EXHIBIT 99.2

 
             WABAN INC. COMPLETES SPIN-OFF OF BJ'S WHOLESALE CLUB;
                        CHANGES NAME TO HOMEBASE, INC.

                                                                
     Natick, MA, July 28, 1997--Waban Inc. announced today that it has completed
its spin-off of BJ's Wholesale Club, Inc. as a special dividend to its
stockholders.

     The BJ's spin-off transaction was effected as a tax-free distribution in
the form of a special dividend to Waban's stockholders, on a one-for-one basis,
of all of the outstanding shares of common stock of BJ's Wholesale Club, Inc.
BJ's Wholesale Club, Inc. will commence "regular way" trading on the New York
Stock Exchange on Tuesday, July 29, 1997 under the symbol "BJ."

     In accordance with its previously announced plans, Waban has changed its 
name to HomeBase, Inc. effective 5:00 p.m., eastern time today, following the 
distribution of BJ's Wholesale Club, Inc. common stock. HomeBase, Inc. common 
stock will be traded on the New York Stock Exchange, beginning Tuesday, July 29,
1997, under the symbol "HBI."

     BJ's Wholesale Club, Inc. is a leading membership warehouse club chain in 
the eastern United States, with 82 clubs operating in 12 states. HomeBase, Inc. 
is a leading merchandiser of home improvement products, with 84 warehouse stores
in ten western states.