Breaking Ground for a New Club in Brooklyn

Last week BJ's broke ground in Gravesend, Brooklyn- for a new club expected to open in 2013.  The ground breaking ceremony brought local politicians in for a photo-op.

Meanwhile, Moody's has downgraded BJ's Wholesale Club.

How's it been going at the stores this holiday season?

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BJ's Pays Over $300,000 For Liquor License in Mass..

The Sun Chronicle has learned BJ's Wholesale Club paid an enormous $343,000 for a liquor license in Massachusetts.

ATTLEBORO — BJ’s Wholesale Club paid a whopping $343,000 for the liquor license that once belonged to the defunct and bankrupt Norm’s Emporium. But that wasn’t the only cost the popular South Attleboro store assumed to gain the license. Part of the deal worked out with the city’s liquor licensing board requires the store to hire police to direct traffic at the store’s Highland Avenue entrance on weekends during the holiday season.

An Inside Look at BJ's Wholesale Club?

A brand new post looking at what it's like working for BJ's Wholesale Club was posted at GlassDoor.com

Agree? disagree? We wanna know what you think....

BJ's Wholesale Club – “Disapointing due to poor treatment of employees and empty promises.”

Here's the post:
 

BJ's Wholesale Club Receiving Manager in Hudson, MA:   (Current Employee)

Pros

The benefits offered are good, and the oppurtunity to receive free BJ's memberships for you and your family are a plus.

Cons

Compensation is generally very poor and treatment of employees seems to be poor as well. Managers are imcompetant and have a strong tendancy to mis-manage as well as micro-manage.

Advice to Senior Management

Gain a better understanding of the practices in each department as well as a respect for the amount of work that each employee puts in.

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BJ's beats expectations...will be sold for 2.8 billion in cash in 4Q

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Solid 2Q From BJ's Reinforces Favorable Views of Warehouse Clubs Amid Economic Uncertainty

BJ's continues to profit, was just sold, we're wondering if people throughout the country who are working for them are sharing in their successes? The industry seems recession proof...Here's the AP story on their "better-than-expected" profits, again....




(Reuters) - BJ's Wholesale Club Inc (BJ.N) posted a much better-than-expected quarterly profit on Wednesday, helped by improved margins, gasoline sales and cost-cutting.

The company, which is being sold to private equity firms Leonard Green & Partners and CVC Capital Partners CVC.UL, earned $45.7 million, or 84 cents per share, in the second quarter, up from $35.8 million, or 67 cents per share, a year earlier. It had forecast a profit of $40.5 million to $42.5 million, or 74 cents to 78 cents per share.

Earnings from continuing operations were 85 cents per share, topping analysts' average forecast of 77 cents, according to Thomson Reuters I/B/E/S.

As previously reported, sales rose 11 percent to $2.98 billion. Sales at stores open at least a year rose 7.8 percent and were up 3.8 percent excluding gasoline sales.

Visits to BJ's stores were essentially flat, while the average amount spent per transaction rose by about 3 percent.

Food sales rose about 5 percent. BJ's has been adding more fresh foods and prepared meals to entice shoppers to do more of their weekly grocery shopping at the club, which charges an annual membership fee.

BJ's agreed in June to be sold for $2.8 billion in cash. The deal is expected to close in the fourth quarter.

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BJ's Wholesale Club Sold for $2.8 billion

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Stories 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

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Related articles

• BJ's Wholesale: Longest Sale Process Ever? (blogs.wsj.com)
• Two Firms Pay $2.8B For BJ's (bostonist.com)
• Private equity firms to buy BJ's Wholesale for $2.8-billion (theglobeandmail.com)

More Buyout Rumors for BJ's Wholesale Club

What's going to happen to this company when it eventually gets bought out???

Shares of BJ's Wholesale Club Inc. rose Wednesday after a report that two private-equity investors are preparing a joint bid to buy the company.

Representatives for BJ's and Leonard Green did not return calls seeking comment. A spokeswoman for CVC declined to comment on the report.

Shares of BJ's rose $1, or 2 percent, to $48.70 in afternoon trading.

The New York Post also wrote about this rumor: http://www.nypost.com/p/news/business/bj_is_seeking_more_3kjfOFYrLKwKZTodp7I8TK


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Laura Sen took a 17% Pay Cut, still raked in $4M

BJ’s Wholesale Club Inc. CEO Laura Sen’s pay package totaled $4 million in 2010, down more than 17 percent from the previous year.

The Westboro-based retailer disclosed in a regulatory filing today that total compensation for Sen included $982,693 in salary along with $697,811 in performance-based pay and stock awards valued at $2.2 million.

Read more: http://news.bostonherald.com/business/general/view/2011_0406bjs_ceo_sen_made_4m_in_2010_down_17_percent/srvc=home&position=recent

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