Why Shares of the TJX Companies Are Up Today
Shares of the TJX Companies (NYSE: TJX) were moving higher on Wednesday after the consumer discretionary company announced new measures to conserve cash while its stores are closed amid the coronavirus pandemic.
As of 3:15 p.m. EDT, shares of the company, the corporate parent of TJ Maxx, Marshalls, and other off-price store chains, were up about 6.3% from Tuesday's closing price.
In a Form 8-K regulatory filing made after the market closed on Tuesday, TJX said it will furlough most of the employees of its stores and distribution centers in the U.S. and Canada as of April 12. Employees who are eligible for benefits will continue to receive them while furloughed, at no cost. The company said it will take "comparable actions" for its employees working outside of those two countries, and it will reduce executives' pay until at least July 4.
Source Fool.com
