SAN FRANCISCO (Thomson Financial) - TJX Cos. said late Tuesday it has sold
Bobs Stores to private equity firms Versa Capital Management and Crystal Capital
for an undisclosed amount.
Carol Meyrowitz, president and CEO, said in a statement that the company's
decision to sell the business reflects its "vision to grow TJX as a global,
off-price company. We believe that focusing on the significant opportunities to
expand the domestic and international presence of our core, off-price concepts
is the right strategy for us at this time."
TJX will record an after-tax loss in third quarter of roughly 3 cents a
share from the sale. The deal is expected to generate cash proceeds of $23
million.
The company said its forecast for the third and fourth quarter for earnings
per share from continuing operations is unchanged, but TJX raised its fiscal
2009 earnings from continuing operations forecast to a range of $2.30 to $2.35 a
share from $2.26 to $2.31 a share. The revised forecast is due to the
reclassification of Bobs Stores results as discontinued operations.
Excluding certain items, fiscal 2009 adjusted earnings are now expected in a
range of $2.19 to $2.24 a share, up from its previous view of $2.17 to $2.22 a
share.
TJX stock closed the regular session at $34.77.
Gabriel Madway
gm
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