Published: 2023-07-05
Company History
TJX
Study the financial data for TJX.
TJX Companies, Inc. is one of the world's leading off-price apparel and home specialty retailers headquartered in the United States. With a broad product assortment, a flexible business model and different price points for its retail brands such as T.J. Maxx, Marshalls and HomeGoods, the company reaches a broad spectrum of shoppers around the world.
| Founded | 1976 |
| Founder | Bernard Cammarata |
| Headquarters | Framingham, Massachusetts, United States |
| Key people |
Carol Meyrowitz (Chair) Ernie Herrman (CEO) |
| Products | Clothing, shoes, bedding, food, furniture, jewelry, beauty products, household goods |
| Areas |
HomeGoods Marmaxx TJX Canada TJX International |
| Subsidiaries |
United States: T.J. Maxx, HomeGoods, Marshalls, A.J. Wright, Bob's Stores, The Maxx Canada Winners, Marshalls, HomeSense Europe TK Maxx, HomeSense Earlier chains Zayre, BJ's Wholesale Club, HomeBase |
| Website | tjx.com |
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1976: Initiation of the company TJX
Discount retailer Zayre Corp. hires then-general merchandising manager Bernhard Cammarata to develop and bring to market a new off-price apparel and home accessories chain.
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1977: Opening of the first stores
The first T. J. Maxx stores open in Auburn and Worcester, Massachusetts, as a division of the Zayre chain of stores.
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1987: Foundation of the subsidiary
Zayre forms a new subsidiary, TJX Companies, Inc. In addition to T.J. Maxx, the company's brands now include Hit or Miss and Chadwick's of Boston. Another 35 T.J. Maxx and 31 new Hit or Miss stores follow in the U.S.
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1988: Restructuring of the company
After posting an operating loss of $69 million on sales of $1.4 billion the previous year, while profits from its newly launched private labels continue to rise, Zayre is now selling off large chunks of the company. Reasons cited include technological lag, inappropriate pricing and distribution policies, and a lack of innovation. Ben Cammarata becomes CEO and president of the new company, TJX.
The approximately 400 Zayre stores are sold to Ames Department Stores Inc. for $431.4 million in cash, a note and $140 million in Ames cumulative convertible preferred stock. -
1989: Concentration on the core brand
Further divestitures of businesses such as BJ's Wholesale Club and Home Club follow to focus on the core brand. In June of that year, Zayre Corp. acquires the remaining minority interest in TJX, merges with the subsidiary and changes its name to TJX Companies, Inc. At the same time, the company goes public on the New York Stock Exchange.
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1990: Internationalization of activities
TJX acquires Winners Apparel in Canada, its first international expansion. The off-price apparel retailer currently has only five stores in Toronto, but over time will become the largest off-price retailer of home accessories and apparel in Canada.
TJX establishes a $185 million reserve for the Ames preferred stock and liabilities for the former Zayre stores after Ames announces negative financial results. Shortly thereafter, the company files for protection under the U.S. Bankruptcy Code. -
1991: Growth records and diversification
T. J. Maxx, the Company's largest division, achieves its fifteenth consecutive year of record earnings. At year-end, T.J. Maxx operates 437 stores in 46 states. The goal is to expand further into the Southwest and to add jewelry and shoes to existing stores, which are not yet available in all locations. In addition, the average store size will increase from 30,000 to 40,000 square meters, and high-margin items such as gifts and housewares will be added to the portfolio.
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1992: Launch of the HomeGoods brand
The HomeGoods retail chain offers a varied assortment of home accessories, gift items, rugs, lamps and seasonal goods from around the world.
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1994: Establishment of T. K. Maxx in the United Kingdom and Ireland
With the opening of T.K. Maxx in the United Kingdom and shortly thereafter in Ireland, TJX expands beyond North America and introduces the off-price concept to Europe. The company becomes the only major brick-and-mortar off-price retailer in Europe.
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1995: Marshalls becomes the fifth brand
With the acquisition of the Marshalls brand, then the second largest off-price retailer in the U.S. with 496 stores, from Melville Corporation for $606 million plus preferred stock, the company doubled in size to more than 1,000 stores. Later, the T.J. Maxx and Marshalls brands are combined under the umbrella of the Marmaxx Group.
That same year, TJX sells its Hit or Miss division to outside investors. -
1996: Opening of further branches
The company's sales increase was 5% over the previous year, and Marshalls' sales increases are as much as 10% over 1995. Winners also impressed with a 13% increase in sales and a 114% increase in operating income. This is due to a return to the "back to basics" concept of nonadvertising marketing, quality brand names and low prices. Total sales for 1996 were $6.69 billion, up from $3.98 billion the previous year.
TJX Companies, Inc. is included in the Standard & Poor's S&P 500 Composite Index, which consists of the 500 largest companies in the United States.
TJX sells Chadwick's of Boston to Brlane L.P. in order to focus more on growing its T.J. Maxx and Marshalls brands. Proceeds from the sale include approximately $300 million, a note and certain accounts receivable, allowing TJX to use the after-tax gain to pay down approximately $500 million of debt, increasing its flexibility.
Underperforming stores of the two core brands are closed (30 at T.J. Maxx, 53 at Marshalls) while new stores are opened (21 at T.J. Maxx, 11 at Marshalls). Winners expands its store network by 13 to a total of 65 stores. -
1998: A. J. Wright as new brand and superstores
A.J. Wright, the company's sixth brand, is launched in the eastern United States. The concept is similar to Marshalls and T.J. Maxx, but is designed to appeal to a different demographic - middle-income consumers.
At the same time, in the late 1990s, TJX optimized its core stores by introducing new hybrid formats, optimizing its merchandise mix and experimenting with superstores that combined HomeGoods, T.J. Maxx and Marshalls under one roof. By the end of 1998, there were 14 of these stores, called T.J. Maxx 'n more and Marshalls Megastore, each with 50,000 square feet.
Finally, the opening of two T.K. Maxx stores in the Netherlands marks the first attempt to gain a foothold in continental Europe. -
1999: Further corporate growth
While A.J. Wright remains in the red, TJX opens nine new stores. T.K. Maxx and HomeGoods follow the successful T.J. Maxx, Marshalls and Winners brands into profitability. Net sales now total $8.8 billion, of which T.J. Maxx and Marshalls account for 88 percent.
Ben Cammarata is named chairman of the board, and Ted English, who joined TJX in 1983 as a buyer for T.J. Maxx, is named president and COO of the company. -
2000: Continuation of the growth trend
Ted English becomes President and CEO, Ben Cammarata remains President.
The company continues to grow into the new millennium. The number of stores increases by 29 at T.J. Maxx, 30 each at Marshalls and HomeGoods, 10 at A.J. Wright, 17 at Winners and 20 at T.K. Maxx. -
2001: HomeSense in Canada
The company adds 172 stores, but closes stores in the Netherlands due to disappointing results. Nevertheless, the company achieves sales of $10.71 billion, an increase of 12% over the previous year. However, net income fell slightly from $538.1 million to $500.4 million.
TJX opens six stores in Ontario with HomeSense, a Canadian chain modeled after HomeGoods. Like HomeGoods, HomeSense offers customers a wide selection of affordable home accessories. -
2002: Largest off-price retailer in the world
TJX is the world's largest year-end off-price retailer of apparel and home products. The company operates approximately 1,850 stores and has sales of nearly $12 billion.
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2003: Buyout of Bob's Stores
The Bob's Stores brand is TJX's eighth mainstay. The casual apparel and footwear retailer focuses on the northeastern United States.
TJX is also pursuing the superstore concept in Canada by consolidating Winners and HomeSense stores. In total, TJX generated sales of more than $13 billion in the fiscal year. -
2004: Further superstores and sales growth
TJX is testing the side-by-side superstore model in the U.S., combining some Marmaxx stores with HomeGoods.
With sales of just under $15 billion, the company ranks 141 on the Fortune 500 list.
Zayre Corp. founder Stanley Feldberg, already retired, dies in 2004. -
2007: Expansion to Germany
First stores open in Germany.
At the beginning of 2007, TJX announced that it had been the victim of a hacker attack late last year, in which sensitive customer data was accessed. This was made possible by an unsecured wireless network in one of the stores. By the end of the year, 45.7 million customers were affected, some of whom had not only credit card numbers downloaded, but also social security numbers and driver's license information. -
2008: HomeSense in Great Britain
HomeSense opens its first six stores in the United Kingdom, where the concept appeals to a more upscale demographic than in Canada. At the same time, TJX sells Bob's Stores to Versa Capital Management and Crystal Capital.
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2009: T. K. Maxx expands to Poland
T. K. Maxx expands its activities in continental Europe with its expansion into Poland. In the UK, the e-commerce site tkmaxx.com is launched for the first time.
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2010: Closure of the A. J. Wright division
TJX announces the closure of approximately 4,400 A. J. Wright stores, with about half to reopen under other company brands.
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2011: Marshalls in Canada
With Marshalls, TJX is expanding into Canada with one of its most successful brands.
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2012: Product expansion in the outdoor segment
T. J. Maxx celebrates its anniversary with the opening of its 1,000th store worldwide.
TJX acquires Sierra Trading Post (renamed Sierra in 2019), an off-price internet retailer of outdoor gear and apparel. -
2013: Launch of the webshop
T. J. Maxx also launches its own e-commerce site: tjmaxx.com.
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2014: Anniversary in Europe
The company celebrates its 20th anniversary in Europe.
Sierra opens its first two stores following the acquisition, bringing outdoor apparel to a new audience. Since then, Sierra has opened more than 70 stores in the U.S. -
2015: Leap to Australia
TJX acquires Trade Secret (renamed T. K. Maxx Stores in 2017), with 35 stores in Australia, from Gazal Corporation Limited. In Europe, T. k. Maxx continues to expand with new stores in Austria and the Netherlands.
Marshalls opens its 1,000th store in the U.S. and HomeGoods opens its 500th store.
Cammarata retires as chairman of the board, but remains with the company as a founder and senior advisor. Ernie Herman becomes CEO, replacing Carol Meyrowitz. -
2016: 500 stores in Europe
T. K. Maxx opens its 500th store in Europe.
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2017: HomeSense expands in Europe
T. J. Maxx celebrates its 40th anniversary and HomeGoods turns 25.
HomeSense continues to expand in Europe, opening two stores in Ireland and its first store in the United States. TJX now has more than 4,000 stores worldwide. -
2018: Anniversary in Europe
HomeSense celebrates its 10th anniversary in Europe.
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2019: Further online activities
Marshalls is also launching its own e-commerce website: marshalls.com.
There are now 500 TJX stores in Canada.
TJX acquires a 25% stake in the Russian retailer Familia. -
2020: Covid-19 leaves its mark
Winners celebrates 30 years in Canada and Marshalls celebrates 25 years in the U.S. as part of the TJX Group.
In response to the global pandemic, TJX initially closes all stores, distribution centers and Web stores. The company will begin reopening in the spring. The impact of the Covid 19 pandemic results in a 31% decline in sales in May, June and July as many stores are forced to close temporarily. The 2nd quarter loss is approximately $214 million. -
2021: HomeGoods also goes online
HomeSense is celebrating its 220th anniversary in Canada and Marshalls has been there for 10 years.
HomeGoods is the fourth retail brand to have its own e-commerce site: homegoods.com. -
2022: Numerous anniversaries
T. J. Maxx celebrates its 45th anniversary, HomeGoods its 30th. Sierra has been part of the TJX family of brands for 10 years, and T.K. Maxx has been in Germany for 15 years.
List of trademarks and their distribution
| Brand | Year established | Stores | Country locations | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Australia | Austria | Canada | Germany | Ireland | Netherlands | Poland | UK | USA | |||
| HomeGoods | 1992 | 818 | No | No | No | No | No | No | No | No | Yes |
| HomeSense | 2001 | 253 | No | No | Yes | No | Yes | No | No | Yes | Yes |
| Marshall's | 1956 | 1,236 | No | No | Yes | No | No | No | No | No | Yes |
| Sierra | 1986 | 46 | No | No | No | No | No | No | No | No | Yes |
| TJ Maxx | 1976 | 1,271 | No | No | No | No | No | No | No | No | Yes |
| TK Maxx | 1994 | 654 | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | No |
| Winners | 1982 | 279 | No | No | Yes | No | No | No | No | No | No |