BELK,INC. BELK ADMINISTRATION COMPANY BELK INTERNATIONAL, INC. BELKSTORES SERVICES, INC. BELK-SIMPSON COMPANY, GREENVILLE, SOUTH CAROLINA THE BELK CENTER, INC. BELKACCOUNTS RECEIVABLE LLC BELK STORES OF VIRGINIA LLC BELK GIFT CARD COMPANY LLC BELKMERCHANDISING LLC BELK TEXAS HOLDINGS LLC BELK DEPARTMENT STORES LP BELKECOMMERCE LLC BELK STORES OF MISSISSIPPI LLC 2801 West Tyvola Road Charlotte,North Carolina 28217 FIRST AMENDMENT TO NOTE PURCHASEAGREEMENT $100,000,000 5.21% Senior Notes due January 25, 2022

Exhibit 10.1

EXECUTION VERSION

BELK, INC.

BELK ADMINISTRATION COMPANY

BELK INTERNATIONAL, INC.

BELK STORES SERVICES, INC.

BELK-SIMPSON COMPANY, GREENVILLE, SOUTH CAROLINA

THE BELK CENTER, INC.

BELK ACCOUNTS RECEIVABLE LLC

BELK STORES OF VIRGINIA LLC

BELK GIFT CARD COMPANY LLC

BELK MERCHANDISING LLC

BELK TEXAS HOLDINGS LLC

BELK DEPARTMENT STORES LP

BELK ECOMMERCE LLC

BELK STORES OF MISSISSIPPI LLC

2801 West Tyvola Road

Charlotte, North Carolina 28217

FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT

$100,000,000 5.21% Senior Notes due January 25, 2022

Dated as of December 3, 2015

To the Holders of the Senior Notes

Named In the Attached Schedule I

Ladies and Gentlemen:

Reference is hereby made to that certain Note Purchase Agreement dated as of December 14, 2011 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”) by and among Belk, Inc., a Delaware corporation (the “Company”), certain of the subsidiaries of the Company listed on the signature pages hereto (the “Subsidiary Obligors”, and together with the Company and each other Person required to become an obligor pursuant to Section 9.9 of the Note Purchase Agreement, the “Obligors”) and you pursuant to which the Obligors issued and sold 5.21% Senior Notes, due January 25, 2022 in the aggregate principal amount of $100,000,000 (the “Notes”). You are referred to herein individually as a “holder” and collectively as the “holders.” Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Note Purchase Agreement, as amended by this First Amendment to Note Purchase Agreement (this “First Amendment”).

The Company has entered into an Agreement and Plan of Merger, dated as of August 23, 2015 (as it may be amended from time to time, the “Merger Agreement”) with Bear Parent Inc., a Delaware corporation (“Parent”), and Bear Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Sycamore Merger”). After completion of the Sycamore Merger, the Company will become an affiliate of investment funds managed by Sycamore Partners Management, L.P. The Obligors request that the holders consent to amendments to the Note Purchase Agreement relating to the prepayment of the Notes in connection with the Sycamore Merger.

In consideration of the premises and for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Obligors and the holders agree as follows:

1.1. Amendment to Section 8. The following Section 8.8 is added to the Note Purchase Agreement to read in its entirety as follows:

Section 8.8 Prepayment in Connection with the Sycamore Merger.

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1.2. Amendment to Schedule B. The following new definitions are added to Schedule B, in the appropriate alphabetical order:

“Deferred Sycamore Prepayment Date” is defined in Section 8.8(c).

“First Amendment” means the First Amendment to Note Purchase Agreement, dated as of December 3, 2015 by and among the Obligors and the holders of the Notes.

“Merger Agreement” means that certain Agreement and Plan of Merger (as it may be amended from time to time), dated as of August 23, 2015, by and among Bear Parent Inc., a Delaware corporation, Bear Merger Sub Inc., a Delaware corporation, and the Company.

“Prepayment Amount” is defined in Section 8.8(a).

“Prepayment Notice” is defined in Section 8.8(b).

“Sycamore Merger” means the merger of Bear Merger Sub Inc., a Delaware corporation, with and into the Company with the Company continuing as the surviving corporation pursuant to the terms of the Merger Agreement.

“Sycamore Prepayment Date” is defined in Section 8.8(a).

This First Amendment shall be deemed to be effective as of the date first written above upon execution by each holder of Notes outstanding and receipt by the holders of a counterpart of this

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First Amendment duly executed by the Obligors. Notwithstanding the foregoing, the First Amendment shall cease to be effective in the event that the Merger Agreement has been terminated in accordance with Article VIII thereof prior to the consummation of the Merger.

3.2. Representations of Holders. Each holder represents and warrants to the Obligors that it or its nominee is the registered holder of the aggregate principal amount of Notes set forth opposite such holder’s name on Schedule I to this First Amendment, and that it has full power and authority to execute and deliver this First Amendment with respect to the Notes set forth opposite such holder’s name on Schedule I to this First Amendment. Each holder hereby confirms the accuracy of the payment instructions set forth in Schedule A to the Note Purchase Agreement unless such holder shall have otherwise advised the Company in writing after the date of this First Amendment and not less than two Business Days prior to the Sycamore Prepayment Date.

3.3. Expenses of Counsel. The Obligors, jointly and severally, agree to pay all fees and expenses of Schiff Hardin LLP, special counsel to the holders, for services rendered in connection with this First Amendment on or before the Sycamore Prepayment Date or the Deferred Sycamore Prepayment Date, if applicable, or the date on which the Merger Agreement is terminated.

3.4. Ratification. Except as amended hereby, the Note Purchase Agreement, including the representations and warranties contained therein, shall remain in full force and effect and is ratified, approved and confirmed in all respects as of the date first above written.

3.5. Reference to and Effect on the Note Amendment. Upon the effectiveness of this First Amendment, each reference in the Note Purchase Agreement and in other documents describing

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or referencing the Note Purchase Agreement to the “Agreement,” “Note Purchase Agreement,” “hereunder,” “hereof,” “herein,” or words of like import referring to the Note Purchase Agreement, shall mean and be a reference to the Note Purchase Agreement, as amended hereby, so long as the First Amendment shall be in effect.

3.6. Binding Effect. This First Amendment shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto.

3.7. Governing Law. This First Amendment shall be construed and enforced in accordance with, and the rights of the parties hereto shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

3.8. Counterparts; Facsimile. This First Amendment may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. Further, signatures transmitted by facsimile or other electronic transmission shall be accepted as originals for all purposes of this First Amendment.

3.9. Headings. The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the Obligors and the holders have caused this First Amendment to be executed and delivered by their respective officer(s) or authorized representative(s) thereunto duly authorized.

[Signature Page to First Amendment to Note Purchase Agreement]

S-1

[Signature Page to First Amendment to Note Purchase Agreement]

S-2

[Signature Page to First Amendment to Note Purchase Agreement]

S-3

[Signature Page to First Amendment to Note Purchase Agreement]

S-4

[Signature Page to First Amendment to Note Purchase Agreement]

S-5

[Signature Page to First Amendment to Note Purchase Agreement]

S-6

[Signature Page to First Amendment to Note Purchase Agreement]

S-7

SCHEDULE I

SCHEDULE I

(First Amendment to Note Purchase Agreement)

SCHEDULE I

(First Amendment to Note Purchase Agreement)