Home / Knowledge / News / Apparel/Garments / Apparel retailer TJX announces sale of Bob's Stores
Apparel retailer TJX announces sale of Bob's Stores
Aug '08
The TJX Companies Inc, the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, 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 wish them much future success.”

Financial Impact of Sale/Reclassification of Bob's Stores to Discontinued Operations:
The Company will record an after-tax loss in its Fiscal 2009 third quarter of approximately $15 million, or $.03 per share, from the sale of Bob's Stores, which will be reported as a loss from discontinued operations. In the third quarter and going forward, historical results will also be adjusted to reflect the Bob's Stores business segment as discontinued operations.

Accordingly, the loss on the sale and the operating losses related to Bob's Stores will not impact results from continuing operations. The sale is expected to generate cash proceeds of approximately $23 million, which primarily represents anticipated tax benefits, as well as the proceeds from the sale, partially offset by fees and expenses related to the transaction.

Updated Guidance:
As a result of this sale and reclassification of Bob's Stores to discontinued operations, the Company is updating its guidance to reflect income from continuing operations, which will exclude the impact of the sale of Bob's Stores and its operating results.

The Company's guidance for the third and fourth quarter for diluted earnings per share from continuing operations is unchanged from the guidance for diluted earnings per share previously issued in the Company's 8/12/08 press release.

However, the Company now expects full year Fiscal 2009 diluted earnings per share from continuing operations to be in the range of $2.30 to $2.35, which represents an increase over prior guidance for diluted earnings per share due to the reclassification of Bob's Stores results to discontinued operations.

Full year guidance for diluted earnings per share from continuing operations for the current fiscal year includes an expected $.09 per share benefit from the 53rd week in the Company's Fiscal 2009 fourth quarter as well as $.02 per share of unanticipated tax-related adjustments recorded in the first quarter of Fiscal 2009.

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search