BJ's Mulls Sale
BJ’s Wholesale Club, Inc. said this week that its board of directors, acting on the recommendation of a committee of independent directors, will explore and evaluate strategic alternatives, among them a possible sale of the Westborough, Mass.-based company. To help in this process, the independent committee has retained New York-based Morgan Stanley & Co. Inc.
“The company has not made a decision to pursue any specific strategic transaction or other strategic alternative, so there can be no assurance that the exploration of strategic alternatives will result in a sale of the company or in any other transaction,’ BJ’s noted, adding that there was no set timetable for the process.
Early last month, the company, which now operates 189 locations in 15 states, unveiled strategic actions to strengthen operations that included closing five underperforming clubs and the reorganization of its home office and some field operations.