TJX to furlough most of about 286,000 staff as stores stay shut amid pandemic
Reuters
Published Apr 07, 2020 01:58PM ET
(Reuters) - Off-price retailer TJX Companies Inc (N:TJX) said on Tuesday it would furlough most of the employees at its stores and distribution centers, as outlets remain closed to curb the spread of the coronavirus.
TJX, which had about 286,000 employees as of Feb. 1 according to its latest annual filing, will pay its staff until the week ending April 11.
U.S. retailers, including Macy's (N:M) and Nordstrom (N:JWN), have closed stores as several states called for lockdowns to curb the spread of the virus outbreak that has killed over 10,000 in the country.
TJX said several executives, including Chief Executive Officer Ernie Herrman, would take a pay cut, a pattern seen across U.S. companies looking to strengthen their balance sheets amid the economic downturn triggered by the health crisis.
The company said store reopening dates would defer based on the state and locality of the outlet.
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Written By: Reuters
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