Belk Inc. is considering selling its century-old 297-store department store chain, the company confirmed.
“We are performing due diligence to carefully explore all options for our future,” spokesperson Jessica Graham said in an emailed statement to JCK. “As a part of that process, the company has engaged Goldman Sachs to assist us in identifying and evaluating those options.”
The Charlotte, N.C.–based company, with stores in 16 Southern states, calls itself America’s “largest family owned and operated department store company.” Founded in 1888, it is currently headed by the third generation of the family of founder William Belk.
Graham said the company is “coming off a successful fourth quarter,” during which comps rose 4.8 percent. For the fiscal year, full-year profit fell to $146.1 million, compared to $158.5 million the prior year, due to investments in strategic initiatives.
Possible buyers mentioned in the press include Macy’s and a private equity firm.Follow JCK on Instagram: @jckmagazine
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