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The parent company of designer bargain chains such as T.J. Maxx, Marshalls, HomeGoods and HomeSense has now suspended its in-store and distribution workers, according to an SEC filing that was released on Tuesday.
CAN YOU APPLY FOR UNEMPLOYMENT INSURANCE ON CORONAVIRUS FURLOUGH?
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TJX | THE TJX COS., INC. | 69.32 | +0.52 | +0.76% |
TJX Companies Inc., which employs 286,000 people worldwide, wrote it will furlough the majority of its U.S. workforce due to coronavirus-related challenges. Furloughed workers will be paid through April 11, while eligible employees will retain their benefits in the absence of labor.
Chief Financial Officer Scott Goldenberg signed off on the report.
CORONAVIRUS LEADS MACY’S TO FURLOUGH MOST WORKERS
The company added that it will take “comparable actions” across its international workforce. TJX Companies has 1,400 stores throughout Europe, Canada and Australia.
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In the U.S., the company closed all of its 3,300-plus stores as well as its online operations starting on March 19. TJX senior management are reportedly taking pay cuts up to 30 percent, according to The Motley Fool.
TJX is not the only retail giant that has resorted to furloughing employees amid the coronavirus pandemic. Macy’s Inc., Kohl’s Corp., Gap Inc., Ross Stores Inc. and L Brands Inc. have recently announced furloughs while stores remain closed.
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More than 200,000 retailers have been shut down as the global pandemic surpassed 1.4 million infections and 82,000 deaths, as reported by research firm GlobalData Retail.