Reporting Anthony Silva
NATICK (CBS) — BJ’s Wholesale of Natick has a plan to sell the company to the highest bidder and go private. BJ’s has been looking for ways to expand and increase its value ever since the company got a buy-out offer from a private equity firm earlier this year.
BJ’s has reportedly hired Morgan Stanley to sell the company to a private equity firm who’s willing to pay more, complete with a financing package.
The company will not be sold cheaply since its market value has risen to more than $2 billion. It’s the third largest wholesale chain in the country behind Costco and Sam’s Club.
Retail analyst Ken Perkins of Retail Metrics in Swampscott talks about the aim of this push to go private:
BJ’s share jumped 12.63 percent on Wall Street Wednesday to close at 47.34, a gain of more than $5.00 a share.