The TJX Companies, Inc., is an American
apparel and home goods company based in Framingham, Massachusetts. It claims to
be the largest international apparel and home fashions off-price department store
chain in the United States. The company evolved from the Zayre discount
department store chain, founded in 1956, which opened its first branch of
T.J.Maxx in 1976 and its first BJ’s Wholesale Club in 1984. In 1988, Zayre
sold its nameplate to rival Ames, and T.J.Maxx was renamed “The TJX Companies,
Inc.”. Since 2007, the company’s CEO has been
Carol Meyrowitz. The corporate headquarters are located at 770
Cochituate Road in Framingham, Massachusetts.
TJX nameplates History
Stanley Feldberg was one of the 1956 founders of Zayre Corp. He served as
president of the company until 1978, and afterwards remained on the Board of
Directors, until he retired in 1989. Once the company had sold off the
“Zayre” name, the company consisted of its one core remaining store brand,
T.J.Maxx. The next year, 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. Two years
later, it launched its third brand, HomeGoods, in the United States. 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.
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. 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.
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. The company’s seventh brand division, HomeSense, formed in 2001, was
a Canadian brand modeled after the existing US brand, HomeGoods.
In 2002, TJX revenue reached almost $12 billion. 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. 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. 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.
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. In July 2015, TJX acquired the Trade
Secret and Home Secret off-price retail businesses from Australian company Gazal
Corporation Limited. The deal will be completed December 2015.
Computer systems intrusion 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. The hackers accessed a system that stores data on
credit card, debit card, check, and merchandise return transactions. The
intrusion was kept confidential as requested by law enforcement. TJX said
that it is 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 and has 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.
Eleven men have been charged in the theft, and one has pleaded guilty to
numerous charges related to the breach. One man, Jonathan James, professed his
innocence and later committed suicide, apparently out of the belief that he was
going to be indicted. The alleged ringleader Albert Gonzalez
was indicted in August 2009 with attacking Heartland Payment Systems in
which 130 million records were compromised.
Restatement On February 11, 2000, the company
restated the quarterly sales and earnings of 1999.
Yahoo! Inc.. “TJX: Profile for TJX Cos Inc.”. Yahoo! Finance. Retrieved