FRAMINGHAM, MA-The TJX Cos. Inc., a locally based discount retail chain, completes its acquisition of the Bob’s Stores retail chain that recently filed for Chapter 11 bankruptcy protection. TJX has purchased substantially all of the assets of the Connecticut-based Bob’s Stores and its subsidiaries and assumed leases for 31 of Bob’s Stores’ locations, its Meriden, CT, office and warehouse lease, along with specified operating contracts, and customer, vendor and employee obligations. The estimated purchase price of $59 million is subject to final adjustments.

TJX competed against Pittsburgh-based retailer Dick’s Sporting Goods Inc. for Bob’s Stores in an auction held under the jurisdiction of the US Bankruptcy Court in Bangor, ME.

Edmond J. English, president and CEO of TJX says, “We believe Bob’s Stores will be a significant long-term growth vehicle for TJX, with the potential over time of providing a multi-billion-dollar revenue stream and growing to be a chain of 400 stores in the US. While we see significant long-term potential with Bob’s Stores, this acquisition is expected to have only a minimal impact on TJX’s earnings per share over the next few years.”

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