Private equity firm Sycamore Partners has completed its US$3bn acquisition of US fashion department store retailer Belk

The agreement, which was first announced in August, will see Belk CEO Tim Belk remain in his role and the company continue to be headquartered in Charlotte, North Carolina.

In August, the two firms said all Belk stockholders would receive $68 per share in cash for each share of common stock they own. 

Of Belk, Sycamore Partners managing director Stefan Kaluzny said: 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."

Meanwhile, Belk believes the transaction "delivers meaningful value to all our stakeholders". 

He noted: "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."