TJX

Overview

The TJX Companies, Inc.

type	Public
traded as	nyse: TJX S&P 500 component
industry	Retail
predecessor	Zayre Ames
founded	1987
founder	Bernard Cammarata
hq location	Framingham, Massachusetts, United States
key people	Carol Meyrowitz (executive chairman) Jewel Lemus (president, CEO) John Klinger (CFO)
num locations	4,954
num locations year	2024
revenue	US$54.22 billion
revenue year	2024
operating income	US$5.979 billion
income year	2024
net income	US$4.474 billion
net income year	2024
assets	US$29.75 billion
assets year	2024
equity	US$7.302 billion
equity year	2024
num employees	349,000
num employees year	2024
website	tjx.com
footnotes	‡R1R‡‡R2R‡‡R3R‡

The TJX Companies, Inc. (abbreviated TJX) is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts.[4] It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.

As of 2019, TJX operates TJ Maxx (in the United States) and TK Maxx (in Australia and Europe), its flagship store chains, along with Marshalls, HomeGoods, HomeSense, and Sierra in the United States, and HomeSense, Marshalls, and Winners in Canada. There are over 4,557 discount stores in the TJX portfolio located in nine countries.[5] TJX ranked No. 80 in the 2024 Fortune 500 list of the largest United States corporations by total revenue.[6]

History

Zayre

The TJ Maxx concept was first announced by Zayre Corp. in April 1977. Setting it apart from the main Zayre chain was a greater emphasis on "family apparel, giftwares, and domestic goods at discount prices". On May 19, 1977, the first two TJ Maxx stores held simultaneous openings in Auburn and Worcester, Massachusetts[8], with a third opening four days later in Charlotte, North Carolina.[9] In June 1987, Zayre established The TJX Companies as a subsidiary and holding company of TJ Maxx and Hit or Miss. In the first half of 1988, Zayre stores had operating losses of $69 million on sales of $1.4 billion. Observers blamed technological inferiority, poor maintenance, inappropriate pricing, and inventory pileups, and Zayre appeared ripe for takeover. Throughout all this, however, The TJX Companies subsidiary continued to yield a profit. In October 1988, Zayre Corp. decided to focus its energies on TJX. It sold the entire chain of nearly 400 Zayre stores to Ames Department Stores Inc. In exchange, the company received $431.4 million in cash, a receivable note, and what was then valued at $140 million of Ames cumulative senior convertible preferred stock.[10][11]

The company continued focus on its core business, spinning off unrelated operations including BJ's Wholesale Club and Home Club, leaving it with just one brand, T.J. Maxx.[12][13] In June 1989, Zayre Corp. acquired the outstanding minority interest in TJX and merged with the subsidiary, changing its name from Zayre Corp. to The TJX Companies, Inc. in the process. The newly named company began trading on the New York Stock Exchange.[14]

Expansion

In 1990, TJX expanded into an additional store brand division, and at the same time it first went international, as it entered the Canadian market by acquiring the five-store Winners chain.[15][13] Two years later, it launched its third brand, HomeGoods, in the United States.[16] TJX's expansion beyond North America came in 1994, when the fourth brand division, T.K. Maxx, was founded in the United Kingdom, and then expanded into Ireland.[17] In 1995, TJX doubled in size when it acquired Marshalls, its fifth brand. T.J. Maxx and Marshalls later became consolidated as two brands under a single division, The Marmaxx Group.[18] The following year, TJX Companies Inc. was added to the Standard & Poor's S&P 500 Composite Index, which consists of 500 of the largest companies in the United States.[19]

COVID-19 impact

In 2020, TJX Companies announced that revenues dropped 31% over the months of May, June, and July, primarily due to extensive closures due to the COVID-19 pandemic. TJX Companies reported a 2020 second-quarter loss of $214 million.[34]

TJX

History

Zayre

Expansion

COVID-19 impact

Incidents

Computer systems intrusion

Brands

Current brands

Former brands

External links

References