TJX Cos. Inc. joins the throng of retailers furloughing employees and taking executive pay cuts.
TJX Cos. Inc. joins the throng of retailers furloughing employees and taking executive pay cuts amid the coronavirus pandemic.
TJX is working with government programs in Europe and Australia to help retain hourly workers during the crisis. Associates impacted in the U.S. and Canada are eligible to apply for unemployment and still have access to benefits, such as company health care, Herrman said. The off-price retail company, parent to the T.J. Maxx, Marshalls, Sierra, Homesense and HomeGoods brands, was one of the last retailers to close shops last month as panic around the novel coronavirus spread across the U.S. On March 19, the company closed all of its 4,529 stores across Europe, the U.K., North America and Australia.
“By keeping our stores and other facilities temporarily closed, we are supporting global efforts to help protect the health and safety of many people around the world,” Herrman said. “At the same time, we also take very seriously our responsibility to ensure the company’s long-term strength and stability well into the future, which has required making some difficult decisions in the near term.”
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