(h/t to Jeremy Markovich for that headline. We wish we were smart enough to come up with it.)
Modern. Southern. Sold. http://t.co/ssrhHW1JbQ
— Jeremy Markovich (@deftlyinane) August 24, 2015
Well it’s official. Belk agreed to sell the company for $3 billion to Sycamore Partners, a New York private equity firm.
The sale would end the local control of the 127-year-old Charlotte-based retailer, which is the nation’s largest family-controlled department store. Jen is sad.
Here’s the good news, though:
– No store closings or layoffs are planned.
– The buyer supports Belk’s brand, according to Tim Belk, who will remain as CEO.
– The headquarters will remain in Charlotte.
“The Belk that (customers) love is not going to change,” Belk told the Observer.
The deal, which is subject to regulatory approval, is expected to close in the fourth quarter of this year.
PEOPLE COMPLAIN, BOFA LISTENS: Bank of America was going to close the drive-through teller lanes at its Myers Park branch until customers made a fuss about it. A big fuss, apparently. Enough of a fuss that the bank decided to keep the lanes open to the delight of the Myers Park customers.
MORE AIRPORT CONSTRUCTION: Charlotte City Council approved spending nearly $48 million for a new access road at Charlotte Douglas International Airport. The larger loop road will have eight lanes for arrivals and eight for departures. There will also be tunnels under the road for pedestrians to walk from the terminal to the parking deck.
STREETCAR FIGHT: It seems like Republican mayoral candidates Scott Stone and Edwin Peacock are fighting to see who likes the streetcar the least. Yesterday Stone said Peacock hadn’t consistently opposed the streetcar, but Peacock said he voted against the project multiple occasions six years ago. Maybe they should just take a ride and talk it out.
MKG IN CLT: The Hornets signed Michael Kidd-Gilchrist to a four-year, $52 million contract, according to an Observer report. MKG is known as a defensive stopper, but he hasn’t been as strong on the offensive side, averaging 13.4 points last year and never taking a 3-point shot.
— Charlotte Observer (@theobserver) August 25, 2015
Photos: T. Ortega Gaines/Charlotte Observer ; Deon Roberts/Charlotte Observer; Jeff Siner/Charlotte Observer