The Maxx (retail store)

The TJX Companies, Inc.

File:TJX Companies logo.svg Logo of The TJX Companies, Inc.
Company type	Public
Industry	Retail
Predecessor	Zayre Corp.
Founded	June 1987 (1987-06)
Founder	Zayre Corp. (as subsidiary)
Headquarters	Framingham, Massachusetts , United States
Area served	United States, Canada, United Kingdom, Ireland, Australia, Europe, Poland, Austria, Netherlands, Russia (stake in Familia)
Key people	Carol Meyrowitz (Executive Chairman), Ernie Herrman (CEO), John Klinger (CFO)
Products	Apparel, footwear, bedding, furniture, jewelry, cosmetics, food items, household goods
Revenue	$54.22 billion (FY 2024)
Operating income	$5.979 billion (FY 2024)
Net income	$4.474 billion (FY 2024)
Number of employees	349000 (2024)
Website	www.tjx.com

The TJX Companies, Inc. (commonly known as TJX) is a U.S.-based multinational corporation specializing in off-price department store retailing, with its headquarters located in Framingham, Massachusetts. Established in 1987 as a subsidiary under Zayre Corp., TJX became the legal successor of Zayre following a corporate restructuring in 1989.

By 2019, TJX managed key retail brands including TJ Maxx in the United States and TK Maxx across Australia and Europe. Its U.S. operations also feature Marshalls, HomeGoods, HomeSense, and Sierra, while in Canada, it operates HomeSense, Marshalls, and Winners. The company’s portfolio spans more than 4,557 discount outlets distributed over nine countries. In the 2024 edition of the Fortune 500 list ranked by revenue, TJX secured the 80th position. It is publicly listed on the New York Stock Exchange under the ticker symbol TJX, boasting a market value of $132.27 billion as of August 2024.

Leading the company are executives such as Carol Meyrowitz (executive chairman), CEO Ernie Herrman, and CFO John Klinger. TJX’s core business model centers on off-price retailing across various product segments including apparel, footwear, bedding, furniture, jewelry, cosmetics, food items, and household goods. The company’s operational divisions include HomeGoods, Marmaxx, Sierra, TJX Canada, and TJX International.

Strategically, TJX prioritizes expanding its international footprint and enhancing its market presence to sustain a competitive edge within the retail sector. As of 2024, the company operates 4,954 stores globally and employs approximately 349,000 individuals. Financially, it reported revenues of $54.22 billion, operating income of $5.979 billion, and net income amounting to $4.474 billion for fiscal year 2024.

Zayre

The initial TJ Maxx outlet debuted in 1977 in Auburn, Massachusetts as part of the discount chain operated by Zayre. In June 1987, Zayre formed The TJX Companies as a subsidiary entity. While Zayre experienced operating losses totaling $69 million on sales of $1.4 billion in early 1988, TJX maintained profitability during that period. In October 1988, Zayre divested nearly 400 of its stores to Ames Department Stores Inc. for $431.4 million in cash plus a promissory note and $140 million worth of Ames preferred stock, shifting its strategic focus toward TJX. Unrelated businesses such as BJ's Wholesale Club and Home Club were spun off, leaving T.J. Maxx as the retained core asset. By June 1989, Zayre had acquired full minority interests in TJX and merged with it; subsequently, it adopted the name The TJX Companies, Inc., and began trading on the NYSE.

Expansion

TJX expanded its footprint in 1990 by acquiring Canadian retailer Winners and introduced its third brand, HomeGoods, two years later in 1992. The company entered the United Kingdom and Ireland markets with T.K. Maxx in 1994. In 1995, TJX doubled its size through the acquisition of Marshalls; T.J. Maxx and Marshalls were later consolidated into The Marmaxx Group. That same year marked TJX’s inclusion in the S&P 500 index and involved divesting Hit or Miss through an employee buyout.

In 1998, the company launched A.J. Wright stores and expanded this brand nationwide by 2004. HomeSense was introduced to Canadian consumers in 2001 as a concept modeled after HomeGoods. Revenue surpassed $10 billion that year and neared $12 billion by 2002. In 2003, TJX acquired Bob's Stores located in New England and began integrating Winners with HomeSense into larger superstore formats within Canada; total revenue exceeded $13 billion during this period. The superstore concept was piloted in the United States in 2004 by combining Marmaxx brands with HomeGoods outlets; revenues approached $15 billion that year, placing TJX at number 141 on the Fortune 500 list. The same year saw the passing of Stanley Feldberg, founder of Zayre.

In April 2008, HomeSense was launched in the UK as an upscale off-price brand; later that year Bob's Stores was sold to Versa Capital Management.

December 2010 witnessed the closure of all A.J. Wright locations resulting in approximately 4,400 job cuts; many former sites were rebranded under other TJX banners.

In December 2012, TJX acquired Sierra Trading Post—an online off-price retailer—which rebranded to Sierra in 2019 while expanding to over seventy physical stores across the U.S.

The acquisition of Australian off-price retailers Trade Secret and Home Secret from Gazal Corporation was completed by year-end 2015 following an initial purchase agreement signed in July of that year. Additionally, Ernie Herrman replaced Carol Meyrowitz as CEO that October.

In November 2019, TJX expanded its international presence further by acquiring a 25% ownership stake in Russian discount retailer Familia.

Impact of COVID-19

On August 19, 2020, TJX Companies announced a 31% drop in revenue for the period from May to July, primarily due to widespread store shutdowns amid the COVID-19 crisis. The company reported a net loss of $214 million for the second quarter, highlighting the severe operational challenges faced during this time.

Unauthorized access to computer systems

On January 17, 2007, TJX revealed that an unauthorized cyber intrusion had been detected in December 2006, leading to the compromise of customer information including credit card, debit card, check, and merchandise return transaction details. By March 2007, approximately 45.7 million customers were impacted, with sensitive data such as social security and driver’s license numbers from 451,000 individuals exposed. The breach originated from an unsecured wireless network at a single store location. In response, TJX partnered with General Dynamics, IBM, and Deloitte to strengthen its cybersecurity infrastructure.

Following the incident, legal proceedings ensued with eleven individuals charged. Damon Patrick Toey admitted guilt on multiple counts. The suspected mastermind, Albert Gonzalez, faced further indictments related to additional large-scale data breaches including those at Heartland Payment Systems. This event emphasized the critical need for stringent data protection protocols within retail organizations managing confidential customer data.

Active brands

Brand	Country of origin	Year established	Year acquired	Remarks
HomeGoods	United States	1992	Template:N/A
HomeSense	Canada	2001	Template:N/A	Marketed as Homesense in Europe and the United States
Marshalls	United States	1956	1995
Sierra	United States	1986	2012	Known as Sierra Trading Post until rebranding in 2018
TJ Maxx	United States	1976	Template:N/A
TK Maxx	United Kingdom	1994	Template:N/A
Winners	Canada	1982	1990

Operating segments

• Marmaxx (US) – Includes TJ Maxx and Marshalls
• HomeGoods (US) – Comprises HomeGoods and Homesense
• Sierra (US) – Sierra brand
• TJX Canada – Encompasses Winners, HomeSense, and Marshalls
• TJX International – Covers TK Maxx (operating in UK, Ireland, Poland, Austria, Netherlands) and Homesense (UK and Ireland)

Discontinued brands

Brand	Year established	Year ceased operations	Year acquired	Year disposed of	Additional information
AJWright	1998	2011	Template:N/A	Template:N/A	Stores were either closed or rebranded under other TJX names
BJ's Wholesale Club	1984	Template:N/A	Template:N/A	1989	Spun off along with Home Club to create Waban
Bob's Stores	1954	2024	2003	2008	Sold to Versa Capital Management and Crystal Capital Partners
Home Club	1983	2002	1985	1989	Spun off with BJ's Wholesale Club forming Waban
Template:Sort	2006	2009	Template:N/A	Template:N/A
StyleSense	2008	2012	Template:N/A	Template:N/A
Trade Secret	1992	2017	2015	Template:N/A Converted into TK Maxx stores
Zayre	1956	1990	Template:N/A	1988 Acquired by Ames Department Stores; this facilitated Waban’s spin-off and TJX’s restructuring