Belk stores being sold to NY firm

The Belk department store chain is being purchased by private equity firm Sycamore Partners out of New York.

The $3 billion deal will allow the firm to purchase the country's largest family-owned department store. Stockholders will receive $68 per share.

The current Belk Chairman and Chief Executive Tim Belk will stay on as the CEO of Belk. The acquisition is expected to be completed by the end of 2015. See the story above for more details.

In the press release issued today, Tim Belk, chairman and chief executive officer of Belk, Inc., said, "We are delighted to have found a financial partner that sees what we see in Belk: a 127-year-old brand that remains relevant today with exceptional customer loyalty in small, medium and large cities throughout the South. We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore. This transaction is an across-the-board win for our stakeholders."