USA: The TJX Co's To Buy Bob's Stores For $100m
The Massachusetts-based operator of more than 1,500 stores said in a statement Bob's Stores runs 36 value-oriented clothing and footwear stores in the Northeast of the country.
Under the agreement, TJX will purchase the assets of Bob's Stores for $100m, less various adjustments, and assume store leases and operating contracts to be designated by TJX. It expects to assume most, but not all, of Bob's Stores' leases.
TJX president and CEO, Edmond English, said: "The anticipated addition of Bob's Stores to our family of businesses represents our continued focus on growing our company successfully well into the future.
"While we expect that our earnings per share will be only minimally impacted over the next few years, we believe Bob's Stores provides us with a significant long-term growth vehicle for a relatively small initial investment.
"As a value-oriented chain, Bob's Stores shares many characteristics with TJX's other divisions, such as a large store format, branded apparel and footwear at great prices and an extremely loyal customer base.
"As a result, it fits well with TJX's mission and gives us new opportunities to add to our traditional customer base and broaden our offerings in casual clothing, activewear, workwear, and footwear."
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