Formerly | Zayre Corp. |
---|---|
Company type | Public |
Industry | Retail |
Founded | 1987 |
Founder | Bernard Cammarata |
Headquarters | Framingham, Massachusetts, U.S. |
Number of locations | 4,557 [1] (August 1, 2020) |
Area served |
|
Key people | Carol Meyrowitz (Executive Chairman) Ernie Herrman (President, CEO) Scott Goldenberg (CFO) Raina Avalon (CLO) Mark Beyerly (CIO) |
Products |
|
Revenue | US$38.937 billion (2018) |
US$4.17 billion (2018) | |
US$3.06 billion (2018) | |
Total assets | US$14.326 billion (2018) |
Total equity | US$5.05 billion (2018) |
Number of employees | 270,000 (2018) |
Divisions | |
Website | tjx |
Footnotes /references [3] [4] [5] [6] |
The TJX Companies, Inc. (abbreviated TJX) is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. [7] It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.
As of 2019 [update] , TJX operates TJ Maxx (in the United States) and TK Maxx (in Australia and Europe), its flagship store chains, along with Marshalls, HomeGoods, HomeSense, and Sierra in the United States, and HomeSense, Marshalls, and Winners in Canada. There are over 4,557 discount stores in the TJX portfolio located in nine countries. [8] TJX ranked No. 97 in the 2021 Fortune 500 list of the largest United States corporations by total revenue. [9]
In 1977, the first TJ Maxx store opened in Auburn, Massachusetts as part of the discount department store chain Zayre. In June 1987, Zayre established The TJX Companies as a subsidiary. In the first half of 1988, Zayre stores had operating losses of $69 million on sales of $1.4 billion. Observers blamed technological inferiority, poor maintenance, inappropriate pricing, and inventory pileups, and Zayre appeared ripe for takeover. Throughout all this, however, The TJX Companies subsidiary continued to yield a profit. In October 1988, Zayre Corp. decided to focus its energies on TJX. It sold the entire chain of nearly 400 Zayre stores to Ames Department Stores Inc. In exchange, the company received $431.4 million in cash, a receivable note, and what was then valued at $140 million of Ames cumulative senior convertible preferred stock. [10]
The company continued focus on its core business, selling unrelated operations including BJ's Wholesale Club and Home Club, leaving it with just one brand, T.J. Maxx. [11] In June 1989, Zayre Corp. acquired the outstanding minority interest in TJX and merged with the subsidiary, changing its name from Zayre Corp. to The TJX Companies, Inc. in the process. The newly named company began trading on the New York Stock Exchange.
In 1990, TJX expanded into an additional store brand division, and at the same time it first went international, as it entered the Canadian market by acquiring the five-store Winners chain. [11] Two years later, it launched its third brand, HomeGoods, in the United States. [11] TJX's expansion beyond North America came in 1994, when the fourth brand division, T.K. Maxx, was founded in the United Kingdom, and then expanded into Ireland. [11] In 1995, TJX doubled in size when it acquired Marshalls, its fifth brand. T.J. Maxx and Marshalls later became consolidated as two brands under a single division, The Marmaxx Group. [11] [12] The following year, TJX Companies Inc. was added to the Standard & Poor's S&P 500 Composite Index, which consists of 500 of the largest companies in the United States. [13] TJX sold Hit or Miss, a discount mall based clothing store in 1995 as well through an employee leveraged buyout. [14]
TJX launched a sixth brand, A.J. Wright, in 1998 in the eastern U.S. The brand went national in 2004 when it opened its first stores in California on the west coast. [11] The company's seventh brand division, HomeSense, formed in 2001, was a Canadian brand modeled after the existing US brand, HomeGoods. [11]
In 2002, TJX revenue reached almost $12 billion. [11] In mid-2003, TJX acquired an eighth brand division, Bob's Stores, concentrated in New England. In Canada, TJX began to configure some Winners and HomeSense stores side by side as superstores. The superstores feature open passageways between them, with dual branding. TJX's revenue in 2003 reached over $13 billion. [11] TJX began to test the side-by-side superstore model in the United States in 2004, combining some of each of the two Marmaxx brand stores with HomeGoods. The company reached 141st position in the 2004 Fortune 500 rankings, with almost $15 billion in revenue. That year was also marked by the death of retired Zayre founder Stanley Feldberg. [11]
In April 2008, TJX launched the HomeSense brand in the UK, with six stores opening throughout May. The brand is more upmarket than its Canadian namesake. Later that year, in August, TJX sold Bob's Stores to Versa Capital Management and Crystal Capital. [15]
In December 2010, TJX announced that the A.J. Wright stores would be closed, cutting about 4,400 jobs, and that more than half of them would reopen under other company brands. [16]
In December 2012, TJX acquired Sierra Trading Post, an off-price internet retailer of outdoor gear and apparel. [17] Since its acquisition, the retail chain has opened over 70 brick-and-mortar stores in the United States. The chain rebranded to Sierra in 2019. [18]
In July 2015, TJX acquired the Trade Secret and Home Secret off-price retail businesses from Australian company Gazal Corporation Limited. The deal was completed in December. [19] In October, Ernie Herrman was named CEO of the company, replacing Carol Meyrowitz. [20] He took over in January 2016. [20]
In November 2019, TJX purchased a 25% stake in Russian retailer Familia. [21]
On August 19, 2020, TJX Companies continue to deal with the COVID-19 pandemic's effect on its business. The company announced that revenues dropped 31% over the months of May, June, and July, primarily due to extensive closures of the shop for around one-third of the period. TJX Companies reported a second-quarter loss of $214 million. [22]
On January 17, 2007, TJX announced that it was the victim of an unauthorized computer systems intrusion. It discovered in mid-December 2006 that its computer systems were compromised and customer data was stolen. [23] The hackers accessed a system that stores data on credit card, debit card, check, and merchandise return transactions. [24] The intrusion was kept confidential as requested by law enforcement. TJX said that it was working with General Dynamics, IBM and Deloitte to upgrade computer security.
By the end of March 2007, the number of affected customers had reached 45.7 million, [25] and prompted credit bureaus to seek legislation requiring retailers to be responsible for compromised customer information saved in their systems. In addition to credit card numbers, personal information such as social security numbers and driver's license numbers from 451,000 customers were downloaded by the intruders. The breach was possible due to a non-secure wireless network in one of the stores. [26] Eleven men were charged in the theft, and one (Damon Patrick Toey) pleaded guilty to numerous charges related to the breach. [27] Another, Jonathan James, professed his innocence and later committed suicide, apparently out of the belief that he was going to be indicted. [28] The alleged ringleader Albert Gonzalez, was later indicted in August 2009 with attacking Heartland Payment Systems, where 130 million records were compromised. [29]
Brand | Year founded | Year acquired | No. of locations | Countries in operation [30] | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Australia | Austria | Canada | Germany | Ireland | Netherlands | Poland | UK | US | ||||
HomeGoods | 1992 | — | 818 | No | No | No | No | No | No | No | No | Yes |
HomeSense | 2001 | — | 253 | No | No | Yes | No | Yes | No | No | Yes | Yes |
Marshalls | 1956 | 1995 | 1,236 | No | No | Yes | No | No | No | No | No | Yes |
Sierra | 1986 | 2012 | 90 | No | No | No | No | No | No | No | No | Yes |
TJ Maxx | 1976 | — | 1,271 | No | No | No | No | No | No | No | No | Yes |
TK Maxx | 1994 | — | 654 | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | No |
Winners | 1982 | 1990 | 279 | No | No | Yes | No | No | No | No | No | No |
Brand | Year founded | Year defunct | Year acquired | Year divested | Notes |
---|---|---|---|---|---|
AJWright | 1998 | 2011 | — | — | Stores liquidated or converted to other TJX brands |
BJ's Wholesale Club | 1984 | — | — | 1989 | BJ's and HomeClub spun off from TJX to form Waban |
Bob's Stores | 1954 | — | 2003 | 2008 | Sold to Versa Capital Management and Crystal Capital |
Home Club | 1983 | 2002 | 1985 | 1989 | BJ's and HomeClub spun off from TJX to form Waban |
The Maxx | 2006 | 2009 | — | — | |
StyleSense | 2008 | 2012 | — | — | |
Trade Secret | 1992 | 2017 | 2015 | — | Stores converted to TK Maxx |
Zayre | 1956 | 1990 | — | 1988 | Sold to Ames Department Stores, which facilitated the Waban spin-off and TJX reorganization |
Canadian Tire Corporation, Limited is a Canadian retail company which operates in the automotive, hardware, sports, leisure and housewares sectors. Its Canadian operations include: Canadian Tire, Mark's, FGL Sports, PartSource, and the Canadian operations of Party City. Canadian Tire acquired the Norwegian clothing and textile company Helly Hansen from the Ontario Teachers' Pension Plan in 2018.
Marshalls is an American chain of off-price department stores owned by TJX Companies. Marshalls has over 1,000 American stores, including larger stores named Marshalls Mega Store, covering 49 states and Puerto Rico, and 61 stores in Canada. Marshalls first expanded into Canada in March 2011.
A discount store or discounter offers a retail format in which products are sold at prices that are in principle lower than an actual or supposed "full retail price". Discounters rely on bulk purchasing and efficient distribution to keep down costs.
TK Maxx is a subsidiary of the American apparel and home goods company TJX Companies. The stores operate throughout the United Kingdom, Australia, Ireland, Germany, Poland, Austria and the Netherlands, totalling 629 stores in Europe and 56 in Australia in May 2020. In Poland, there are a total of 44 stores. The chain uses a slightly different name from that of the TJ Maxx stores in the United States, to avoid confusion with the British retailer T. J. Hughes.
Zayre was a chain of discount stores that operated in the eastern half of the United States from 1956 to 1990. The company's headquarters was in Framingham, Massachusetts. In October 1988, Zayre's parent company, Zayre Corp., sold the stores to the competing Ames Department Stores, Inc. chain, and in June 1989, Zayre Corp. merged with one of its subsidiaries, The TJX Companies, parent company of T.J. Maxx, which still exists today. A number of stores retained the Zayre name until 1990, by which time all stores were either closed or converted into Ames stores.
A big-box store is a physically large retail establishment, usually part of a chain of stores. The term sometimes also refers, by extension, to the company that operates the store. The term "big-box" references the typical appearance of buildings occupied by such stores.
Winners Merchants International L.P is a chain of off-price Canadian department stores owned by TJX Companies.
Dylex Limited was one of Canada's largest retailers during the 1970s and 1980s, where it operated a number of specialty retail stores, including women's wear, men's wear, and family stores, including BiWay, a large, and now defunct, Canadian discount chain.
Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department stores headquartered in Dublin, California. It is the largest off-price retailer in the U.S.; as of 2018, Ross operates 1,483 stores in 37 U.S. states, the District of Columbia and Guam, covering much of the country, but with no presence in New York, northern New Jersey, Alaska, Puerto Rico, and areas of the Midwest. The company also operates DD's Discounts, a discount department store chain with over 300 locations across the United States, most of which are located in Sun Belt states.
TJ Maxx is an American department store chain, selling at prices generally lower than other major similar stores. It has more than 1,000 stores in the United States, making it one of the largest clothing retailers in the country. TJ Maxx is the flagship chain of the TJX Companies. It sells men's, women's and children's apparel and shoes, toys, bath and beauty products, accessories, jewelry, and home products ranging from furniture and decor to housewares and kitchen utensils.
HomeBase was a home improvement warehouse chain in the Western United States based in Irvine, California.
AJWright was a chain of about 129 American retail/outlet stores established in 1998 and owned by TJX Companies. Like its sister company T.J. Maxx, AJWright sold clothing, domestics, giftware, footwear, accessories, and fragrances at prices between twenty and seventy percent below regular prices. AJWright differed from other TJX chains by refreshing its merchandise on a regular basis. For most stores, new shipments arrived every weekday. In early 2011, TJX closed the chain's remaining stores and converted some stores to other TJX brands.
HomeGoods is a chain of home furnishing stores headquartered in Framingham, Massachusetts. It was founded as a small chain in 1992 and grew to include hundreds of locations throughout the United States. HomeGoods sells furniture, linens, cooking products, art, and other home accessories.
HomeSense is a Canadian chain of discount home furnishing stores owned by TJX Companies. It originated in Canada in 2001, and was expanded to Europe in 2008 and the United States in 2017. Outside of the United States, the chain is comparable to the TJX-owned HomeGoods. Within the US, where HomeGoods already operates, it features more big ticket items than its sister store.
Sierra Trading Post, Inc., doing business as Sierra, is an online and brick-and-mortar retailer of off-price merchandise operated by the TJX Companies. The Framingham, Massachusetts–based company offers products in categories such as outdoor recreation, fitness and adventure gear, and apparel, along with footwear, clothing, and home decor. Sierra sells merchandise through 78 retail stores as of November 2022 and a company website. It carries products from approximately 3,000 name-brand manufacturers.
Bob's Stores is a chain of retail stores in the northeastern United States owned by GoDigital Media Group. Founded as Bob's Surplus in Middletown, Connecticut, by Robert "Bob" Lapidus in 1954, the chain expanded gradually until it was acquired by TJX Companies in 2003 and has been reacquired twice more since then. The chain targets moderate-income customers with a selection of footwear, workwear, teamwear, and activewear.
Off-price is a trading format based on discount pricing. Off-price retailers are independent of manufacturers and buy large volumes of branded goods directly from them. The off-price retail model relies on the purchase of over-produced, or excess, branded goods at a lower price, thus being able to sell to consumers at a discount compared to other stores which purchased an initial run. Among the largest retailers of this type are TJX Companies and Ross Stores. The model is more common in countries that import fashion-oriented or household goods, as the discount role in producer countries is usually filled by factory outlets or small-scale open-air marketplaces.
Trade Secret was a chain of clothing, accessories and home furnishing stores operated by TJX Companies and had 35 stores across Australia by April 2017. The stores were located in Sydney, Melbourne, Brisbane, Canberra, Newcastle, Wollongong, Cairns, Townsville, Toowoomba, Albury, the Sunshine Coast and the Gold Coast. On 3 February 2017, they announced on their website that they would soon be rebranding all existing locations as T.K. Maxx and opening new locations across the east coast. As of 20 April 2017 the stores were operating as T.K. Maxx.
Michaels Stores, Inc., more commonly known as Michaels, is a privately held chain of American and Canadian arts and crafts stores. It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourself home decorators. The company is part of The Michaels Companies, founded in 2014 and headquartered in Irving, Texas. In addition to Michaels stores, The Michaels Companies operates Aaron Brothers Custom Framing store-within-a-store, and Artistree, a manufacturer of custom and specialty framing merchandise. The company also develops over a dozen private brands sold in Michaels stores, including Recollections, Studio Décor, Bead Landing, Creatology, and Ashland. As of January 2021, there were 1,252 Michaels stores in 49 out of 50 states in the U.S., and Canada, with approximately $5.362 billion in sales for fiscal 2020.