CHARLOTTE, N.C. — Charlotte based retailer BelkΒ may be looking to sell the company and has hired Goldman Sachs to help evaluate potential deals.
Belk, which is still majorly owned by the Belk family and is the largest family owned and operated department store in the country, totaled roughly $4.1 billion in sales last year garnering a profit of roughly $146 million. The earnings figure was down about 8%from the previous year.
In a statement obtained by WCCB, Jessica Graham, Belk Vice President of Communications and Community RelationsΒ wrote:
“Belkβs focus on a long-term strategic approach has been a key factor in the companyβs success.Β We are entering our scheduled five-year strategic planning process within a rapidly changing industry.Β We are coming off a successful fourth quarter, have a strong financial position and are enthusiastic about our future.Β We also believe, however, that we have an obligation to consider whether there are alternatives to our current plans that would provide a better return for our stockholders. As such, we are performing due diligence to carefully explore all options for our future. As a part of that process, the company has engaged Goldman Sachs to assist us in identifying and evaluating those options. We expect to conclude our analysis in the next several months.”
Belk was founded by William Thomas Belk in Monroe, North Carolina, in 1888 and currently operates 300 stores in 16 states in the southern United States. Belk employs nearly 25,000 people.
