Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

T.J. Maxx parent to cut 4,400 jobs

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Retailer TJX Cos. said Friday that it is eliminating 4,400 jobs "to improve the overall profitability of the company."

TJX (TJX, Fortune 500), which owns T.J. Maxx, Marshalls and HomeGoods stores, said more than half of the jobs heading for the chopping block are full time.

The company said the workers will hold their jobs through the holiday season and into late January. It plans to offer severance and other assistance to the workers.

"While I believe this move makes us a much stronger company and will benefit TJX in both the near-term and long-term, it was not an easy decision as many positions will be eliminated and it will be difficult for our affected associates," said Chief Executive Carol Meyrowitz, in a press release.

The Framingham, Mass.-based company also said it is converting 91 A.J. Wright stores into T.J. Maxx, Marshalls or HomeGoods stores. TJX will close the remaining 71 stores as well as A.J. Wright's two distribution centers and its home office, the company said. To top of page

Index Last Change % Change
Dow 21,394.76 -2.53 -0.01%
Nasdaq 6,265.25 28.56 0.46%
S&P 500 2,438.30 3.80 0.16%
Treasuries 2.14 -0.01 -0.42%
Data as of 1:51am ET
Company Price Change % Change
Advanced Micro Devic... 14.17 -0.21 -1.46%
Bank of America Corp... 22.82 -0.11 -0.48%
Micron Technology In... 31.73 -0.16 -0.50%
Ford Motor Co 11.04 -0.09 -0.81%
Oracle Corp 50.95 0.65 1.29%
Data as of Jun 23
Sponsors

Sections

A federal judge says Ivanka Trump must give a deposition in a lawsuit brought against her by an Italian shoemaker claiming her fashion label copied its designs. More

Orlando Lopez's parents brought him to the U.S. seeking the American Dream, but he didn't find true happiness until after he was deported to Mexico. More

The average guest at a wedding last year spent $888 per wedding, according to a study from the Knot. For those in the wedding party, the price of being a stand-up friend was over $1,000. More