Edition:
India

TJX Companies Extends Store Closures, Cuts Salary For Executives


Tuesday, 7 Apr 2020 

April 7 (Reuters) - TJX Companies Inc ::TJX COMPANIES INC - EXTENDED STORE CLOSURES.TJX COMPANIES INC - EXPECTS CADENCE OF RE-OPENINGS TO VARY BY STATE AND LOCALITY IN U.S., AND BY COUNTRY.TJX COMPANIES INC - COMMITTED TO PAY ITS ASSOCIATES UNTIL WEEK ENDING APRIL 11, 2020.TJX COMPANIES INC - IMPLEMENTING TEMPORARY FURLOUGHS AFTER APRIL 11, 2020 FOR MAJORITY OF STORE AND DISTRIBUTION CENTER ASSOCIATES IN U.S..TJX COMPANIES INC - BASE SALARY OF CEO AND PRESIDENT ERNIE HERRMAN AND EXECUTIVE CHAIRMAN CAROL MEYROWITZ WILL BE REDUCED BY 30%.TJX COMPANIES INC - EMPLOYEE BENEFITS FOR ELIGIBLE ASSOCIATES WILL CONTINUE DURING TEMPORARY FURLOUGH AT NO COST TO IMPACTED ASSOCIATES.TJX COMPANIES INC - BASE SALARY OF EACH OTHER EXECUTIVE OFFICER OF THE COMPANY WILL BE REDUCED BY 20%.TJX COMPANIES - TAKING COMPARABLE ACTIONS WITH RESPECT TO PORTIONS OF NON-U.S. WORKFORCE AND CONTINUES TO EVALUATE A VARIETY OF ADDITIONAL MEASURES.TJX COMPANIES INC - TEMPORARY CLOSURE OF COMPANY'S STORES AND DISTRIBUTION CENTERS IS EXPECTED TO HAVE AN ADVERSE IMPACT ON RESULTS.TJX COMPANIES INC - ALSO APPROVED SALARY REDUCTIONS FOR OTHER SENIOR EXECUTIVES, AND BOARD AGREED TO A REDUCTION IN ITS CASH RETAINER FEES.