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.
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