News

December 10, 2015

Sycamore Partners today announced that it has completed its acquisition of Belk, Inc. (“Belk” or the “Company”).

Stefan Kaluzny, Managing Director of Sycamore Partners, said, “We are excited to have completed this acquisition and to begin our partnership with Belk. The Company has developed a loyal base of customers over its 127-year history, and we believe Belk is positioned for continued growth and success. We look forward to working with Belk’s management team and associates as they build on the Company’s legacy and continue to serve its customers and deliver Modern. Southern. Style.”

Tim Belk, chief executive officer of Belk, Inc., said, “We are very pleased to complete this transaction with Sycamore Partners, which delivers meaningful value to all our stakeholders. Our partnership with Sycamore will contribute to Belk’s continued success, and we look forward to leveraging Sycamore’s deep knowledge of the retail market to best serve our dedicated customers and provide even greater opportunities for our valued team members.”

As previously announced, under the terms of the transaction, Tim Belk is continuing to serve as CEO of Belk, and the Company continues to be headquartered in Charlotte, North Carolina.

Goldman, Sachs & Co. acted as financial advisor and King & Spalding LLP acted as legal advisor to Belk. BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sycamore Partners.

November 02, 2015

Dollar Tree, Inc. (NASDAQ: DLTR), the nation's leading operator of discount variety stores selling everything for $1 or less, and Sycamore Partners, a private equity firm specializing in consumer and retail investments, today announced that they have completed the transaction pursuant to which Dollar Tree divested 330 Family Dollar stores to Dollar Express LLC, a portfolio company of Sycamore Partners. The divestiture satisfied a condition as required by the Federal Trade Commission in connection with Dollar Tree's recently-completed acquisition of Family Dollar Stores, Inc. The stores will operate under the Dollar Express banner.

"We are pleased to have completed this acquisition, which adds to our growing portfolio of leading retailers and consumer brands," said Peter Morrow, a Managing Director at Sycamore Partners. "We look forward to operating these 330 stores as Dollar Express, a brand new, nationwide discount retailer that is well-positioned as an innovator in the market. We believe our significant experience with carve-out transactions will be beneficial in supporting the Dollar Express team to serve our loyal customers and create value."

August 06, 2015

“We are delighted to enter into this partnership with Sycamore Partners,” said Ernst Trapp, the Company’s Chief Executive Officer. “Sycamore has extensive multi-channel retailing experience and knowledge of the music- and entertainment-inspired apparel and accessories world. We believe this makes them an ideal partner as we look to grow our business, while continuing to operate as we always have – with a deep appreciation for our employees, customers and business partners.”

EMP will join Sycamore’s portfolio of retail investments as an independent business managed by Ernst Trapp as CEO and Dr. Jan Fischer as Chief Financial Officer. Sycamore’s portfolio also includes Hot Topic, a leading mall- and web-based specialty retailer that is a key retail partner to the music and entertainment industries. Hot Topic operates more than 650 stores in the U.S. and Canada.

“We are pleased to partner with EMP, Europe’s leading multi-channel retailer of music- and entertainment-inspired apparel and accessories, and look forward to forging closer relationships with our music and entertainment industry partners on a global basis,” said Peter Morrow, a Managing Director of Sycamore Partners. “EMP has developed a loyal base of customers over many years. We are excited to build on this legacy and work with the EMP team to continue to grow the business.”

January 12, 2015

Sycamore Partners today announced that Lew Frankfort, the former Chairman and Chief Executive Officer of Coach, Inc., has joined the firm as an Executive in Residence. In this role, Mr. Frankfort will serve as a valued resource to Sycamore Partners and the management teams of its portfolio companies, enabling them to tap into his incomparable retail knowledge, managerial expertise and network of industry relationships.

“Lew Frankfort is a legend in the retail industry, with decades of experience building brand awareness, developing customer loyalty and driving global growth at Coach,” said Stefan Kaluzny, a Managing Director of Sycamore Partners. “We are thrilled to have Lew join Sycamore Partners as an Executive in Residence and look forward to working closely with him as we continue to focus on building a portfolio of best-in-class consumer and retail brands.”

Mr. Frankfort said, “I am excited to join Sycamore Partners as an Executive in Residence. The firm has an excellent reputation in the industry for building lasting value. It continues to assemble an outstanding roster of leading retail and apparel brands with tremendous potential for growth and profitability.”

Mr. Frankfort joined Coach in 1979 and served as Chairman and Chief Executive Officer from November 1995 through December 2013. He then served as Executive Chairman until his retirement in November 2014. In his 35 years with the company, he transformed a cottage-industry manufacturer of leather goods into a leading global, modern luxury accessories brand. Prior to joining Coach, Mr. Frankfort held various management roles in New York City government, culminating in the position of Commissioner of New York City’s Head Start and Day Care Programs. He holds a BA degree from Hunter College and an MBA from Columbia University. Currently, Mr. Frankfort is the Chairman of Flywheel Sports, Inc. In addition, Mr. Frankfort serves on the Board of Directors of WeWork. He is also affiliated with a number of not-for-profit organizations.