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Article Excerpt
FRAMINGHAM, Mass. -- The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced that it has sold Bob's Stores to private equity firms Versa Capital Management and Crystal Capital. Terms of the sale were not disclosed.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, "While we continue to believe Bob's Stores has great potential and an excellent organization, our decision to sell the business reflects our 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. Bob's Stores has made a great deal of progress in improving its comparable store sales, operating results and cash flow over the past two years. We are sincerely grateful for the hard work and commitment of the Bob's Stores team, and we...
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