TJX Cos. plans to cut the 4,400 jobs as it converts 91 A.J. Wright stores T.J. Maxx, Marshalls or HomeGoods stores and closes the 71 remaining sites mark.
The objective is to focus management and financial resources on larger and more profitable businesses retailer discount said Friday. Positions will be eliminated more than half are part-time.
TJX provides that all 162 stores A.J. Wright, concentrated in the northeast of the United States, will be arrested by mid-February, at a price of approximately 150 million $ 170 million, including costs of disability and the severance of the assets. The company said that it expects that the 91 stores conversion will take approximately eight weeks after the closing Wright.
T.J. Maxx and Marshall attracted shoppers didnot to recession, giving confidence that these two strings can win sales from consumers who make their purchases of A.J. Wright, Executive Director Carol Meyrowitz said analysts Friday TJX.
"Management wants to concentrate his energy on the core business and Europe and considered A.J. Wright as a distraction," Howard Tubin, an analyst at RBC capital markets in New York, writes Friday in a note to clients. It rates of TJX like "upgrade."
TJX stops A.J. Wright, 12 years after the beginning of the string to draw less wealthy than its T.J. Maxx and Marshall buyers consumers. Mark generated 779.8 million sales in the year which ended in January. The company is close Wright distribution centers in Indiana and Massachusetts.
Unit which operates the T.J. Maxx and Marshall locations has the potential to 2 300 to 2 400 stores, 300 to 400 more than previously estimated TJX, Meyrowitz said in the statement on Friday.
Marmaxx division operated 1,751 stores the United States on October 30, including 919 T.J. Maxx and 832 Marshall sites, according to a statement on November 16.
This article appeared on page D-3 of the San Francisco Chronicle
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