The TJX Companies, Inc. has completed its acquisition of Bob's Stores.
TJX has purchased substantially all of the assets of Bob's Stores and its subsidiaries and assumed leases for 31 of Bob's Stores' locations, its Meriden, Connecticut, office and warehouse lease, along with specified operating contracts, and customer, vendor and employee obligations. The estimated purchase price of $59 million is subject to final adjustments, including a physical inventory, and is net of funds provided by a third party.
The estimated purchase price of $59 million is subject to final adjustments, including a physical inventory, and is net of funds provided by a third party.
Edmond J. English, President and Chief Executive Officer of The TJX Companies, Inc., stated, “I am very pleased with the addition of Bob's Stores to the TJX family of companies, which represents another prospect for our Company's growth well into the future. With our excellent track record of starting and acquiring businesses, we believe Bob's Stores will be a significant long-term growth vehicle for TJX, with the potential over time of providing a multi-billion-dollar revenue stream and growing to be a chain of 400 stores in the U.S. While we see significant long-term potential with Bob's Stores, this acquisition is expected to have only a minimal impact on TJX's earnings per share over the next few years. We welcome Bob's Stores' management team and organization to TJX and look forward to working with them.”
