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Essay On Belk

540 Words3 Pages

Belk as its known today established its start in 1888 by a high energy business minded 26-year-old by the name of William Henry Belk. William started his first business project with just over $4,250 in saving and consignment goods, naming his company New York Racket. Over the next three years brother, Dr. John Belk came on board; the company was formerly renamed Belk’s brother. Their unity made way to pay the startup obligation, generating a profit of $3300. This union was the start of what is now known as a Belk department store, which is one of the most well-defined household name and one of the extended run department stores around. The success of the company continues to grow to produce stores throughout the southern states. The two brother’s …show more content…

2011 Belk gross profit was over $183.1 on sales” marking an earnings growth of 189 percent and sales expansion of 65 percent over a decade earlier” (The Business of Belk. (2013). WWD: Women's Wear Daily, 205(55), 10b-1.) Although Belk sales increased over the years; by providing several top name brands such as “Crown & Ivy, New Directions, Kim Rogers, New Directions Weekend, J. Khaki Pro Tour Ocean & Coast Saddlebred 1888, Belk Silverworks, Be Inspired, Biltmore, Home Accents, Cooks Tools, and Kaari Blue”. (Belk, Inc 2017) END ALL EDIT COMPLETE Belk soon can to realize the younger family member didn’t share the same passion as the founder. The time has come for the business to seek an investor to assist with the financial of the business. During 2014 the company executive reaches out to an investor to a partnership with, in 2015 they reach an agreement with “Sycamore Partners, a private equity firm based in New York specializing in consumer and retail investments, acquired Belk.” Although Sycamore Partners acquired Belk, the brothers remain on the board maintaining some interest in the business. With Sycamore Partners coming on board some changes have been made within the company, however; they are being careful not to interfere with the motto of the Belk brand which is “providing Southern comfort” within every

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