T.J. Maxx

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T.J. Maxx
Subsidiary
Industry Retail
Genre Department store
Founded 1976; 41 years ago (1976)
Framingham, Massachusetts, U.S.
Founder Bernard Cammarata
Headquarters Framingham, Massachusetts, U.S.
Number of locations
1,119 (end of 2014)[1]
Key people
Ernie Hermann (CEO)
Products Clothing, footwear, bedding and domestics, furniture and giftware
Parent TJX Companies
(1987–present)
Website tjmaxx.tjx.com/store/index.jsp
T.J. Maxx store, Ypsilanti, Michigan
T.J. Maxx, Peabody, Massachusetts

T.J. Maxx is an American department store chain, selling at prices generally lower than other major similar stores. It has more than 1,000 stores, making it one of the largest clothing retailers in the United States.[2]

The company is part of the TJX Companies, which also owns HomeGoods/HomeSense, and 'off-price' retail chains Sierra Trading Post in the United States, Marshalls in the U.S. and Canada, and Winners in Canada. Under the name T.K. Maxx, its parent company TJX operates stores throughout the United Kingdom, Ireland, Germany, Australia (trading as TK Maxx and Trade Secret),[3] Poland, Austria and The Netherlands.[4] It sells men's, women's and children's apparel and shoes, toys, bath and beauty, accessories, and home products ranging from furniture to kitchen utensils.

T.J. Maxx and Marshalls operate as sister stores, and share a similar footprint throughout the country. While their prices are nearly identical and they have similar store layouts, T.J. Maxx jas a more upscale appearance than Marshalls and typically sells a larger range of fine jewelry and accessories. Some higher-volume stores have a high-end designer department called The Runway.

The CEO of TJX companies is Ernie Herrman.[5]

History[edit]

In 1976 T.J. Maxx was founded in Framingham, Massachusetts by Bernard Cammarata, as a nameplate of the Zayre chain of discount department stores. When Zayre sold their own nameplate to Ames, a rival discount department store, Zayre was renamed as "TJX Companies, Incorporated".

In March 2009 its e-commerce site was launched, at first only selling handbags, the range later expanded to include clothing, shoes, jewelry, other accessories, and some home goods.[6]

Comparison with competitors[edit]

Business Insider described T.J. Maxx as "Macy's worst nightmare" in an oft-quoted 2016 article[7] by Mallory Schlossberg. In a later article Schlossberg also reported on how T.J. Maxx's soaring sales "should be concerning for ailing department stores that are fighting to get people to pay full price."[8] As off-price retailers are becoming an increasing threat to traditional department stores[9] signaling a change in consumer buying habits[10] T.J. Maxx's revenue grew to surpass that of Macy's.[11] According to The Economist, "the overheads at TJX and Ross are, as a percentage of sales, about half those of Macy's or Nordstrom."[12]

Data theft[edit]

In 2007 the company disclosed a computer security breach dating back to 2005: computer hackers had gained access to information on credit and debit card accounts for transactions since January 2003.[13] This exposed more than 100 million[14] customers to potential theft from their accounts.[15] According to the company, this affected customers who used their card between January 2003 and June 2004 at any branch of T.J. Maxx.[16] Details were stolen by hackers installing software via wi-fi[17] in June 2005 that allowed them to access personal information on customers. The breach continued until January 2007.[18]

Affected TJX stores included TJ Maxx, Marshalls, Winners, HomeSense, AJWright, KMaxx, Bob's Stores in the United States and Puerto Rico, Winners and HomeGoods stores in Canada, and possibly TKMaxx stores in the UK and Ireland.

Eleven people from around the world were charged with the breach in 2008.[19] In 2007 outside security provider Protegrity estimated that T.J. Maxx's losses as a result of the data breach might reach £800 million in the following years, as a result of paying for credit checks and administrative costs for managing the fallout from the breach.[20]

The T.J. Maxx Corporation was sued by the Massachusetts Bankers Association and co-plaintiffs including Maine and Connecticut Associated Banks for the data theft. In March 2010 computer hacker Albert Gonzalez was sentenced to 20 years in federal prison after confessing to stealing credit and debit card details from a number of companies, including T.J. Maxx.[21]

Charity work[edit]

In December 2014, T.J. Maxx started raising money for the St. Jude Children's Research Hospital.

Notes[edit]

  1. ^ "T.J.Maxx". 
  2. ^ T.J. Maxx, The TJX Companies, Inc., undated. Retrieved: 28 November 2015.
  3. ^ [1]
  4. ^ [2]
  5. ^ http://www.tjx.com/businesses_tjmaxx.asp
  6. ^ Thompson, James (August 19, 2009). "Discount fashion: Taking it to the Maxx". The Independent. Retrieved September 11, 2009. 
  7. ^ "TJ Maxx is Macy's worst nightmare". 
  8. ^ "TJ Maxx should terrify Macy's". 
  9. ^ "TJ Maxx is beating Macy's in this way". 
  10. ^ "Macy's takes on T.J. Maxx with new, smaller discount stores". 
  11. ^ "Why "off-price" shops are trouncing department stores". 
  12. ^ "To the Maxx". 
  13. ^ "T.J. Maxx data theft worse than first reported". msnbc.com. March 29, 2007. Retrieved February 16, 2009. 
  14. ^ https://www.privacyrights.org/data-breaches?title=TJX
  15. ^ http://money.cnn.com/gallery/technology/security/2013/12/19/biggest-credit-card-hacks/3.html
  16. ^ Richards, Jonathan; Seib, Christine; Brown, David (March 30, 2007). "Millions are caught in great credit card heist". London: TimesOnline.co.uk. Retrieved June 25, 2007. 
  17. ^ Espiner, Tom (May 7, 2007). "Wi-Fi hack caused TJ Maxx security breach". ZDNet. Retrieved September 16, 2009. 
  18. ^ Kawamoto, Dawn (March 30, 2007). "TJ Maxx owner: 45.7m accounts were compromised". ZDNet. Retrieved September 16, 2009. 
  19. ^ Espiner, Tom (2008-08-06). "Alleged TJX hackers charged". ZDNet. Retrieved September 16, 2009. 
  20. ^ John E., Dunn (June 12, 2007). "T.J. Maxx data breach costs could hit £800m". ComputerworldUK. Retrieved June 25, 2007. 
  21. ^ McCullagh, Declan (March 25, 2010). "T.J.Maxx hacker sentenced to 20 years in prison". cnet.com. Retrieved July 4, 2010. 

External links[edit]