TJX

3.3799830364371 (1179)
Posted by bender 03/13/2009 @ 16:16

Tags : tjx, discount stores, retailers, business

News headlines
TJX Hacker Was Awash in Cash; His Penniless Coder Faces Prison - Wired News
By Kim Zetter Accused TJX hacker kingpin Albert Gonzalez called his credit card theft ring “Operation Get Rich or Die Tryin.” He spent $75000 on a birthday party for himself and once complained that he had to manually count $340000 in pilfered $20...
TJX Companies (TJX) PriceWatch Alert Support Down To $28.82 - Market Intelligence Center
TJX Companies (NYSE: TJX) closed yesterday at $29.73. So far the stock has hit a 52-week low of $17.80 and 52-week high of $37.52. TJX stock has been showing support around 28.82 and resistance in the 31.08 range. Technical indicators for the stock are...
TJX reports strong May sales - Boston Globe
TJX Cos., the Framingham-based retailer that operates such chains as TJ Maxx, Marshalls, HomeGoods, and AJ Wright, said that not only were its May sales "strong," but that they also exceeded expectations. Sales for the four-week period that ended May...
TJX Companies (TJX) PriceWatch Alert Support Down To $29.28 - Market Intelligence Center
TJX Companies (NYSE: TJX) closed yesterday at $29.95. So far the stock has hit a 52-week low of $17.80 and 52-week high of $37.52. TJX stock has been showing support around 29.28 and resistance in the 31.20 range. Technical indicators for the stock are...
Trading Down to Smucker's - Barron's
We've written about, and recommended stock investment and options trades for Wal-Mart Stores (ticker: WMT), Hormel Foods (HRL), the maker of Spam, and TJX (TJX), owner of Marshalls and TJ Maxx discount stores, as beneficiaries of a more conscious...
Gains Extended - Briefing.com
Among retailers, TJX Companies (TJX 31.19, +1.46), Bed Bath & Beyond (BBBY 28.66, +1.32), and Abercrombie & Fitch (ANF 26.88, +1.08) are showing leadership. Abercrombie & Fitch announced earlier today that it will close all 29 of its Ruehl stores by...
BUSINESS NEWS: TJX profit rises 8 percent for quarter - Cherry Hill Courier Post
TJX Cos. said its fiscal first-quarter profit rose 8 percent as budget-conscious shoppers taking advantage of bargains at its discount retail outlets helped boost sales. The operator of stores such as TJ Maxx, Marshalls and HomeGoods also expects to...
Slumming It With TJX Options - Barron's
IF TRADING DOWN to cheaper consumer products is the new way of seeking status, discount retailer TJX (ticker: TJX) is the new Saks (SKS). TJX stock is up sharply this year as cash-strapped consumers take advantage of a business that sells name-brand...
TJX Companies (TJX) PriceWatch Alert With $27.16 Break Even - Market Intelligence Center
TJX Companies (NYSE: TJX) ended the last trading session at $29.51. So far the stock has hit a 52-week low of $17.80 and 52-week high of $37.52. TJX stock has been showing support around 28.15 and resistance in the 30.21 range....
The TJX Companies Inc. Reports Operating Results (10-Q) - GuruFocus.com
TJX Companies Inc. is an off-price retailer of apparel and home fashions in the US and worldwide. The company operates TJ Maxx stores Marshalls stores and Winners Apparel Ltd. stores a Canadian off-price family apparel and home fashions chain....

TJX Companies

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.

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. The hackers accessed a system that stores data on credit card, debit card, check, and merchandise return transactions. The intrusion was kept confidential as requested by law enforcement. TJX said that it is working with defense contractor General Dynamics, IBM and Deloitte to upgrade computer security.

By the end of March 2007, the number of affected customers had reached 45.7 million 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 451,000 customers were downloaded by the intruders. The breach was possible due to a non-secure wireless network in one of the stores.

Eleven men have been charged in the theft, and one (Damon Patrick Toey) has plead guilty to numerous charges related to the breach.

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A. J. Wright

One of the 34 stores undergoing closing procedures

A.J. Wright is a chain of about 129 American retail/outlet stores established in 1998 and owned by TJX Companies. Like its sister company T.J. Maxx, A.J. Wright sells clothing, domestics, giftware, footwear, accessories, and fragrances at prices between twenty and seventy percent below regular prices. A.J. Wright differs from other TJX chains by refreshing its merchandise on a regular basis. For most stores, new shipments arrive every weekday.

Although A.J. Wright's primary target market is moderate-income families, its recent expansion has drawn additional consumer groups. The company's community service strategy centers on monetary donations to the Boys and Girls Club of America and other affiliates.

A.J. Wright opened its first six stores in the northeastern region of the United States in the fall of 1998. The first three stores – located in the towns of Brockton, Somerville, and Malden, Massachusetts – were opened simultaneously on September 20 of that year. During the initial openings, Johnson & Wales University's marketing director, Mark Neckes, approved of A.J. Wright; he stated that A.J. Wright strengthens TJX's coverage of urban markets, an area "where people need a place to shop a place where retailers understand what people are looking for".

A.J. Wright continued to open new stores as its customer base increased. By 2000, A.J. Wright operated 25 stores across the United States; by December 2001, the number had increased to 40. The chain opened an additional 112 stores by the end of 2005, bringing its total to 152; however, this number will fluctuate due to store closures. In 2006, one business article stated that A.J. Wright was "in the red" and that TJX needed to "figure out the future of its newer divisions, the less profitable A.J. Wright and HomeGoods stores and the non-off-price Bob’s Stores". Therefore, the company chose to focus on lowering the rapid expansion of the chain.

The tentative closure date for the stores was January 27, 2007. Because of closing expenses, TJX expected to include a reduction of $37 million in their fourth quarter 2006 net income statement. On February 21, 2007, TJX reported that the net income had fallen from $288.7 million the previous year to $205.5 million; the reduction included the $37 million closing expenses. The company expects to open about ten new stores by 2008.

During this period, the TJX database was hacked and customer information was compromised. Although TJX originally stated that the security breach occurred between May 2006 and January 2007, the company discovered that the database had also been compromised in 2005.

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HomeSense

A store in Halifax, NS

HomeSense is a chain of off price home furnishing stores operated by TJX Companies. At year-end 2006, HomeSense operated 68 stores in Canada. The Canadian chain is similar to TJX's HomeGoods chain in the United States.

HomeSense operates along with WINNERS in Canada.

In April 2008, TJX launched the HomeSense brand in the United Kingdom. Like all companies within the TJX family, *HomeSense UK is an off price retailer. However, despite the name and basic concept being the same, HomeSense in the UK is far more upmarket than HomeSense in Canada. The brands have a different identity, and far more work has gone into store design and decoration in the UK.

HomeSense is closely associated with TK Maxx in the UK, and they share many of the same procedures and Home Office. Staff at HomeSense are entitled to discount at TK Maxx, and vice versa. However, whereas TK Maxx has a reputation for being a basic, value fashion retailer with often poor customer service, HomeSense is making high quality customer service its top priority, seeing it as a key part of the brands success.

Homesense have plans for approx 150 stores in the UK & Ireland over the next 5-7 years.

By March 2009 there are 8 HomeSense stores operating in the UK: Poole, Cardiff, Bristol, Manchester, Gloucester, Northampton, Thurrock, Cambridge.

The retailers biggest store so far is at the Lakeside Retail Park in Thurrock opened October 2008, covering 25,000 sq ft (2,300 m2) over a single floor.

In 2009 Homesense will open several new stores including Cambridge on March 5th and Preston. The company will also open stores in Northern Ireland and the Rupublic of Ireland this year.

Homesense use several slogans and strap lines including Unique Finds Irresistable Prices and It makes 'Perfect HomeSense'.

As part of TJX Europes 'Real Responsibility' initiative, HomeSense has partnered with the homeless charity Emmaus (charity). As well as donating stock, the company has started selling fabric jute bags for £1.99, of which at least 50p is donated to Emmaus.

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Bob's Stores

Bob's Stores is a chain of approximately 35 American retail stores owned by Versa Capital Management and Crystal Capital. Founded as Bob's Surplus in Middletown, Connecticut, by Bob Lapidus in 1954, the chain expanded gradually until it was acquired by TJX in 2003. The chain targets moderate to high-income customers with a selection of footwear, workwear, teamwear, and activewear.

In 1954, Bob Lapidus opened Bob's Surplus on Main Street in Middletown, Connecticut. His original business strategy was to "Treat all customers with respect and dignity and they will return again and again". As Bob's Surplus increased in popularity, its location was hindering its growth; in 1962, Lapidus moved the store to a larger building across the street. In 1967, the store was forced to move again after a fire destroyed the building.

In 1975, the second Bob's Surplus was opened in Enfield, Connecticut; the third store was opened in Hamden, Connecticut, in 1981. The chain renamed itself to simply "Bob's" in 1985, and began changing its marketing strategy by emphasizing quality and adding casual activewear to its list of products. In 1990, the chain had expanded to five stores; that year, it was acquired by the Melville Corporation (now CVS Corporation). Bob's expanded rapidly under the corporation; by March 1, 1996, the chain had grown to 34 stores across the northeastern United States. During this period, Melville considered Bob's Stores a key company, stating that they were spending time to "lay a solid base for rapid expansion in the years ahead". Despite the growth, Bob's Stores remained most popular in its origin state of Connecticut.

In 1997, Melville sold all of its chains except CVS Pharmacy; Bob's Stores was sold to the chain's management and Citicorp Venture Capital. In 1999, the upper executive level of the chain experienced numerous changes in personnel while many in the company became concerned with competition from stores like Kohl's. However, Bob's focus on sports team-related apparel was considered a strength during this period; one Bob's executive stated that the lack of a consistent national sports champion in the late 1990s hurt larger chains more than they hurt Bob's Stores, because consumers were more interested in regional teams (which the chain supplies). In 2000, Bob's Stores created its first website.

In 2003, Bob's Stores went bankrupt. In late 2003, TJX Companies outbid companies such as Dick's Sporting Goods and bought the chain for $113 million. TJX expressed interest in Bob's Stores because it shared similar characteristics to other TJX chains, including large stores and similar brands. Although there were also numerous differences between Bob's Stores and TJX's other chains, one expert felt that this would help diversify TJX's lineup.

On August 19, 2008, TJX announced they would sell Bob's to private equity firms Versa Capital Management and Crystal Capital.

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Carol Meyrowitz

Carol Meyrowitz (age 52 in 2006) is the president, Chief Executive Officer, and director of TJX Companies, the leading off-price retailer in the United States. She ranked 26th on CNN's 50 Most Powerful Women in Business 2006.

Meyrowitz joined TJX Companies in 1983. In 2001, she became Executive Vice President of the company, as well as the President of Marmaxx, the largest division of the company. She rose to Senior Executive Vice President in March 2004, which she maintained until January 2005. In January 2005, she left her positions and became an advisor for TJX and Berkshire Partners. Her plan was to leave the advisory role in September of that year to "pursue new opportunities and challenges" outside of TJX.

However, Meyrowitz became president on October 17, 2005; additionally, she became a member of the board of directors on September 7, 2006. She was appointed Chief Executive Officer of the company on January 28, 2007, replacing acting CEO Bernard Cammarata, the Chairman of the Board for TJX.

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BJ's Wholesale Club

BJ's Wholesale Club in Virginia

BJ's Wholesale Club, Inc. (NYSE: BJ) is a membership-only warehouse club chain operating on the United States East Coast, as well as in the state of Ohio. The company is also ranked #287 on Fortune magazine's 2007 listing of America's 500 largest public corporations.

The company was started by Zayre, a discount department store chain, in 1984, on the Medford/Malden border in Massachusetts. This was and still is the company's flagship store.

When Zayre sold their own nameplate to rival discount chain Ames, TJX Companies was formed. TJX spun off their warehouse division, consisting of BJ's and now defunct HomeClub (later known as HomeBase, then House2Home), to form Waban, Inc. Later, Waban spun off BJ's to become an independent company headquartered in Natick, Massachusetts.

The letters B and J stand for Beverly Jean, a daughter of one of the founders. They are commonly misinterpreted to stand for Berkley & Jensen, a brand name sold in their stores.

As of April 2008, BJ's operates 178 BJ's clubs in sixteen states and employs over 28,000 Team Members (both full and part-time). Its major competitors are Costco and Sam's Club.

BJ's offers a variety of special benefits to its members. These include "member pricing", a variety of name-brand products at discount wholesale prices, acceptance of all valid manufacturers' coupons, and acceptance of many forms of payment (cash, check, ATM/debit cards, and all major credit cards). Some clubs also accept food stamps. BJ's is the only one of the three major warehouse club chains to regularly accept Visa as a method of payment.

Memberships at BJ's are required for these benefits and are available to individual consumers and businesses. BJ's memberships normally last for 12 months from the date of purchase and are required to be renewed yearly to maintain their validity. As of March 2008, a standard individual membership at BJ's costs $45 per year. In addition, BJ's also has a special "Rewards" membership that may be purchased for an additional $35, allowing 2% of all of a member's purchases to be "rewarded" and redeemed for use towards future BJ's purchases (with the exception of alcohol, tobacco, and gas). Business members may apply to purchase BJ's products for resale, and those of nonprofit organizations may apply for tax-exempt privileges (where applicable). Members with expired memberships (if they choose not to renew), as well as non-members are allowed to shop, but are assessed a 5-15% surcharge (depending on the club and the circumstances) on their total, and are not allowed to pay by check. However, if non-members keep their receipts and decide to renew their membership or open a new membership, they will be refunded the surcharge and applied towards the membership fee, within 7 days. To aid in convenience, most BJ's memberships can be renewed at the register during checkout. Note that once the membership is purchased, it is fully refundable within 90 days, a renewed membership is refundable within 30 days.

Many of BJ's clubs offer special services to members, such as gas stations, home heating oil, propane filling, an optical department, car rentals, and vacation packages. These services vary from location to location. As of 2008, there were 154 Clubs with optical departments, and 100 Clubs with gas stations. As of 2007, BJ's has decided to close all pharmacy operations in its clubs.

BJ's Wholesale Club locations frequently stock different varieties of products at different locations. All clubs carry the items listed in the coupon book that is published a bi-monthly basis. However, at certain times, it is not uncommon for a certain club not to carry a new item immediately due to its higher demand.

As of January 2008, the company has attempted to make all clubs similar. Previously a number of clubs played background music. This has become a normal trend in almost all stores, as of February 2008.

As of 2008, three cross dock distribution centers are in operation.

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Source : Wikipedia