TJX Sells Bob's Stores to Private Equity

We haven't seen one of these in a while. Private equity firms Versa Capital Management and Crystal Capital purchased Bob's Stores from TJX for an undisclosed sum.

TJX also raised its full year forecast for fiscal 2009 earnings as a result of the sale.

It said the sale is expected to generate cash proceeds of about $23 million, which primarily represents anticipated tax benefits, as well as the proceeds from the sale, partially offset by fees and expenses related to the transaction.

"Our decision to sell the business reflects our vision to grow TJX as a global, off-price company," TJX Chief Executive Carol Meyrowitz said in a statement on Tuesday.