Image via WikipediaStories broke on BJ's Wholesale Club's sale last week, and now there is an investor suing the company because the sale price of $2.8 billion is "grossly inadequate" Read it at Bloomberg.
BJ's Wholesale Club will be acquired by Leonard Green & Partners and CVC Capital Partners in an all-cash transaction valued at $2.8 billion. BJ's, which operates 190 warehouse clubs in 15 states, reported $10.6 billion in sales last year.
Under the terms of the agreement, BJ's shareholders will receive $51.25 per share, a 38 percent premium to the closing price June 2010, and a 7 percent premium to the closing price on June 28.
BJ's board of directors unanimously approved the merger agreement. The transaction is expected to close during the fourth quarter.
"BJ's will benefit from the continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC, as well as from continued investments in our clubs, our people and technology, and the future of our business," says Laura Sen, president and chief executive officer. "Our members will continue to enjoy the top-quality merchandise, outstanding savings and great service that they've come to expect from BJ's on every visit."
Links: http://www.licensemag.com/licensemag/News/BJs-Wholesale-Club-to-be-Acquired/ArticleStandard/Article/detail/729435?contextCategoryId=33594
WSJ: http://online.wsj.com/article/BT-CO-20110629-711984.html
WSJ: http://online.wsj.com/article/BT-CO-20110629-711984.html
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Some stock options and profit sharing would be nice.
ReplyDeleteso there a lot of good workers left wondering why they worked so hard for the top executives who couldn't advance BJs Wholesale out of the number 3 position in the Club lineup.
ReplyDeleteBJ's is regional; Sam's and Costco are national. BJ's will be #3 until it goes private, successfully grows to cover a larger geographic area and then will get sold off and 1)absorbed into either #1 or #2 OR 2) go public again and be a happy #3 forever.
ReplyDeleteExcept Sam's ison the way out, Walmart been looking to get rid of Sam's for a few years now
ReplyDeleteCostco's productivity is far greater than BJ's Wholesale Club will ever be, thanks in part to undereducated management.
ReplyDeleteThe clubs in our region tend to be underachieving. We have two very profitible clubs, with the rest of the region being a mess to say the least.
The perishible departents contribute greatly to a club's success. Our club has been underachieving since the day it opened, and we have zero "wholesale" competion. We are the only wholesale club in the entire county, and we can't put up the numbers that we could be doing. With passive management, this is what happens. A lazy meat manager who comes and goes as he pleases, while a business member's request go unfulfilled. Our produce department tends to leave spoiled product out on the sales floor, which leaves a bad impression to all of the members.
Bj's should stick to the basics, listen to your members and employ competent team members and management.
Did anyone get the "email to all team members" from Sen? It was on the SEC filling but never showed up in my hands or a posting on the board.
ReplyDeleteNOW is the time to do it.
ReplyDeleteNOW is the time to start the process company wide.
ReplyDeleteNOW is the time to talk it up.
ReplyDeleteNow is the time assert yourself.
ReplyDeleteNow is the time to contact a local.
ReplyDeleteNow is the time to get protected.
ReplyDeleteNow is the time to have a voice.
ReplyDeleteWe've been sold out, we've chased the carrot long enough. Get the cards signed.
ReplyDeleteIt's disappointing to see 14 comments and, then, see that one person posted 10x. Here I was, thinking something interesting might've been said here. Did you write the other 4 also?
ReplyDeletePlease answer my survey at http://bjtmvoices.blogspot.com, thank you
ReplyDeleteIs that your 11th post today?
ReplyDeleteand if it is, is that a problem or are you just trying to make me feel foolish and trying to make yourself look superior to me?
ReplyDeleteBJ's employees do not need be represented by the union, it's as simple as that.
ReplyDeleteThe way i see it, "for the good of the business" should start out at the top of each club. A GM who has 20+ years exp with BJ's should not be running a lower volume club.
That process criples a club that could use the payroll in other departments. Big bonus's and a boatload of vacation time should be set aside for the larger clubs that could use the experience.
btw, some profit sharing would be nice!!!
ReplyDeleteWell now that we've all heard from Mr. "It's as simple as that", I'd guess we all just shut up, close our eyes and get back to work. Ignorance is bliss. Oh brother!
ReplyDeleteI don't really think unions are a stone necessity (yet) at BJ's, but all of the anti-union rhetoric that floats down from HO leaves an awful taste in my mouth. (Not to mention the dreadfully boring presentations that regional makes us watch that aren't even good for comedic value.)
ReplyDeleteWhat happened to all of you? While Sen negotiated her and others golden parachutes we sit and wait, doing nothing to protect our interests? So as they say in management "you need to get more out of your people". They don't care if you go home exhausted and broke, they don't balance work loads and staff, they just simply want more out of you. Try being a ticketer working water aisles 3 or more night in a row while the favorites go to cereal or electronics. Or try being a ticketer in food, hand stacking everynight, it's like being a brick layer building the great wall of China. There's no balance, it's all "get more out of the ticketers".
ReplyDeletei was hired at a bj's club in NJ after a month long process. i was hired to be a "overnight ticketer". during the interview with the store manager i was informed that i would be the only female and he asked if i could handle that. i said yes i do know how it is. we agreed to a few things for my availability. during orientation the hr lady starting giving me problems about the hours i could work. she then told us that unions are for the "crappy workers" the people that are fat and lazy and can't do their job. i think she forgot that i told her my husband is in the union. he works at a supermarket and is not fat, lazy, or crappy. he works at least 50 hours a week and is thin and very fit. she spent a good 30 minutes trash talking unions. on my first night the guy in charge let me know how "annoyed" he was that i was there considering i can't lift things.. hahaha. i never said that. i even said he should have me do the water and soda aisles but he insisted that i can't handle that. he pointed to some aisles and told me to go "make it look pretty". after my first night i quit. those people are the "crappy workers" . and i only mean those people i dealt with not all bj's workers. what a joke and waste of my time!
ReplyDeleteWow! That was terrible! BJs is nothing like WalMart when it comes to having female overnight employees. Recently, one very qualified girl from the dayshift wanted to work overnight, and one of the seniors said she would be a distraction. The girl was one of us at heart, noone tried to hit on her, and she could outdo most of the guys who already worked overnight. And she drove forklifts! One senior refused a female TM's transfer because he didn't want girls working overnight because they would be distractions. Those were blatant federal violations that went unreported.
ReplyDeleteAnd yeah, some ticketers get it rough, while others seem to cruise by with no write ups, easy aisles, and few pallets dropped for them.
Speaking of ticketers. Does anyone know if a person is offered an overnight supervisor or team lead postion if he/she has to accept raise amount offered, or can the person ask for more?
ReplyDeleteAll HO has to do is plug in some info, and a number [dollar amount] comes up.
The same goes for overnight specialists. Does one have to accept what's offered? Has anyone asked for more money for the promotion, and got it?
I have a suggestion, If its really that bad then why don't you find another job? Let me guess does it have to do with the amount of vacation time one has, co-workers they enjoy, or possibly the comfort of knowing they have a job when they wake up the next day? I think if you are that unhappy there are other components in your life that add to the negative attitude that is attributed to some of these comments. Life is about options and choices. Not about complaints and lack of actions!.
ReplyDeleteMaybe they were with bjs way before all this bullshit started to happend. If life is about options and choices where were their option to vote on this for the choice to be made. Remember bjs doesnt pay the people the customers pay the people bjs is just the middle man. Higher wages equals happier employees wich means they are nicer to customers which drive up sales. (cough cough) Costco.......
DeleteI think the person before me is one of the shitty managers everyone is complaining about.Trying to blame life outside of bjs for the awful experience of working for a manager who has no idea how to run a store and has favorite employees(friends) that get special treatment.
ReplyDelete"I have a suggestion, If its really that bad then why don't you find another job? Let me guess does it have to do with the amount of vacation time one has, co-workers they enjoy, or possibly the comfort of knowing they have a job when they wake up the next day? I think if you are that unhappy there are other components in your life that add to the negative attitude that is attributed to some of these comments. Life is about options and choices. Not about complaints and lack of actions!."
ReplyDeleteA quote from the great lazy manager who couldn't find the time to goto his 820 meeting.
2.8 Billion is just a big whopping amount but it must return twice the amount if the manager is good.
ReplyDeleteha ha ha
ReplyDeleteEveryone look for the NLRB poster regarding workers rights to organize on February 1st 2012. It's suppose to get posted for all to read.
ReplyDeleteIt doesn't matter whether or not it is posted. We tm's will never vote in any union.
ReplyDeleteDo you talk for all team members or just yourself? Union workers make 40% more than non union workers.
DeleteThe date has been changed to April 30 for posting and it's suppose to be posted whether or not anyone feels there will ever be a union. Why do you discard your rights so easily?
ReplyDeleteLooks like the poster isnt going up. Judge ruled against it.
ReplyDeletehttp://thehill.com/business-a-lobbying/221467-judge-rules-against-nlrb-union-poster-rule
For leather wholesale products, like wallets, leather belts, card holder ... prefer www.fwibulk.com ...
ReplyDeleteThey are fast and secure ..
So question i went for a job interview at bjs and they sent me for a drug test which im not sure if i passed today is the second day. I was called today for orientation. Is that an indication that i passed the drug test or will they give me my orientation without getting my results pls help ;)
ReplyDeleteoh and another question if i fail who contacts me bjs or lab that did the test thnx
DeleteThat's too bad for the workers. Was running through some wholesale blogs and came across what was happening to what was my favorite big box store.
ReplyDeleteI work for the company now, was recently hired. For the labor they put the employee through the pay should be a little bit higher. Grateful to have a job but sheesh
ReplyDeleteBJ's wholesale management has never been upto the mark. According to business surveys we are hearing bad stuffs about some wholesaling business companies. I don't know how much truth is there, I'll believe only on the facts and figures.
ReplyDeleteThis is hands down one of the worst places to work moral is horrible management only care about there bonus NO COMMUNICATION no opportunity to move up in the company stay away
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ReplyDelete