Don't know if you all have been catching the rumors like we have in some clubs, but according to multiple reports, BJ's is apparently up for auction.
BJ's Wholesale Club is rumored to have hired Morgan Stanely to help sell the company after receiving an offer from private-equity firm Leonard Green & Partners LP. Any deal would likely be with private-equity funds and not another retailer. BJ's cash doubled in the second quarter, making it attractive for a takeover. A buyout may be valued at as much as $2.75 billion, and the transaction would be the biggest in the sector since 2007. Leonard Green & Partners has holdings in such retailers as Whole Foods Market Inc., and Petco Animal Supplies Inc. " Month to month, BJ's has been under-performing, it seems like a good candidate for a going-private transaction."
Have any of you heard rumors in your stores? Has the environment changed at all?
Read the entire story @ Business Week
Tuesday, November 16, 2010
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Yep have heard the rumors and seen the news stories. Also moves being made by Home Office indicate its going on, the sudden tightening of the belt, enforcing so rules more strictly regards to money. I heard HO has basically but a stop to any purchases unless its necessary. Sounds to me like someone is going over the books with a fine tooth comb.
ReplyDeleteToday I heard that Laura Sen had resigned as CEO. Her picture was taken down from the break room by management.
ReplyDeleteCentralizing power is what I see going on. HO is taking back control of what goes on out in the field. They have to put an end to the downward disrespect which is rampent especially in the northeast clubs. Have you ever felt the sting of downward disrespect?
ReplyDeletei think bjs need a union
ReplyDelete2011 the year of the union? Which club will be first? Any takers out there?
ReplyDeleteannounced they are closing 5 clubs
ReplyDeleteNo club will vote in a union this year. It's just not needed or wanted.
ReplyDeleteThe management we have now.The blind leading the blind.Please help with a sale.
ReplyDeleteWe are all working for the same company,yet the North gets time and a half for Sundays the Southern stores do not.Full time up North is 37.5 hours in the South they tell you its 30-37.5 and give you 30.Its time that all clubs get the same standards,
ReplyDelete;
ReplyDeleteNo one cares about the clubs in the south. Bj's made a grave mistake when they introduced clubs below the Mason Dixon Line.
ReplyDeleteBjs was smart for expanding to the South,thats where they make all there money.Alot more profitable stores than the North
ReplyDeleteUhhh, no way is that true. Rent is typically cheaper in the NE, esepcially since most of the stores have been around for a longer period of time. None of the stores down south can even come close to matching the volume of sales the Metro-NYC stores do.
ReplyDeleteWhat this company needs is to be in the hands of that firm of Mr. Green and associates to end of all the B.S. and the mistreated employeeds. BJ's will more profict if the employees are more comfortable to do their job with proper trainning,without being told to do their job faster and the managers's job too. In retur they do not get not eve the morning greettings. Changes has to be made from the top Mannagers down! We had Enough!!!! Are we going backwards or foward in this company?
ReplyDelete"Changes has to be made from the top Mannagers down!"
ReplyDeleteGood to see BJ's hiring the best of the best. Sounds like we have a future GM on our hands.
Green Limited Partnership is rumored to be buying out BJ's and then they are going to break the company apart by selling off some clubs to Costco, some to Sam's and make a new company with the clubs that those two retailers do not want. Or they will just close the ones that Sams and Costco do not want.
ReplyDeleteNot a respectable rumor and it doesn't even make sense internally. What you are describing is a method for Green to lose money (selling off stores to Costco; Costco would only buy stores at a below-market price).
ReplyDeleteIf there is one thing that American companies do not like to do, they don't like to lose money.
No way will Green sell off stores ad hoc like that. For one it would be a logistical nightmare. They will make far more money taking the company private, improving operations, investing in the brand then take it public again in 5-10 years.
ReplyDeleteI already see management running around now trying to make them selves look better so they don't get the axe. A little too late if you ask me. This company is capable of growing so much more and becoming more competitive with Costco or even out pacing them. But the current BOD and senior management are not capable of pulling it off. That is why so many of the old guard are "retiring" or took a buyout already.
Well there are a lot of people still that will be left cleaning up the mess that is left behind. People that do a damn good job in my opinion...these people have not crafted extravagant golden parachutes.... promotions at the executive level traditionally have gone to ex-Zayre people / and they have all done well,financially, without bringing anything new to the table...I don't feel sorry for the ones who may lose their jobs..
ReplyDeleteThe problem with bus is not the workers. It's the upper management. The business has changed but the concept of how to get the job done has not. They use the term "PACK OUT" like Rome can be built in a day all while they are cutting hours. There's just a disconnect between upper management and what it actually takes to get the job done. Workers are too often used as pawns for managers to make themselves look good. This one manager named "Sicone" is just the worst. I've personally haven't had any negative dealings with him but watching him start trouble everywhere he goes makes you wonder what does bus consider a good manager. The concept that if the workers are complaining then the manager is doing his or her job is just insane. But we have what we have.
ReplyDeleteBONUS WEEK!!!!!!!!!! Does anybody know how much those managers get in their bonus with the hard work of the overnigh crew? The overnight crew is been underappreciated of thir hard work that they do. Like allwas!!! To those managers that read this blog. Show some respect to all the employees! You are geeting a bonus from those people hard work and for knowing how to talk S... in the office. Enjoy your bonus because soon that will change. Get ready to get your hands DIRTY!
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