WESTBOROUGH, Mass.--(BUSINESS WIRE)--BJ's Wholesale Club, Inc. (NYSE: BJ), today announced that its Board of Directors, upon the recommendation of a committee of independent directors, has decided to explore and evaluate strategic alternatives, including a possible sale of the Company. The independent committee has engaged Morgan Stanley & Co. Inc. as its financial advisor to assist in this process.
The Company has not made a decision to pursue any specific strategic transaction or other strategic alternative, so there can be no assurance that the exploration of strategic alternatives will result in a sale of the Company or in any other transaction. There is no set timetable for the process. The Company does not intend to provide updates or make any further comment regarding the evaluation of strategic alternatives, unless a specific transaction is recommended by the independent committee and the board, or the process is concluded.
About BJ's Wholesale Club
BJ's introduced the wholesale club concept to New England in 1984 and has since expanded to become a leading warehouse chain in the eastern United States. The Company currently operates 189 BJ's Wholesale clubs in 15 states. BJ's press releases and filings with the SEC are available on the Internet at http://www.bjsinvestor.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by The Private Securities Litigation Reform Act of 1995. The terms "explore," "evaluate," "may," "will," "could," "anticipate," "plan," "continue," "project," "intend," "estimate," "believe," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Actual results may differ materially from those indicated by these forward-looking statements. Factors that may cause or contribute to such differences include, without limitation, the uncertainties related to any strategic alternative being identified or consummated, legal claims that may be asserted by affected persons, and other factors relating to the Company's business and operations including levels of gasoline profitability, levels of customer demand, economic and weather conditions, the rate of inflation or deflation, federal, state and local regulation in the Company's markets, federal budgetary and tax policy, litigation, competitive conditions and other factors discussed in the Company's Annual Report on
SEC Form 10-K for the fiscal year ended January 30, 2010. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.