TJ Maxx Parent Plans Worker Furloughs, Executive Pay Cuts

The TJX Companies (NYSE: TJX), parent company of off-price retailer brands like T.J. Maxx, Marshalls, Sierra, HomeGoods, and others, announced in an SEC report that it plans to furlough many of its workers starting this Saturday, April 11. Many of its executives will also take temporary pay cuts of 20% to 30%.

The company is taking these measures in response to the ongoing COVID-19 pandemic and its associated shutdown of work and retail across the United States. Its share value sank by 20% in March following the closure of its stores.

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Source Fool.com