Versa buys a TJX store chain
Versa of Philadelphia and Chrysalis Capital of Boston team up to buy Bob's stores from TJX, which will net $23M (mostly tax benefits) after writing off $15M from the deal.
» READ MORE: Versa Capital Management
, Philadelphia, and
» READ MORE: Crystal Capital
, Boston, have teamed up to buy
» READ MORE: Bob's Stores
, Meridian, Conn., from
» READ MORE: TJX Cos.
, owner of TJ Maxx and Marshall's.
The buyers won't say what they're paying, but TJX says it'll net
» READ MORE: $23 million
in cash ("mostly tax benefits"), and write off $15 million in after-tax losses, from the deal.
Bob's sells "value-oriented" clothes and shoes in Connecticut, greater Boston, and New York's less-expensive suburbs, much like rival Steve & Barry's, which filed for bankruptcy protection last month and is talking to buyers. Bob's sales topped $300 million at 34 stores last year.
Both Versa (with $900 million on the street) and Crystal ($15 billion) specialize in troubled companies. Bob's was reorganized by TJX, "and now moves forward as a well-capitalized independent retailer that will continue to serve its long-standing base" of customers, said Versa managing partner Greg Segall in a statement.
Versa (formerly Chrysalis Capital Partners) is one of Ira Lubert's group of investment funds. Dechert LLP of Philadelphia advised the buyers.