The story
Zayre
The TJ Maxx concept was first announced by Zayre Corp. in April 1977. Setting it apart from the main Zayre chain was a greater emphasis on "family apparel, giftwares, and domestic goods at discount prices". On May 19, 1977, the first two TJ Maxx stores held simultaneous openings in Auburn and Worcester, Massachusetts, with a third opening four days later in Charlotte, North Carolina. In June 1987, Zayre established The TJX Companies as a subsidiary and holding company of TJ Maxx and Hit or Miss. In the first half of 1988, Zayre stores had operating losses of $69 million on sales of $1.4 billion. Observers blamed technological inferiority, poor maintenance, inappropriate pricing, and inventory pileups, and Zayre appeared ripe for takeover. Throughout all this, however, The TJX Companies subsidiary continued to yield a profit. In October 1988, Zayre Corp. decided to focus its energies on TJX. It sold the entire chain of nearly 400 Zayre stores to Ames Department Stores Inc. In exchange, the company received $431.4 million in cash, a receivable note, and what was then valued at $140 million of Ames cumulative senior convertible preferred stock.
The company continued focus on its core business, spinning off unrelated operations including BJ's Wholesale Club and Home Club, leaving it with just one brand, T.J. Maxx. In June 1989, Zayre Corp. acquired the outstanding minority interest in TJX and merged with the subsidiary, changing its name from Zayre Corp. to The TJX Companies, Inc. in the process. The newly named company began trading on the New York Stock Exchange.
Expansion
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 sold Hit or Miss, a discount mall based clothing store in 1995 as well through an employee leveraged buyout.
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. TJX revenue surpassed $10 billion that year.
In 2002, TJX revenue reached almost $12 billion. In 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 December 2012, TJX acquired Sierra Trading Post, an off-price internet retailer of outdoor gear and apparel. Since its acquisition, the retail chain has opened over 70 brick-and-mortar stores in the United States. The chain rebranded to Sierra in 2019.
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In July 2015, TJX acquired the Trade Secret and Home Secret off-price retail businesses from Australian company Gazal Corporation Limited. The deal was completed in December. In October, Ernie Herrman was named CEO of the company, replacing Carol Meyrowitz. He took over in January 2016.
In November 2019, TJX purchased a 25% stake in Russian retailer Familia.
COVID-19 impact
In 2020, TJX Companies announced that revenues dropped 31% over the months of May, June, and July, primarily due to extensive closures due to the COVID-19 pandemic. TJX Companies reported a 2020 second-quarter loss of $214 million.
From Wikipedia’s article on TJX, shared under CC BY-SA 4.0.9