Belk owner loses controlling interest

CHARLOTTE — Belk Inc. announced on Tuesday the closing of a deal that cuts its outstanding debt by nearly $1 billion.

The deal gives a controlling interest in the Charlotte-based department store chain to existing lenders, including funds associated with KKR and Hein Park, according to a news release.

Belk, which has nearly 300 stores across the Southeast, was acquired by New York-based private equity firm Sycamore Partners in 2015 for about $3 billion. The retailer was founded in the Charlotte area in 1888 by the Belk family.

Read more about what this latest deal means for the retailer on CBJ’s website here.

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