TJX Sells Bob's Stores Chain To Versa Capital, Crystal Capital, Terms Undisclosed

Aug 20, 2008 (financialwire.net via COMTEX) -- TJX | Quote | Chart | News | PowerRating -- August 20, 2008 (FinancialWire) TJX Cos. Inc. (NYSE: TJX | Quote | Chart | News | PowerRating) has agreed to sell the Bob's Stores chain to private equity firms Versa Capital Management and Crystal Capital for an undisclosed sum.

TJX said that the deal will result in a $15 million, or a three cent per share charge, in the third quarter. The discount retailer acquired Bob's in 2003 and the chain of nearly three-dozen stores is its smallest unit. Bob's Stores, which sells casual clothing and footwear, has 34 stores clustered in northeastern states.

Last year, the chain had sales of about $310 million, or about two percent of the company's $18.6 billion total sales.

Separately Tuesday, TJX, which operates T.J. Maxx, Marshalls and other discount retailers, updated its full-year guidance because of the sale. The company now expects its fiscal 2009 full-year earnings per share from continuing operations to be between $2.30 and $2.35.

TJX shares fell 82 cents, or 2.3 percent, to close at $34.77 in regular trading Tuesday.

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