Belk launches fine-jewelry acquisitions
Charlotte Business Journal, NCÂ
Belk Inc. has agreed to acquire the inventory and assets of Migerobe Inc., a Mississippi company that leases and operates fine-jewelry departments in 35 Belk stores.
The transaction is slated to close in August. Financial terms weren’t disclosed.
In addition, Belk will begin operating 80 other fine-jewelry departments in its stores that are leased by Finlay Fine Jewelry Corp. of New York.
Belk will assume the management and operation of those departments early next year when Finlay’s lease agreement expires.
“This is a great opportunity for Belk to leverage the success and experience of Migerobe to benefit our entire fine-jewelry business and raise its performance to the next level,” says Tim Belk, chief executive of the retail chain. “This year, fine-jewelry sales in Belk stores should approach $80 million, and we see this as an opportunity to grow sales and extend fine jewelry to more Belk stores.”
Belk will offer jobs to all Migerobe and Finlay employees in its fine-jewelry departments.
Purchasing and administrative offices for the combined fine-jewelry business will be based at Belk’s headquarters in Charlotte.
Belk is the nation’s largest privately owned department-store chain. Founded in 1888, it operates 277 stores in 16 Southeastern states.
