The North Carolina department store Belk will be sold for $3 billion to a private equity firm in New York.
Sycamore Partners is acquiring Belk, a company with a long history in the Charlotte area. William Henry Belk founded the department store in Monroe in 1888. Belk has more than 1,000 corporate employees in Charlotte. It's not yet clear what will happen to those employees or the nearly 300 Belk stores in the Southeast.