Belk completes fine-jewelry acquisition
The Business Journal of the Greater Triad Area
Belk Inc. has completed its purchase of the assets of Migerobe Inc., a Mississippi company that leases and operates fine-jewelry departments in 35 Belk stores.
Effective Monday, Belk will own and begin operating these departments through a newly established fine jewelry division at Belk’s Charlotte headquarters.
Financial terms weren’t disclosed.
As previously announced, Belk will begin operating an additional 73 fine-jewelry departments in February that are now operated by Finlay Fine Jewelry Corp. of New York.
In addition, Belk plans to open another nine fine-jewelry departments this fall.
Belk has offered all of Migerobe’s fine-jewelry department employees jobs at Belk, and all workers in the Finlay fine-jewelry departments at Belk stores will be offered employment.
Belk is the nation’s largest privately owned department store company. The company, which has locations in Greensboro, Winston-Salem and High Point, operates 277 department stores in 16 Southeastern states.
