BJ's Wholesale Club Goes Public Again, Announces Plan for IPO and Changes to the Board of Directors
WESTBOROUGH, MA - After nearly a decade as a privately held company, BJ’s Wholesale Club has announced that the retailer is going public—again; BJ’s has proposed an initial public offering (IPO), filing a registration statement with the U.S. Securities and Exchange Commission (SEC).
A CNN Money report on the proposed IPO noted that the retailer has experienced propitious success over the past three years—more than doubling profits despite declining same-store sales—and calling the IPO—which could garner up to $100 million—“an unusual sign of health in the troubled world of retail.”
BJ’s had been a publically traded company prior to 2011, when private equity firms CVC and Leonard Green & Partners purchased the company in a deal valued at approximately $2.8 billion, according to Bloomberg.
BJ’s noted in a press release that the registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective, and that sale of shares in the company cannot legally take place until the registration becomes effective.
Additionally, BJ’s simultaneously announced major changes to the company’s Board of Directors—noting that Christopher J. Baldwin, President and Chief Executive Officer, has added Chairman of the Board of Directors to his responsibilities, effective immediately.
In a separate press release, the retailer announced Baldwin’s new position and the impending retirement of Laura Sen from BJ’s Board.
"I'm pleased to be named Chairman of the Board and to continue leading our team through the next stage of our transformation," Baldwin said. "Most importantly, I want to thank Laura for her countless contributions to BJ's Wholesale Club over her more than 25 years with the company. Her leadership, vision and commitment to BJ's have created the foundation for our long-term success."
The company also announced the addition of Nishad Chande, a Senior Managing Director at CVC Capital Partners, to the company’s board.
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