Report: TJX Putting Bob’s Stores on Block
New York City TJX Cos. is reportedly in discussions to sell its money-losing Bob's Stores, Bloomberg reported on Friday, citing people with knowledge of the sale process.
TJX, whose brands in the United States include T.J. Maxx, Marshalls, HomeGoods and A.J. Wright, has benefited as shoppers look for cheaper alternatives. It posted a nearly 20% profit gain on a 6% increase in sales in its first quarter ended April 26.
The bulk of TJX’s sales come from T.J. Maxx and Marshalls. But Bob's Stores, which TJX acquired in bankruptcy in 2003, remains in a slump.
According to the report -- which cites anonymous sources -- potential buyers for Bob's include private-equity firm Versa Capital Management Inc. The report said TJX's adviser Peter J. Solomon Co. is seeking a buyer that will keep Bob's 34 stores open.