Belk launches fine-jewelry acquisitions
\nCharlotte Business Journal,\u00c2\u00a0NC\u00c2\u00a0<\/p>\n
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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.<\/p>\n
The transaction is slated to close in August. Financial terms weren’t disclosed.<\/p>\n
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.<\/p>\n
Belk will assume the management and operation of those departments early next year when Finlay’s lease agreement expires.<\/p>\n
“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.”<\/p>\n
Belk will offer jobs to all Migerobe and Finlay employees in its fine-jewelry departments.<\/p>\n
Purchasing and administrative offices for the combined fine-jewelry business will be based at Belk’s headquarters in Charlotte.<\/p>\n
Belk is the nation’s largest privately owned department-store chain. Founded in 1888, it operates 277 stores in 16 Southeastern states.<\/p>\n","protected":false},"excerpt":{"rendered":"
Belk launches fine-jewelry acquisitions Charlotte Business Journal,\u00c2\u00a0NC\u00c2\u00a0 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 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"\n