Charlotte, NC–Belk, the nation’s largest independent department store, has hired Goldman Sachs Group to explore a possible sale of the company, according to a report in Reuters.
The report estimates Belk–a third generation, family-owned department store chain with almost 300 stores located 16 Southern states–is worth $4 billion and says people close to the deal expect interest from private equity groups and retailers like Macy’s Inc., Nordstrom and Bon-Ton Stores. Bon-Ton’s president and CEO, Kathryn Bufano, is the former president of Belk.
Charlotte, N.C.-based Belk was founded in 1888 by William Henry Belk and is still run by his family. The retailer has stores in 16 states, mostly in the South.