FRAMINGHAM – TJX Cos., the owner of T.J. Maxx and Marshalls clothing stores, won the bidding for bankrupt Bob’s Stores Inc., Chief Financial Officer Donald Campbell said in an interview.
Campbell said Framingham-based TJX offered $113 million for Bob’s Stores, though adjustments related to inventory reductions and other issues would decrease the final amount to “less than $100 million.” He declined to be more specific.
The purchase must receive bankruptcy court approval. TJX said in October that it planned to acquire most of the assets of closely held Bob’s Stores, which filed for Chapter 11 bankruptcy protection last year.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
TJX raised its offer to $113 million from $100 million and was recently designated the auction’s winner, beating a bid by a joint venture led by Dick’s Sporting Goods Inc.
If approved, the acquisition is expected to decrease TJX earnings during the first year of ownership, and then increase them during the second year, said TJX spokeswoman Sherry Lang. A Bob’s Stores spokeswoman declined to comment, directing questions to Lang. (Bloomberg News)
Romney begins transit-oriented development initiative
BOSTON – Gov. Mitt Romney announced an initiative to use publicly owned land to create residential and commercial centers around transit stations, as part of his “Communities First” program.
Romney made his announcement after taking the Massachusetts Bay Transportation Authority to the Wonderland Station, the site of the first planned development, his office said in a release. The new policy is called “Take it to the T.” The MBTA, the second-largest landowner in Massachusetts, will develop on its own property and offer certain communities strategic assistance for this kind of development, to serve as an example.
