TJX Sells Bob's Stores; Lifts FY09 Outlook For Earnings From Continuing Operations - Update
Tuesday August 19, 2008 19:18:00 EDT

(RTTNews) - Tuesday, TJX Companies, Inc. (TJX), an off-price retailer of apparel and home fashions, said it sold casual clothing and footwear superstore Bob's Stores to private equity firms Versa Capital Management and Crystal Capital. Terms of the sale were not disclosed. The company also lifted its Fiscal 2009 guidance for earnings per share from continuing operations.

The sale is expected to generate cash proceeds of about $23 million, which primarily represents anticipated tax benefits, as well as proceeds from the sale, partially offset by fees and expenses related to the transaction.

The Framingham, Massachusetts-based company acquired Bob's Stores in late 2003. Bob's Stores' net sales were $310 million for the fiscal year (continued...)