Charlotte, N.C. – After securing fresh financing from its lenders in July, Belk Inc. has reconfigured its board of directors.
The new members of the board will join Belk CEO Don Hendricks as the company focuses on deepening national brand partnerships, creating a more personalized shopping experience, and further increasing customer engagement, the company announced.
The regional department store’s new chairman is Steve Sandove, who served as served as chairman and CEO of Saks Incorporated from 2007 to 2013. He serves on numerous boards and is a founding partner of JW Levin Management Partners, a private equity firm.
Also new to the board are:
Joel Bines, managing partner of boutique advisory firm Spruce Advisory. He previously led the global retail practice at AlixPartners, a financial advisory and consulting firm best known for its work in the turnaround space.
Bob Hull, founder and CEO of Integrity Strategic Solutions, an advisory services firm working with private equity and early-stage firms. He formerly held leadership positions at Shoe Show and Food Lion, and spent nearly two decades at Lowe’s Companies, including 14 years as CFO.
Jon Zinman, the managing member of JZ Advisors LLC, which invests in and provides strategic advice for businesses and investors across a diverse set of industries. His more than 17 years of industry experience includes work as an investment analyst specializing in post-reorganization situations and as a restructuring lawyer.
“After successfully completing a landmark transaction that positions our business for long-term growth earlier this summer, adding the breadth of retail knowledge and business-acumen of our board will help enable Belk to reach new heights,” said Henricks.
In July, Belk Inc. completed a deleveraging transaction with KKR and Hein Park – its first and second lien lenders – as well as its equity sponsor, Sycamore Partners. The transaction chopped Belk’s outstanding debt by more than $950 million.
The transaction also gave some of Belk’s existing lenders, including funds associated with KKR and Hein Park, a controlling interest in the privately held business.
Belk currently operates nearly 300 Belk stores in 16 Southeastern states.