Belk Announces Retirement of Tim Belk as CEO
Lisa Harper named new CEO

CHARLOTTE, N.C., June 29, 2016 /PRNewswire/ -- The Board of Directors of Belk, Inc. today announced that Tim Belk will retire as chief executive officer of the company in July 2016. He will continue to serve on the Belk Board. Lisa Harper, who previously served as chief executive officer of Hot Topic, Inc., will succeed Tim Belk as CEO, effective July 5, 2016.

Charlotte, N.C.-based Belk, Inc. (www.belk.com) is the nation's largest family owned and operated department store company with close to 300 Belk stores located in 16 Southern states and a growing digital presence.

"After managing through the ownership transition and filling a number of key management positions, I've decided this is an opportune time for me to retire as CEO of Belk," said Tim Belk. "It has been an honor to continue my family's legacy by serving the company over the past 35 years. I would like to express my gratitude to the thousands of associates, both current and former, and the customers who have helped create the company Belk is today. Their commitment to and passion for our company has been incredible."

He added, "I also appreciate the partnership we've developed with Stefan Kaluzny and Sycamore Partners. Their vision and expertise will carry the company forward to even greater success. A North Carolina native who worked on the selling floor at Belk as one of her first jobs, Lisa Harper brings more than two decades of experience across the retail industry. I am confident she will be a dynamic leader who will carry forth our values, our brand, and our focus on our customers. I look forward to working with Lisa during a transition period in July and in my continued role as a board member."

Stefan Kaluzny, chairman of the Belk, Inc. Board of Directors and managing director of Sycamore Partners, said, "Tim's vision and passion as a leader were among the qualities that first attracted us to Belk, and I look forward to continuing to work with him on the Board. We are excited for the company's next chapter, and we believe Lisa will position Belk for future success as we build on the company's legacy and continue to deliver its Modern. Southern. Style."

Tim Belk has served as CEO of the company since 2004. He joined the company in 1981 as a management trainee, and has served in a variety of roles, including buyer, store manager, divisional merchandise manager for men's and boys, senior vice president of human resources, and president of stores and real estate. He led the company through the acquisitions of Parisian, Proffitt's and McRae's.

About Lisa Harper
Harper served as CEO of Hot Topic from March 2011 until June 2016. She will continue to serve on the Hot Topic Board of Directors, which she joined in June 2008.

Harper served as CEO from 2001 to 2006 and Chairman from 2002-2006 of the Gymboree Corporation, a publicly traded company operating a chain of specialty retail stores for children and women. She also held various creative, merchandising and design positions at Gymboree and, before that, held similar positions with several other clothing retailers, including Limited Too, Esprit de Corp., GapKids, Mervyn's, and Levi Strauss.

Harper is a native of Durham, North Carolina and attended the University of North Carolina at Chapel Hill.   

About Belk, Inc.
Belk, Inc., a private department store company based in Charlotte, N.C., is the home of Modern. Southern. Style. with 293 Belk stores located in 16 Southern states and a growing digital presence. Belk is a portfolio company of Sycamore Partners, a private equity firm based in New York. Belk and www.belk.com offer a wide assortment of national branded and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and provides exclusive offers, fashion updates, sales notifications and coupons via email or text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

About Sycamore Partners
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm's strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. The firm's investment portfolio currently includes Aeropostale, Belk, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, the Kasper Group, MGF Sourcing, Nine West Holdings, Talbots and Torrid.

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SOURCE Belk, Inc.

For further information: Jessica Graham, vice president, communications and community relations, 704-426-8333, Jessica_graham@belk.com