default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Off-Price Retailer TJX to Furlough Most of About 286,000 Staff 

The company said store reopening dates would defer based on the state and locality of the outlet.
Off-price retailer TJ Maxx | Source: Shutterstock
By
  • Reuters

NEW YORK, United States — Off-price retailer TJX Companies Inc said on Tuesday it would furlough most of the employees at its stores and distribution centres, as outlets remain closed to curb the spread of the coronavirus.

TJX, which had about 286,000 employees as of Feb. 1 according to its latest annual filing, will pay its staff until the week ending April 11.

U.S. retailers, including Macy's and Nordstrom, have closed stores as several states called for lockdowns to curb the spread of the virus outbreak that has killed over 10,000 in the country.

TJX said several executives, including Chief Executive Officer Ernie Herrman, would take a pay cut, a pattern seen across U.S. companies looking to strengthen their balance sheets amid the economic downturn triggered by the health crisis.

The company said store reopening dates would defer based on the state and locality of the outlet.

By Nivedita Balu in Bengaluru; Editor: Devika Syamnath

In This Article

© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Chronicle the ‘Retail Apocalypse’ and emerging retail models, including DTC brands.

In an uncertain economic environment, brands are turning to their customers for investment. BoF unpacks how companies can benefit from this approach typically favoured by start-ups.


The luxury resale platform’s CEO John Korryl spoke with BoF exclusively about new revenue streams, consignment updates and other ways of reaching profitability after a decade of losses.


Join us on Thursday, April 13 at 16:00 BST / 11:00 EDT for a special #BoFLIVE Masterclass unpacking our latest case study The Complete Guide to Managing Markdowns with BoF retail correspondent Cathaleen Chen.



view more

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Complete Guide to Managing Markdowns
© 2023 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy and Accessibility Statement.
The Complete Guide to Managing Markdowns