View source for Company:TJX Companies

{{short description|American multinational discount department store corporation}}
{{Infobox company
| name = The TJX Companies, Inc.
| logo = TJX Logo.svg
| logo_size = 200px
| image = 
| image_size = 
| image_alt = 
| image_caption = 
| former_name = Zayre Corp.
| type = [[Finance:Public company|Public]]
| traded_as = {{ubl|
 {{nyse|TJX}}|
 S&P 500 component
}}
| industry = [[Finance:Retail|Retail]]
| founded = {{Start date and age|1987}}
| founder = Bernard Cammarata
| hq_location = {{nowrap|Framingham, Massachusetts, U.S.}}
| num_locations = 4,557<ref>{{Cite web|title=Inline XBRL Viewer|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/109198/000010919820000019/tjx-20200801.htm|access-date=2020-10-09|website=www.sec.gov}}</ref>
| num_locations_year = August 1, 2020<!-- Year of num_locations data (if known) -->
| area_served = {{Unbulleted list|United States|Canada|Australia|Austria|Ireland|Germany|Netherlands|Poland|United Kingdom}}
| key_people = Carol Meyrowitz<br>{{small|(Executive Chairman)}}<br>Ernie Herrman<br>{{small|([[Social:President (corporate title)|President]], [[Social:Chief executive officer|CEO]])<br> Scott Goldenberg ([[Social:Chief financial officer|CFO]])<br>Raina Avalon (CLO)<br>Mark Beyerly ([[Chief information officer|CIO]])}}
| products = {{flat list|
* Clothing
* footwear
* bedding
* food
* furniture
* jewelry
* beauty products
* housewares
}}
| revenue = {{increase}} {{US$|38.937 [[1,000,000,000|billion]]|link=yes}}
| revenue_year = 2018
| operating_income = {{increase}} US$4.17 billion
| income_year = 2018
| net_income = {{increase}} US$3.06 billion
| net_income_year = 2018
| assets = {{increase}} US$14.326 billion
| assets_year = 2018
| equity = {{decrease}} US$5.05 billion
| equity_year = 2018
| owner = <!-- or: | owners = -->
| members = 
| members_year = <!-- Year of members data (if known) -->
| num_employees = 270,000
| num_employees_year = 2018
| divisions = {{flat list|
* HomeGoods(HomeGoods, HomeSense)<ref name="10-Q 2024">Form 10-Q (Q3 2024) [https://investor.tjx.com/static-files/a4681ac4-c30e-4247-b7c7-9c55bf06b4e7].</ref>

* Marmaxx(Marshalls, TJ Maxx)<ref name="10-Q 2024" />

* TJX Canada

* TJX International
}}
| website = {{URL|tjx.com}}
| footnotes = <ref>''The Wall Street Journal'', [https://www.wsj.com/articles/tjx-chairman-co-founder-bernard-cammarata-to-retire-1429715862 "TJX Chairman, Founder Bernard Cammarata to Retire"].</ref><ref>Fortune 500, [http://beta.fortune.com/fortune500/tjx-89 TJX].</ref><ref>Annual Report 2018 [https://www.tjx.com/docs/default-source/annual-reports/tjx-2018-annual-report.pdf].</ref><ref>Form 10-Q (Q1 2019) [https://investor.tjx.com/static-files/8ac51cd2-5bf2-4758-9652-f3f89acacccc].</ref>
}}

'''The TJX Companies, Inc.''' (abbreviated '''TJX''') is an American [[Finance:Multinational corporation|multinational]] off-price department store corporation, headquartered in Framingham, Massachusetts.<ref>{{cite press release |title=The TJX Companies, Inc. Announces CEO Succession Plans; Carol Meyrowitz to Be Named CEO |url=http://investor.tjx.com/phoenix.zhtml?c=118215&p=irol-newsArticle&ID=903202 |publisher=TJX |agency={{wipe|Business Wire}} |date=September 7, 2006 |access-date=November 13, 2018 |archive-date=August 14, 2022 |archive-url=https://web.archive.org/web/20220814011843/https://investor.tjx.com/news-releases/news-release-details/tjx-companies-inc-announces-ceo-succession-plans-carol-meyrowitz?ID=903202&c=118215&p=irol-newsArticle |url-status=dead }}</ref> 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.<ref>{{Cite news|url=https://www.forbes.com/profile/carol-meyrowitz/|title=Carol Meyrowitz|work=Forbes|access-date=2018-07-10|language=en}}</ref> TJX ranked No. 97 in the 2021 {{wipe|Fortune 500}} list of the largest United States corporations by total revenue.<ref>{{Cite web|url=http://fortune.com/fortune500/list/|title=Fortune 500 Companies 2021: Who Made the List|website=Fortune|language=en-US|access-date=2021-12-28|archive-date=November 10, 2018|archive-url=https://web.archive.org/web/20181110190356/http://fortune.com/fortune500/list/|url-status=dead}}</ref>

==History==
===Zayre===
In 1977, the first TJ Maxx store opened in Auburn, Massachusetts as part of the discount department store chain Zayre. In June 1987, Zayre established The TJX Companies as a subsidiary. 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.<ref name=cohistory>{{cite news|url=http://www.fundinguniverse.com/company-histories/the-tjx-companies-inc-history/ |title=The TJX Companies, Inc. History |publisher=FundingUniverse |access-date=1 February 2013}}</ref>

The company continued focus on its core business, selling unrelated operations including [[Company:BJ's Wholesale Club|BJ's Wholesale Club]] and Home Club, leaving it with just one brand, T.J. Maxx.<ref name="2004rep">2004 Annual Report</ref> 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.

===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.<ref name="2004rep"/> Two years later, it launched its third brand, HomeGoods, in the United States.<ref name="2004rep"/>  TJX's expansion beyond North America came in 1994, when the fourth brand division, T.K. Maxx, was founded in the {{wipe|United Kingdom}}, and then expanded into Ireland.<ref name="2004rep"/> 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.<ref name="2004rep"/><ref>{{Cite news|url=https://www.nytimes.com/1995/10/17/business/tjx-will-buy-marshalls-chain-from-melville.html|title=TJX Will Buy Marshalls Chain From Melville|last=Gilpin|first=Kenneth N.|date=1995-10-17|work=The New York Times|access-date=2018-02-08|language=en-US|issn=0362-4331}}</ref> 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.<ref>Sam Stovall, ''Sector Investing'', McGraw Hill, 1996, Appendix A, The S&P 500 Composite Index, {{ISBN|0-07-052239-1}}</ref>  TJX sold Hit or Miss, a discount mall based clothing store in 1995 as well through an employee leveraged buyout.<ref>{{Cite web|url=https://nypost.com/1999/01/06/hit-or-miss-gets-new-owner/|title=Hit or Miss Gets New Owner|date=January 6, 1999}}</ref>
[[File:Marshalls HomeGoods TJMaxx Boston Downtown Crossing.jpg|thumb|left|Marshalls, HomeGoods, and T.J. Maxx co-located at a building in Boston's Downtown Crossing (2020).]]
TJX launched a sixth brand, A.J. Wright, in 1998 in the eastern U.S. The brand went national in 2004 when it opened its first stores in California on the west coast.<ref name="2004rep"/> The company's seventh brand division, HomeSense, formed in 2001, was a Canadian brand modeled after the existing US brand, HomeGoods.<ref name="2004rep"/>

In 2002, TJX revenue reached almost $12 billion.<ref name="2004rep"/> In mid-2003, TJX acquired an eighth brand division, Bob's Stores, concentrated in New England. In Canada, TJX began to configure some Winners and HomeSense stores side by side as superstores. The superstores feature open passageways between them, with dual branding. TJX's revenue in 2003 reached over $13 billion.<ref name="2004rep"/> TJX began to test the side-by-side superstore model in the United States in 2004, combining some of each of the two Marmaxx brand stores with HomeGoods.  The company reached 141st position in the 2004 {{wipe|Fortune 500}} rankings, with almost $15 billion in revenue. That year was also marked by the death of retired Zayre founder Stanley Feldberg.<ref name="2004rep"/>

In April 2008, TJX launched the HomeSense brand in the UK, with six stores opening throughout May. The brand is more upmarket than its Canadian namesake. Later that year, in August, TJX sold Bob's Stores to Versa Capital Management and Crystal Capital.<ref>{{cite web|url=http://www.tradingmarkets.com/.site/news/Stock%20News/1836096/|title=TJX Sells Bob's Stores Chain To Versa Capital, Crystal Capital, Terms Undisclosed|date=August 20, 2008|website=Financial Wire|access-date=September 22, 2008|archive-date=October 22, 2008|archive-url=https://web.archive.org/web/20081022224120/http://www.tradingmarkets.com/.site/news/Stock%20News/1836096/|url-status=dead}}</ref>

In December 2010, TJX announced that the A.J. Wright stores would be closed, cutting about 4,400 jobs, and that more than half of them would reopen under other company brands.<ref>{{cite news|url=https://www.bloomberg.com/news/2010-12-10/tjx-plans-to-convert-or-shut-its-a-j-wright-stores-cut-4-400-positions.html|title=TJX Plans to Close A.J. Wright Stores, Cut 4,400 Jobs.|date=December 10, 2010|website=Bloomberg.com|publisher=US Retail News|access-date=December 10, 2010}}</ref>

In December 2012, TJX acquired Sierra Trading Post, an off-price internet retailer of outdoor gear and apparel.<ref>{{Cite web|url=https://investor.tjx.com/news-releases/news-release-details/tjx-companies-inc-acquires-price-internet-retailer-sierra|title=The TJX Companies, Inc. Acquires Off-Price Internet Retailer Sierra Trading Post|publisher=investor.tjx.com}}</ref>  Since its acquisition, the retail chain has opened over 70 brick-and-mortar stores in the United States.  The chain rebranded to Sierra in 2019. <ref>{{Cite web|url=https://sgbonline.com/tjx-rebranding-sierra-trading-post-to-simply-sierra/|title=TJX Rebranding Sierra Trading Post To Simply 'Sierra'|date=February 28, 2019 |publisher=sgbonline.com}}</ref>

In July 2015, TJX acquired the Trade Secret and Home Secret off-price retail businesses from Australian company Gazal Corporation Limited. The deal was completed in December.<ref>{{Cite news|url=https://www.bostonglobe.com/business/2015/07/29/tjx-acquires-australian-retailer-trade-secret/BwfkLcoPsr3kbHV8P7DupK/story.html|title=TJX acquires Australian retailer Trade Secret - The Boston Globe|work=BostonGlobe.com|access-date=2018-02-08}}</ref> In October, Ernie Herrman was named CEO of the company, replacing Carol Meyrowitz.<ref name=":0">{{Cite web|url=https://www.bizjournals.com/boston/news/2015/10/07/meet-ernie-hermann-the-new-ceo-of-t-j-maxx-parent.html|title=Meet Ernie Herrman, the new CEO of T.J. Maxx-parent TJX Cos.|last=Convey|first=Eric|date=7 October 2015|website=Boston Business Journal|access-date=2020-04-02}}</ref> He took over in January 2016.<ref name=":0" />

In November 2019, TJX purchased a 25% stake in Russian retailer Familia.<ref>{{Cite web|url=https://www.bizjournals.com/boston/news/2019/11/20/tjx-buys-225m-stake-in-russian-discount-retailer.html|title=TJX buys $225M stake in Russian discount retailer|last=Carlock|first=Catherine|date=20 November 2019|website=Boston Business Journal|access-date=2020-04-02}}</ref>

=== COVID-19 impact ===
On August 19, 2020, TJX Companies continue to deal with the COVID-19 pandemic's effect on its business. The company announced that revenues dropped 31% over the months of May, June, and July, primarily due to extensive closures of the shop for around one-third of the period. TJX Companies reported a second-quarter loss of $214 million.<ref>{{Cite web|last=Kalogeropoulos|first=Demitri|date=19 August 2020|title=TJX Companies Posts a $214 Million Second-Quarter Loss|url=https://www.fool.com/investing/2020/08/19/tjx-companies-posts-a-214-million-second-quarter-l/|access-date=26 August 2020|website=The Motley Fool}}</ref>

==Incidents==
===Computer systems intrusion===
On January 17, 2007, TJX announced that it was the victim of an unauthorized computer systems intrusion. It discovered in mid-December 2006 that its computer systems were compromised and [[Identity theft|customer data was stolen]].<ref>{{cite press release |title= THE TJX COMPANIES, INC. VICTIMIZED BY COMPUTER SYSTEMS INTRUSION; PROVIDES INFORMATION TO HELP PROTECT CUSTOMERS|publisher= The TJX Companies, Inc.|date= January 17, 2007|url= http://www.businesswire.com/news/tjx/20070117005971/en|access-date= December 12, 2009}}</ref> The hackers accessed a system that stores data on [[Finance:Credit card|credit card]], [[Debit card|debit card]], [[Finance:Cheque|check]], and merchandise return transactions.<ref>{{cite news  | first = Denise | last = Lavoie | title = Credit cos. watchful after TJX breach | url = https://news.yahoo.com/s/ap/20070118/ap_on_hi_te/tjx_computer_hacker | date = January 18, 2007
 | access-date = January 18, 2007 |archive-url = https://web.archive.org/web/20070123191651/https://news.yahoo.com/s/ap/20070118/ap_on_hi_te/tjx_computer_hacker <!-- Bot retrieved archive --> |archive-date = January 23, 2007}}</ref> The intrusion was kept confidential as requested by law enforcement. TJX said that it was working with [[Company:General Dynamics|General Dynamics]], [[Company:IBM|IBM]] and [[Company:Deloitte|Deloitte]] to upgrade computer security.

By the end of March 2007, the number of affected customers had reached 45.7 million,<ref>[http://www.myfoxtwincities.com/myfox/pages/Home/Detail?contentId=2804836&version=3&locale=EN-US&layoutCode=TSTY&pageId=1.1.1 Largest Customer Info Breach Grows]. MyFox Twin Cities, March 29, 2007.</ref> and prompted [[Credit bureau|credit bureau]]s to seek legislation requiring retailers to be responsible for compromised customer information saved in their systems. In addition to credit card numbers, personal information such as social security numbers and driver's license numbers from 451,000 customers were downloaded by the intruders. The breach was possible due to a non-secure [[Engineering:Wireless network|wireless network]] in one of the stores.<ref>{{cite web|first=Joseph|last=Pereira|url=http://online.wsj.com/article/SB117824446226991797.html| title=Breaking the code: How Credit-Card Data Went Out Wireless Door|publisher=Wall Street Journal| date=May 4, 2007}}</ref> Eleven men were charged in the theft, and one (Damon Patrick Toey) pleaded guilty to numerous charges related to the breach.<ref>{{Cite news|last=Tomsho|first=Rob|url=https://www.wsj.com/articles/SB122122769957627957|title=Hacker Pleads Guilty In TJX Security Breach|date=2008-09-12|work=Wall Street Journal|access-date=2012-09-12|language=en-US|issn=0099-9660}}</ref> Another, Jonathan James, professed his innocence and later committed suicide, apparently out of the belief that he was going to be indicted.<ref name="wired1">{{cite news  | last =  Poulsen | first = Kevin |  title = Former Teen Hacker's Suicide Linked to TJX Probe | publisher = Wired | date = July 9, 2009 | url = https://www.wired.com/threatlevel/2009/07/hacker/ | access-date = October 29, 2009}}</ref> The alleged ringleader Albert Gonzalez, was later indicted in August 2009 with attacking [[Company:Heartland Payment Systems|Heartland Payment Systems]], where 130 million records were compromised.<ref>{{cite web|url=https://www.wired.com/threatlevel/2009/08/tjx-hacker-charged-with-heartland/TJX|title=Hacker Charged With Heartland, Hannaford Breaches - wired.com - August 17, 2009|website=wired.com|access-date=April 21, 2018}}</ref>

==List of brands==
===Current brands===
{|class="wikitable sortable"
! rowspan="2" | Brand
! rowspan="2" | Year founded
! rowspan="2" | Year acquired
! rowspan="2" | {{abbr|No.|Number}} of locations
! colspan="9" | Countries in operation<ref>{{cite web|url=http://www.financialpost.com/open+Marshalls+Canada/3300522/story.html|title=TJX to open Marshalls in Canada|first=Hollie|last=Shaw|website=Financial Post|access-date=April 21, 2018|archive-date=March 19, 2012|archive-url=https://web.archive.org/web/20120319162704/http://www.financialpost.com/open+Marshalls+Canada/3300522/story.html|url-status=dead}}</ref>
|-
! Australia
! Austria
! Canada
! Germany
! Ireland
! Netherlands
! Poland
! UK
! US
|-
| HomeGoods
| 1992
| {{N/A}}
| 818
| {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{yes}}
|-
| HomeSense
| 2001
| {{N/A}}
| 253
| {{no}} || {{no}} || {{yes}} || {{no}} || {{yes}} || {{no}} || {{no}} || {{yes}} || {{yes}}
|-
| Marshalls
| 1956
| 1995
| 1,236
| {{no}} || {{no}} || {{yes}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{yes}}
|-
| Sierra
| 1986
| 2012
| 90
| {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{yes}}
|-
| TJ Maxx
| 1976
| {{N/A}}
| 1,271
| {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{yes}}
|-
| TK Maxx
| 1994
| {{N/A}}
| 654
| {{yes}} || {{yes}} || {{no}} || {{yes}} || {{yes}} || {{yes}} || {{yes}} || {{yes}} || {{no}}
|-
| Winners
| 1982
| 1990
| 279
| {{no}} || {{no}} || {{yes}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}} || {{no}}
|}

====Divisions====
* Marmaxx &ndash; TJ Maxx and Marshalls (US)
* HomeGoods  &ndash; HomeGoods and HomeSense (US)
* TJX Canada  &ndash; Winners, HomeSense (Canada), and Marshalls (Canada)
* TJX International  &ndash; TK Maxx (Europe & Australia) and HomeSense (UK and Ireland)

===Former brands===
{|class="wikitable sortable"
! style="width:15%;" | Brand
! style="width:12%;" | Year founded
! style="width:12%;" | Year defunct
! style="width:12%;" | Year acquired
! style="width:12%;" | Year divested
! class="unsortable" | Notes
|-
| AJWright
| 1998
| 2011
| {{N/A}}
| {{N/A}}
| Stores liquidated or converted to other TJX brands
|-
| [[Company:BJ's Wholesale Club|BJ's Wholesale Club]]
| 1984
| {{N/A}}
| {{N/A}}
| 1989
| BJ's and HomeClub spun off from TJX to form Waban
|-
| Bob's Stores
| 1954
| {{N/A}}
| 2003
| 2008
| Sold to Versa Capital Management and Crystal Capital
|-
| Home Club
| 1983
| 2002
| 1985
| 1989
| BJ's and HomeClub spun off from TJX to form Waban
|-
| {{sort|Maxx, The|The Maxx}}
| 2006
| 2009
| {{N/A}}
| {{N/A}}
| 
|-
| StyleSense
| 2008
| 2012
| {{N/A}}
| {{N/A}}
| 
|-
| Trade Secret
| 1992
| 2017
| 2015
| {{N/A}}
| Stores converted to TK Maxx
|-
| Zayre 
| 1956
| 1990
| {{N/A}}
| 1988
| Sold to Ames Department Stores, which facilitated the Waban spin-off and TJX reorganization
|}

==References==
{{reflist|33em}}

==Sources==
* {{cite news |last=Yahoo! Inc. |url=https://finance.yahoo.com/q/pr?s=TJX |title=TJX: Profile for TJX Cos Inc. |publisher=Yahoo! Finance |date=January 29, 2007 |access-date=January 29, 2007}}

== External links ==
{{Finance links
| name = TJX Companies
| symbol = TJX
| sec_cik = TJX
| yahoo = TJX
| google = TJX
}}



[[Category:Companies listed on the New York Stock Exchange]]

{{Sourceattribution|TJX Companies}}