FRAMINGHAM, Mass. (WWLP) — The TJX Companies, Inc., announced Thursday several actions related to its response to the rapidly changing market uncertainty from the COVID-19 pandemic.
According to a press release sent to 22News, effective Thursday, the company is closing all of its stores in the United States, Canada, Europe, and Australia for two weeks.
In certain regions, including Germany, Poland, Austria, Ireland, and the Netherlands, and a number of U.S. and Canadian locations, the company had previously closed stores based on several factors, including government or health department requirements.
We know our Associates are very concerned for their health and financial well-being, and we plan to pay our store, distribution center and office Associates for two weeks during these closures.Debra McConnell, Senior Vice President, Global Communications
To further strengthen its financial position and balance sheet, and maintain financial liquidity and flexibility, the company is taking the following actions:
- Drawing down $1 billion from its revolving credit facilities.
- Suspending its share repurchase program.
- Evaluating its dividend program.
- Reviewing all operating expenses.
- Reducing capital expenditures.
The company also announced Thursday that it is withdrawing its first quarter and full-year Fiscal 2021 financial guidance given on its February 26, 2020 earnings conference call.
The company is not providing an updated outlook at this time.
As the COVID-19 pandemic is complex and evolving rapidly, the company’s plans as outlined above may change.