BJ's To Close Five Stores
Natick-based retailer BJ's Wholesale Club Inc. will close five stores by the end of the month.
Three of the stores are in the Atlanta area and the others are in Charlotte, N.C., and Sunrise, Fla. They represent "historically underperforming" stores, the company said.
The closures will cost BJ's about $45 million: $43 million in lease terminations and $2 million in severance packages. The company will take $5 million of the charges in the current quarter, which ends at the end of the month.
The company also announced its December sales results Wednesday, which rose 7.3 percent compared to December 2009. Comparable store sales were up 3.8 percent and, excluding gasoline revenues, sales were up 1.4 percent. Customer volume rose 2 percent but the average amount of individual transactions was about flat.
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