TJX Closing Locations, Shutting Down Websites for T.J. Maxx, Marshalls and Sierra
March 19 2020 - 12:33PM
Dow Jones News
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.
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