TJX Companies
From Wikipedia, the free encyclopedia
| The TJX Companies, Inc. | |
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| Type | Public (NYSE: TJX) |
| Founded | 1956 as Zayre (Framingham, Massachusetts) |
| Headquarters | Framingham, Massachusetts |
| Industry | Retail |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares. |
| Revenue | $17.40 billion (2006) |
| Net income | $738 million (2006) |
| Employees | 125,000 (2006) |
| Website | www.tjx.com |
The TJX Companies, Incorporated (NYSE: TJX), is the largest international apparel and home fashions off-price department store chain in the United States. Based in Framingham, Massachusetts, the company originally evolved from the Zayre discount department store chain, founded in 1956, which opened its first branch of T.J. Maxx in 1976 and its first BJ's Wholesale Club in 1984. In 1988, Zayre sold their own nameplate to Ames, a rival discount department store chain, and the company renamed itself to The TJX Companies, Incorporated.
Contents |
[edit] TJX Nameplates
[edit] United States
[edit] Canada
[edit] Europe
[edit] Former chains
[edit] History
- Stanley Feldberg was one of the 1956 founders of Zayre Corp. He served as President of Zayre until 1978, and afterwards remained on the Board of Directors, until he retired in 1989.[1]
- After separation from Zayre, by 1989 the TJX company consisted of its one core remaining store brand, T.J. Maxx.[1]
- In 1990, TJX expanded into an additional store brand division, and at the same time it first went international, as it entered the Canadian market by acquiring the five-store Winners chain.[1]
- In 1992, the company launched its third brand, HomeGoods, in the United States.[1]
- In 1994, TJX first expanded beyond North America, when the fourth brand division, T.K. Maxx, was founded in the United Kingdom, and then expanded into Ireland.[1]
- In 1995, TJX doubled in size when it acquired Marshalls, its fifth brand. T.J. Maxx and Marshalls later became consolidated as two brands under a single division, The Marmaxx Group.[1]
- By 1996, TJX Companies Inc. had been added to the Standard & Poor's S&P 500 Composite Index, which consists of 500 of the largest companies in the United States.[2]
- In 1998, TJX launched a sixth brand, A.J. Wright, in the eastern United States. In 2004, the brand became national when it opened its first stores in California on the west coast.[1]
- In 2001, TJX formed its seventh brand division, HomeSense, in Canada, modeled after the existing US brand, HomeGoods. [1]
- In 2002, TJX revenue reached almost $12 billion.[1]
- In mid 2003, TJX acquired an eighth brand division, Bob's Stores, concentrated in New England. In Canada, TJX began to configure some Winners and HomeSense stores side-by-side as superstores. The superstores feature open passageways between them, with dual branding. 2003 TJX revenue reached over $13 billion.[1]
- In 2004, TJX began to test their side-by-side superstore model in the United States, combining some of each of the two Marmaxx brand stores with HomeGoods. Since at least 2004, the company has been led by Chairman Bernard Cammarata. Edmond J. English served as President and CEO through 2004. The company reached 141st position that year in the 2004 Fortune 500 rankings, with almost $15 billion in revenue. 2004 was also marked by the death of retired Zayre founder Stanley Feldberg.[1]
- In 2005, Chairman Cammarata took on extra duties as the Acting CEO, to replace the now departed English. Also in 2005, Carol Meyrowitz returned to the company to replace the departed English as President of TJX.[3] Meyrowitz had previously been President of The Marmaxx Group division, until she had left the company in 2004. At that time, she in turn had been replaced as President at Marmaxx by Ernie Herrman, who was promoted from Chief Operating Officer of The Marmaxx Group.[1]
- In 2006, Meyrowitz continued in her new position as President of TJX, and she was also then promoted to CEO, relieving Cammarata, who remained in his existing position as Chairman.[4]
- Since at least 2004 the company headquarters has been located at 770 Cochituate Road in Framingham, Massachusetts.[1]
- In April 2008, TJX launched the HomeSense brand in the UK, with 6 stores opening throughout May. The brand is more upmarket than its Canadian namesake
[edit] Computer systems intrusion
On January 17, 2007, TJX announced that it was the victim of an unauthorized computer systems intrusion. It discovered in mid-December 2006 that its computer systems were compromised and customer data was stolen.[5] The hackers accessed a system that stores data on credit card, debit card, check, and merchandise return transactions.[6] The intrusion was kept confidential as requested by law enforcement. TJX said that it is working with defense contractor General Dynamics and IBM to upgrade computer security.
By the end of March 2007, the number of affected customers had reached 45.7 million [7] and has prompted credit bureaus to seek legislation requiring retailers to be responsible for compromised customer information saved in their systems. In addition to credit card numbers, personal information such as social security numbers and driver's license numbers from four hundred and fifty one thousand customers were downloaded by the intruders. The breach was possible due to an insecure wireless network in one of the stores.[8]
[edit] References
- ^ a b c d e f g h i j k l m 2004 Annual Report
- ^ Sam Stovall, Sector Investing, McGraw Hill, 1996, Appendix A, The S&P 500 Composite Index, ISBN 0-07-052239-1
- ^ 2005 Annual Report
- ^ 2006 Annual Report
- ^ The TJX Companies, Inc. (2007-01-17). "THE TJX COMPANIES, INC. VICTIMIZED BY COMPUTER SYSTEMS INTRUSION; PROVIDES INFORMATION TO HELP PROTECT CUSTOMERS" (PDF) (in English). Press release. Retrieved on 2007-01-18.
- ^ Lavoie, Denise. "Credit cos. watchful after TJX breach", 2007-01-18. Retrieved on 2007-01-18. (English)
- ^ Largest Customer Info Breach Grows. MyFox Twin Cities, 29 March 2007.
- ^ Joseph Pereira. Breaking the code: How Credit-Card Data Went Out Wireless Door. Wall Street Journal, May 4, 2007. Subscription might be needed
- Yahoo! Inc.. "TJX: Profile for TJX Cos Inc.", Yahoo! Finance, 2007-01-29. Retrieved on 2007-01-29.
[edit] External links
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