Belk Inc. has agreed to acquire the inventory and assets of Migerobe Inc., a Mississippi company that leases and operates fine-jewelry departments in 35 Belk stores, the Charlotte Business Journal reports.
The transaction is slated to close in August, the newspaper reported. Financial terms weren’t disclosed.
In addition, Belk will begin operating 80 other fine-jewelry departments in its stores that are leased by Finlay Fine Jewelry Corp. of New York. Belk will assume the management and operation of those departments early next year when Finlay’s lease agreement expires.
“This is a great opportunity for Belk to leverage the success and experience of Migerobe to benefit our entire fine-jewelry business and raise its performance to the next level,” Tim Belk, chief executive of the retail chain, reportedly said. “This year, fine-jewelry sales in Belk stores should approach $80 million, and we see this as an opportunity to grow sales and extend fine jewelry to more Belk stores.”
Belk is the nation’s largest privately owned department-store chain. Founded in 1888, it operates 277 stores in 16 Southeastern states.