It's unknown whether Belk's exploration to sell the company will affect its future in the Aiken Mall and in North Augusta, but at this time the company is "performing due diligence to carefully explore all options for (Belk's) future," according to Belk's spokesperson Jessica Graham.
The Charlotte Observer, following initial reports by Reuters, reported Thursday that the Charlotte-based company is looking to sell. Belk operates more than 300 stores in 16 Southern states, which includes South Carolina.
In an email to the Aiken Standard, Graham said the company has "engaged" Goldman Sachs to "assist us in identifying and evaluating" its options, which likely include whether to sell.
"Belk's focus on a long-term strategic approach has been a key factor in the company's success," Graham wrote. "We are entering our scheduled five-year strategic planning process within a rapidly changing industry. We are coming off a successful fourth quarter, have a strong financial position and are enthusiastic about our future. We also believe, however, that we have an obligation to consider whether there are alternatives to our current plans that would provide a better return for our stockholders. As such, we are performing due diligence to carefully explore all options for our future. ... We expect to conclude our analysis in the next several months."
Despite Belk's sales totaling $4.1 billion within the past year, its profits reportedly dropped 7.8 percent - leaving its earning in the past fiscal year at $146 million.
The Charlotte Observer reported a person familiar with the Belk company said the "most likely buyer for Belk would be a private equity firm, which would likely trim the company's expenses and then take it public a few years later."
The Charlotte Observer contributed to this story.
Maayan Schechter is the local government reporter with Aiken Standard. An Atlanta native, she has a mass communications-journalism degree with the University of North Carolina Asheville. Follow her on Twitter @MaayanSchechter.