Belk Inc. changed its board of directors after obtaining new funding from its lenders in July.
The firm said that the new board members will work alongside Belk CEO Don Hendricks to achieve the company’s goals of strengthening national brand alliances, personalizing the shopping experience, and raising customer engagement.
Steve Sandove, the former chairman and CEO of Saks Incorporated from 2007 to 2013, has taken over as the new chairman of the regional department store. In addition to being a founding member of the private equity firm JW Levin Management Partners, he sits on other boards.
New to the board as well are:
- Joel Bines is the managing partner of Spruce consultancy, a specialized consultancy firm. At AlixPartners, a financial advising and consultancy business best renowned for its work in the turnaround arena, he previously oversaw the global retail division.
- Bob Hull is the CEO and creator of Integrity Strategic Solutions, a consulting business that works with early-stage and private equity organizations. He was a senior executive at Shoe Show and Food Lion before working for almost 20 years at Lowe’s Companies, where he served as CFO for 14 of those years.
- The managing member of JZ Advisors LLC, Jon Zinman, makes investments and offers investors and companies in a variety of industries strategic guidance. His more than 17 years in the business have included positions as a restructuring attorney and an investment analyst with a focus on post-reorganization scenarios.
“Together with our board’s extensive retail expertise and business acumen, we can propel Belk to new heights—especially after we closed a historic deal earlier this summer that sets us up for long-term growth,” Henricks said.
Belk Inc. concluded a deleveraging deal in July with its equity sponsor, Sycamore Partners, and its first and second lien lenders, KKR and Hein Park. Belk’s total outstanding debt was reduced by over $950 million as a result of the deal.
Additionally, the deal handed some of Belk’s current lenders—including money from KKR and Hein Park—control over the privately held company.
Currently, 16 Southeastern states are home to roughly 300 Belk establishments.
