NEW YORK – BJ’s Wholesale Club Inc. said its board has decided to explore and evaluate strategic options, including a possible sale. The shares jumped in early trading.
The Westborough, Mass.-based retailer has hired Morgan Stanley as its financial adviser, according to a statement Thursday.
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BJ’s hired the investment bank last year after receiving an offer from private-equity firm Leonard Green & Partners LP, three people with knowledge of the matter said at the time. The wholesale club, which offers discounts to members who pay an annual fee, has lagged behind larger Costco Wholesale Corp. in same-store sales growth, a key measure of retail performance.
January sales at stores open at least a year rose 0.3 percent excluding gasoline, BJ’s said Thursday. Costco posted a 4 percent gain at its U.S. stores, excluding fuel.
BJ’s rose $5.74, or 13 percent, to $48.75 at 7:55 a.m. in New York, before regular trading.
