After more than 100 years in Charlotte, Belk to sell company

Belk, the nation's largest family-owned department store company, will be sold to New York-based private equity firm Sycamore Partners for $3 billion.

"It's always sad to see businesses selling out to bigger companies. You never know what the future is going to hold," shopper Mike Linder said.

CHARLOTTE, N.C. — https://twitter.com/lizfosterWSOC9/status/635832155772448768

Belk, which has headquarters in Charlotte, has nearly 300 stores nationwide. Belk’s corporate office will remain on Tyvola Road.

A spokesperson told Channel 9 that no stores will close and no one will lose their jobs, but shoppers are worried that in the long run, that won't be true.

Reports: Private capital group may offer $3B to buy Belk

"I would just hate to see a good hometown store go out of business and close," shopper Brittney Robertson said.

The announcement comes after announcements of the sales of Family Dollar and Harris Teeter, both based in the Charlotte area.

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The Belk name has a big impact on Charlotte. Residents see it on John Belk Freeway, Belk Theater, UNC Charlotte's Belk College of Business and more.

"As Belk ownership moves away, it's the end of an era for Charlotte,” said Tom Hanchett, the historian for Levine Museum of the New South, which has an exhibit on Belk's history.

"The Belk name is not just burned into the retail scene, but they're also major philanthropists who have endowed hospitals and schools and colleges all throughout this region," Hanchett said.

A spokesperson told Channel 9 Belk Inc., the company's charity, and Belk Foundation, the Belk family's charity, are not affected by the buyout. Both will continue to give to the Charlotte community.

The buyout is expected to be complete this fall. Tim Belk will remain CEO.

Anyone with Belk stock will get $68 per share.

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