By Allison Prang 
 

TJX Cos. said it is closing its locations in the U.S., Canada, Australia and Europe for two weeks and closing its websites for T.J. Maxx, Marshalls and Sierra.

The retail parent also said it is withdrawing its outlook for the current fiscal year and quarter.

TJX, which had more than 4,500 stores worldwide as of Feb. 1, said it is shutting down its distribution centers and offices on a temporary basis. It said staff are working remotely when possible. Some of TJX's locations were already closed.

"We plan to pay our store, distribution center and office Associates for two weeks during these closures," the company said.

TJX also said it is reviewing its dividend program and its operating costs. It is also lowering its capital expenditures and suspending its share buyback program, it said.

In addition, TJX said it is drawing its revolving credit facilities down by $1 billion.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

March 19, 2020 12:18 ET (16:18 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
TJX Companies (NYSE:TJX)
Historical Stock Chart
From Apr 2020 to May 2020 Click Here for more TJX Companies Charts.
TJX Companies (NYSE:TJX)
Historical Stock Chart
From May 2019 to May 2020 Click Here for more TJX Companies Charts.