Business
Sources: Department Store Chain Belk Seeks Sale
(Reuters) – Belk Inc. is exploring a sale that could value the largest family-owned and operated department store chain in the United States at as much as $4 billion, including debt, people familiar with the matter said on Thursday.
Belk has hired investment bank Goldman Sachs Group Inc. to help it evaluate strategic alternatives, including a potential sale, the people said.
Major department stores, such as Macy’s Inc. and Nordstrom Inc., as well as large private equity firms are expected to be contacted by Belk to solicit their interest in a deal, the people added.
Belk is projected to have annual earnings before interest, tax, depreciation and amortization this year of around $400 million, one of the people said.
