Mass. Co. Designated As Buyer of Bob's
Dec. 20, 2003
MERIDEN, Conn. (AP) _ A bankruptcy judge has designated Massachusetts-based TJX Cos., owner of the T.J. Maxx and Marshall's clothing stores, the winner of an auction of Connecticut-based Bob's Stores.
``TJX has been designated as the buyer by the bankruptcy court, but the decision still must be confirmed,'' TJX spokeswoman Debra McConnell said Friday.
McConnell said the court is scheduled to reconvene next Tuesday.
There had been reports that Dick's Sporting Goods Inc., based in Pittsburgh, Pa., had moved ahead among suitors seeking to buy the assets of Bob's Stores Inc.
TJX announced in October it had agreed to buy almost all of the assets of Connecticut-based Bob's, which has filed for protection from creditors under Chapter 11 of the bankruptcy code.
Bob's operates 36 stores in the Northeast, including 12 in Connecticut.
Bob's was founded 49 years ago on Main Street in Middletown as Bob's Surplus. It has specialized in casual clothes, footwear and athletic wear, with an emphasis on licensed sports apparel of interest to men.
The sale is subject to bankruptcy court and regulatory approval. TJX said it expects to close on the agreement by the end of December.