2 chains sharpen their axes

The Natick-based chain will close five underperforming stores, in Georgia, Florida, and North Carolina, which will result in the loss of 380 positions by the end of this month.

And 114 corporate jobs will be trimmed immediately: 61 at the company’s headquarters and 53 field positions, including five in New England.

“Our management team has been working for several months on a strategic plan to optimize our performance and build for the future,’’ chief executive Laura J. Sen said in a statement. “In making these very difficult but necessary choices, we eliminated positions held by team members who have contributed to our success. We will be supporting affected team members in many ways to help ease their transitions.’’

The after-tax restructuring charges at the chain, which has 194 stores, are estimated to cost up to $44 million.

Retail analysts say these moves make sense but reinforce views that BJ’s Wholesale Club will be taken private. BJ’s would be able to improve its stores and merchandise offerings and expand beyond the East Coast if it were sold to a private investment firm, according to analysts.

The changes at BJ’s were unveiled days after the New York Post reported that a Los Angeles private equity firm, Leonard Green & Partners LP, which took a 9.5 percent stake in BJ’s in July, could launch a hostile bid to buy the company if it does not move forward with an auction soon.

BJ’s reportedly hired an investment bank to put itself up for sale after management received an undisclosed offer from Leonard Green to buy the company. So far, the company — it’s a distant third to rivals Costco and Sam’s Club — has not publicly disclosed any decision to explore a sale or other options. It has refused to comment on the reports.

Leonard Green, which has investments in retail chains such as Sports Authority and Whole Foods, did not return messages yesterday seeking comment.

“Each action on its own seems logical, but taken together it does seem to add fuel to the fire — a reaction to recent commentary about Leonard Green, and a more aggressive/hostile approach to buying the company,’’ David Strasser, an analyst with Janney Montgomery Scott , wrote in a report.

The restructuring, the second for BJ’s in four years, came on the same day that the company reported sales below expectations, according to UBS retail analyst Neil Currie. In December, merchandise sales at stores open at least a year, known as same-store sales, increased 1.4 percent compared with guidance of a 3 to 4 percent increase. Traffic grew only 2 percent, on the lower end of its most recent five-month trend, and the average transaction was flat, Currie said.

BJ’s also announced several management changes yesterday:

Robert W. Eddy, director of finance, will take on the roles of executive vice president and chief financial officer. Cornel Catuna, senior vice president of field operations, will become executive vice president of club operations. These changes take effect Jan. 30.

The company also disclosed the retirements of Frank Forward, chief financial officer, and Thomas F. Gallagher, executive vice president of club operations. Forward’s retirement is a planned transition that has been under discussion since 2007. Gallagher decided to retire for health reasons, according to BJ’s.

BJ’s stock dropped more than 2 percent yesterday to close at $45.96.

Jenn Abelson can be reached at abelson@globe.com.