NATICK, Mass. — BJ's Wholesale Club said last week that it would close five clubs and lay off almost 500 workers as part of a strategic restructuring that some observers interpreted as prelude to additional headlines, including a potential sale. BJ's has been the frequent subject of leveraged-buyout speculation, but interest — and BJ's stock price — heightened last summer when the Los Angeles-based private equity firm Leonard Green and Partners announced it had acquired a 9% stake in BJ's ...

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