TJX Companies Inc. (NYSE: TJX) is joining the growing list of retailers who are furloughing employees. Macy’s, Gap, and Urban Outfitters are already some prominent names on the list. What separates TJX from the rest is the fact that it has significantly more employees.
According to TJX, the company will furlough a majority of its employees. As of February 1, 2020 TJX tallied about 286,000 employees.
Obviously, most of the furloughed employees being will come from the stores and distribution centers. However, the company will continue to offer existing employee benefits for eligible employees at no cost.
Executives will take a pay cut to help save on the bottom line as well. The board’s executive compensation committee approved a temporary 30% base salary reduction for CEO Ernie Herrman and Executive Chair Carol Meyrowitz. Other executive officers will be seeing a 20% reduction.
This is more or less in line with what other retailers in the space are doing. Ultimately, this furlough is a waiting move for these companies to see what will happen next with the coronavirus outbreak.
TJX stock traded up about 7% on Wednesday, at $49.82 in a 52-week range of $32.72 to $64.95. The consensus price target is $61.38.
24/7 Wall St.100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
