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Sycamore Partners to Buy Belk Department Stores for $3 Billion

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Belk, Inc., the nation’s largest family-owned department store chain will soon be wholly acquired by New York-based private equity firm Sycamore Partners for roughly $3 billion.

Reuters broke news of the rumored deal last month, but the North Carolina-based retailer announced that it hired Goldman Sachs back in April to weigh its options and explore a possible sale.

Under the now definitive merger agreement, Belk stockholders will receive $68 in cash for each share of the company’s common stock they own.

Read more at Sourcing Journal.