BJ's Wholesale Club Surges After Saying Company May Be Sold
Retailer BJ's Wholesale Club (BJ) jumped in premarket trading after announcing that it is considering putting itself up for sale.
The stock jumped 13.35% to $48.74 a share at 8:12 am ET.
BJ's has hired Morgan Stanley & Co. (MS) to advise on options including a sale, the company said in a statement. There is no timetable for any deal, or any guarantee that a transaction will be completed.
"The company does not intend to provide updates or make any further comment regarding the evaluation of strategic alternatives, unless a specific transaction is recommended by the independent committee and the board, or the process is concluded," BJ's said in a statement.
BJ's operates 189 BJ's Wholesale clubs in 15 states.
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