Department store Belk, based in Charlotte, has announced private equity firm Sycamore Partners will buy the company.
Belk's board of directors unanimously agreed to the sale, but the deal is subject to stockholder approval. As part of the deal, stockholders would get $68 a share.
In April, Belk hired an outside firm to help it explore future investment options, including a possible sale.
As part of the agreement, the company will keep its headquarters in Charlotte. Tim Belk will also remain the CEO.