REPORT: Belk has a buyer

Private equity firm Sycamore Partners is preparing to make an offer to buy Charlotte-based Belk, Reuters reported Thursday afternoon.

The offer could value the family-owned chain at between $3 billion and $3.5 billion including debt, Reuters said, citing people familiar with the deal. The buyout would be the New York firm’s largest deal.

The Belk family is expected to make a decision about whether to sell the company this month, Reuters said.