TJX Cos., the owner of T.J. Maxx and
Marshalls clothing stores, has won the bidding for bankrupt Bob’s
Stores Inc., Chief Financial Officer Donald Campbell said in an
interview.
Campbell said Framingham, Massachusetts-based TJX has
offered $113 million for Bob’s Stores, though adjustments related
to issues such as inventory would reduce the final amount to
“less than $100 million.” He declined to be more specific. The
sale is subject to bankruptcy court approval.
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TJX announced in October that it planned to acquire most of
the assets of Connecticut-based Bob’s Stores, which filed for
Chapter 11 bankruptcy protection this year. TJX raised its offer
to $113 million from $100 million, Campbell said.
“Until it’s approved by the court, it isn’t concluded,”
Campbell said. The court proceedings will resume on Tuesday. The auction is
under the jurisdiction of U.S. Bankruptcy Court in Maine.
Bloomberg News
