TJX to Furlough Majority of U.S. Workforce at End of Week
April 07 2020 - 1:54PM
Dow Jones News
By Colin Kellaher
TJX Cos., which has been paying its employees since closing its
stores, online businesses and distribution centers last month due
to the coronavirus pandemic, on Tuesday said it will furlough the
bulk of its U.S. workers at the end of the week.
The parent of T.J. Maxx, Marshalls and HomeGoods, which on March
19 announced a two-week closure of its stores, said it has extended
the closures, and that the cadence of re-openings will vary by
state and by country.
TJX said it will implement temporary furloughs after April 11
for the majority of its U.S. store and distribution center
employees, and that it will take comparable actions for portions of
its non-U.S. workforce.
The company also said its senior executives are taking pay
reductions, including 30% cuts for Chief Executive Ernie Herrman
and Executive Chairman Carol Meyrowitz.
TJX said it is working to prepare for re-openings as soon as it
believes it can operate safely in the communities it serves.
Shares of TJX were recently up 2.6% to $47.30.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 07, 2020 13:39 ET (17:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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