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BJs cuts almost 500 jobs, names new CFO
//January 5, 2011
BJ’s Wholesale Club, a potential takeover target, will shave hundreds of jobs and close five stores by the end of the month.
The nation’s third-largest warehouse club also said Wednesday that its chief financial officer is retiring.
Three stores in Atlanta will be shuttered, along with one in Sunrise, Fla., and one in Charlotte, N.C. That will cut 380 jobs total.
The company also says it’s cutting 114 jobs at its headquarters in Natick, Mass.
The restructuring will lead to impairment charges of as much as $28 million in the fourth quarter, or 79 to 82 cents per share.
CFO Frank Forward is retiring and will be replaced by Robert W. Eddy, currently BJs director of finance.
The cuts were announced on the same day that BJ’s reported December revenue in stores open at least one year rose 3.8 percent. BJ’s has 23,000 employees.
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