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Erskine Bowles joins Belk board

Erskine Bowles is beefing up his lengthy board of directors resume with a stint at Belk.

Bowles, who retired as president of the UNC system in January, was elected to the board of the Charlotte-based department store chain at its annual meeting today.

Bowles is also on the boards of Morgan Stanley, Cousins Properties and Norfolk Southern. The Greensboro native previously served on the boards of General Motors, N.C. Mutual, Merck, VF Corp., Wachovia and Krispy Kreme.

"His extensive service as a director of public companies provides him with a valuable depth of experience on a wide range of corporate governance issues," CEO Tim Belk said in a prepared statement.

Belk reports loss, but higher sales

Belk reported a third-quarter loss, as the Charlotte-based department-store chain spent millions on a re-branding effort.

Same-store sales during the quarter, an important measure of a retailer's health, rose 2.5 percent from a year earlier.

The $70 million branding campaign includes new signs, logo, advertising and  tagline: "Modern. Southern. Style." Belk officials are trying to revamp the chain's image to attract a wider base of customers.

The effort increased costs but "will boost performance over the long term," CEO Tim Belk said in a prepared statement.

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