TJX to Furlough Majority of U.S. Workforce at End of Week

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 [e-mail]

(END) Dow Jones Newswires

April 07, 2020 13:39 ET (17:39 GMT)

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