BJ's Seeks Sale of Company

SN STAFF

WESTBOROUGH, Mass. — BJ's Wholesale here said Thursday that it has decided to pursue a possible sale of the company, confirming recent speculation that the club-store operator would put itself on the block.

In a prepared statement, the publicly traded company said a committee of independent director has engaged Morgan Stanley to assist in pursuing strategic alternatives, including a possible sale.

Last month BJ's said it would close five clubs and lay off almost 500 workers as part of a strategic restructuring that some observers interpreted as prelude to a potential sale.

BJ's has long been the subject of buyout speculation, which intensified last summer when Los Angeles-based private equity firm Leonard Green and Partners acquired a 9% stake in the club-store chain and and said it planned to discuss taking the company private.

In its statement Thursday, BJ's said there was "no timetable" for the process.