The TJX Companies, Inc. Provides COVID-19 Update
March 19 2020 - 11:41AM
Business Wire
The TJX Companies, Inc. (NYSE: TJX), today announced several
actions related to its response to the rapidly changing market
uncertainty from the COVID-19 pandemic.
Effective today the Company is closing all of its stores in the
United States, Canada, Europe, and Australia for two weeks. In
certain regions, including Germany, Poland, Austria, Ireland, and
the Netherlands, and a number of U.S. and Canadian locations, the
Company had previously closed stores based on several factors,
including government or health department requirements. The Company
is also closing its online businesses tjmaxx.com, marshalls.com,
and sierra.com. Further, the Company is temporarily closing its
distribution centers and offices, with Associates working remotely
when they can. We know our Associates are very concerned for their
health and financial well-being, and we plan to pay our store,
distribution center and office Associates for two weeks during
these closures.
To further strengthen its financial position and balance sheet,
and maintain financial liquidity and flexibility, the Company is
taking the following actions:
- Drawing down $1 billion from its revolving credit
facilities.
- Suspending its share repurchase program.
- Evaluating its dividend program.
- Reviewing all operating expenses.
- Reducing capital expenditures.
The Company also announced today that it is withdrawing its
first quarter and full year Fiscal 2021 financial guidance given on
its February 26, 2020 earnings conference call. The Company is not
providing an updated outlook at this time.
As the COVID-19 pandemic is complex and evolving rapidly, the
Company’s plans as outlined above may change.
About The TJX Companies,
Inc.
The TJX Companies, Inc. is the leading off-price retailer of
apparel and home fashions in the U.S. and worldwide. As of February
1, 2020, the end of the Company’s fiscal year, the Company operated
a total of 4,529 stores in nine countries, the United States,
Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the
Netherlands, and Australia, and four e-commerce sites. These
include 1,273 T.J. Maxx, 1,130 Marshalls, 809 HomeGoods, 46 Sierra,
and 32 Homesense stores, as well as tjmaxx.com, marshalls.com, and
sierra.com in the United States; 279 Winners, 137 HomeSense, and 97
Marshalls stores in Canada; 594 T.K. Maxx and 78 Homesense stores,
as well as tkmaxx.com, in Europe; and 54 T.K. Maxx stores in
Australia. TJX’s press releases and financial information are
available at TJX.com.
Important Information at
Website
The Company routinely posts information that may be important to
investors in the Investors section at TJX.com. The Company
encourages investors to consult that section of its website
regularly.
Forward-looking
Statement
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Various statements made in this release are
forward-looking and involve a number of risks and uncertainties.
All statements that address activities, events or developments that
we intend, expect or believe may occur in the future are
forward-looking statements. The following are some of the factors
that could cause actual results to differ materially from the
forward-looking statements: the duration and impact of the COVID-19
pandemic; execution of buying strategy and inventory management;
operational and business expansion and management of large size and
scale; customer trends and preferences; various marketing efforts;
competition; personnel recruitment, training and retention; labor
costs and workforce challenges; data security and maintenance and
development of information technology systems; economic conditions
and consumer spending; corporate and retail banner reputation;
quality, safety and other issues with our merchandise; compliance
with laws, regulations and orders and changes in laws, regulations
and applicable accounting standards; serious disruptions or
catastrophic events and adverse or unseasonable weather; expanding
international operations; merchandise sourcing and transport;
commodity availability and pricing; fluctuations in currency
exchange rates; fluctuations in quarterly operating results and
market expectations; mergers, acquisitions, or business investments
and divestitures, closings or business consolidations; outcomes of
litigation, legal proceedings and other legal or regulatory
matters; tax matters; disproportionate impact of disruptions in the
second half of the fiscal year; real estate activities; inventory
or asset loss; cash flow and other factors that may be described in
our filings with the Securities and Exchange Commission. We do not
undertake to publicly update or revise our forward-looking
statements even if experience or future changes make it clear that
any projected results expressed or implied in such statements will
not be realized.
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The TJX Companies, Inc. Debra McConnell Global Communications
(508) 390-2323
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