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About one-quarter of Belk shareholder votes cast were against Sycamore deal

mhames@charlotteobserver.com

In a special meeting last week, 75 percent of votes cast by Belk shareholders were in favor of selling the company to New York private equity group Sycamore Partners.

Over 89 million, or about 25 percent, of the votes cast were against the deal, according to a securities filing Monday from Charlotte-based Belk. Less than 1 percent of shares abstained.

The $3 billion sale of the department store chain to Sycamore Partners was announced in August and approved by Belk’s board.

“The vote is a recognition of the considerable value and retail sector experience that Sycamore is bringing to Belk as we build on our 127-year history,” Chief Executive Officer Tim Belk said in the filing.

The deal has passed all required regulatory approvals and is expected to close in late November or early December.

Katherine Peralta: 704-358-5079, @katieperalta

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