Belk Retains Goldman Sachs

Belk Inc. said Thursday that it has retained Goldman, Sachs & Co. as it begins a five-year strategic planning process. The company said that it is “performing due diligence to carefully explore all options for our future. As part of that process, the company has engaged Goldman Sachs to assist us in identifying and evaluating those options.” Belk, the largest privately held department store in the U.S., noted that it’s coming off a “successful fourth quarter, have a strong financial position and are enthusiastic about our future.” But the “rapidly changing industry” obliges the firm to consider alternatives that would provide a better return to its shareholders. The company said the analysis is expected to be completed “in the next several months.” News of the Belk-Goldman working relationship was first reported by Reuters. While speculation centered on the possibility that Belk could be considering a sale of its 297 stores in 16 states, predominantly in the Southeast, sources told WWD that any number of options could be considered, including a possible acquisition of another retailer. With the company focused on its motto of “Modern. Southern. Style.” in recent years, an acquisition outside the Southeast isn’t considered a viable option. In the fourth quarter, Belk’s net income

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