, belk.com, as well as offers equipment maintenance services to third parties. As of March 27, 2015, it operated 297 stores in 16 states. Belk, Inc. was founded in 1888 and is headquartered in Charlotte, North Carolina.
2801 West Tyvola Road
Charlotte, NC 28217
Founded in 1888
Key Executives for Belk Inc.
Chairman, Chief Executive Officer and Member of Executive Committee
Total Annual Compensation: $1.1M
President, Chief Operating Officer, Director and Member of Executive Committee
Total Annual Compensation: $884.6K
President and Chief Merchandising Officer
Total Annual Compensation: $606.0K
Chief Financial Officer and Executive Vice President of Human Resources
Total Annual Compensation: $610.4K
Executive Vice President, General Counsel and Secretary
Total Annual Compensation: $703.4K
Compensation as of Fiscal Year 2015.
Belk Inc. Key Developments
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.
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