TJ Maxx - a short bio


TJ Maxx - a short bio

TJ Maxx is a department store chain in America, usually priced at cheaper prices than other large, comparable outlets. It has more than 1,000 stores in the U.S. making it one of the world's largest clothing retailers. The company is part of TJX Corporation. It offers clothes and accessories for men, women and baby, toys, bath and makeup, cosmetics, and home-made items ranging from furniture to kitchen utensils. TJ Maxx and Marshalls have a similar presence in the country as sister outlets. Although their prices are virtually similar and have equivalent shop designs, TJ Maxx is more compact than Marshalls and usually offers a broader variety of fine jewellery and accessories. Few bigger boutiques include a high-end retail store called The Runway. Ernie Herrman is Executive Vice President of TJX Corporation. In 1976 Bernard Cammarata created TJ Maxx as a nameplate for the Zayre chain of discount department stores in Framingham, Massachusetts. In September 1988, Zayre sold the nameplate to Ames, a competing discount department store. Zayre revealed a business turnaround programme entitled "TJX Businesses, Incorporated" in December. TJ Maxx opened the AJ Wright Shop Chain in the autumn of 1998. In January 2007 the store folded. In March 2009, the e-commerce website was launched, initially only offering handbags, and later the range went up to include clothes, shoes, watches, other accessories and some home products. In a widely cited article by Mallory Schlossberg from 2016, Company Insider described TJ Maxx as "the worst concern of Macy." In a later post, Schlossberg also wrote about how the soaring sales from TJ Maxx "would be a problem for ailing department stores trying to persuade customers to pay full price." While off-price outlets are steadily disrupting mainstream department stores, reflecting a change in customer shopping patterns, TJ Maxx's revenues have risen to outstrip Macy's. According to The Economist, "the overheads at TJX and Ross are nearly half those of Macy's or Nordstrom as a proportion of sales," and Fortune believed those "the higher product turnaround and the expectation that an item on a store would not be available at a TJ Maxx or a Marshalls next week contributed to a boom in this discount sector and made these retailers a rarity in business: customers a rarity in business. The business revealed a data security breach dating back to 2005 in 2007: since January 2003 computer hackers have been getting access to credit and debit card payment information for payments. That opened more than 100 million consumers from their accounts to the possible fraud. It has impacted customers who used their card at every branch of TJ Maxx between January 2003 and June 2004, according to the report. Data was stolen in June 2005 by hackers who installed malware via wi-fi, enabling them to access sensitive information about consumers. In January 2007, the infringement stopped. Other TJX retailers featured TJ Maxx, Marshalls, Walmart, HomeSense, A.J. Wright, KMaxx, US Bob's Retailers, Canada's Costco and HomeGoods stores and possibly the UK and Ireland TK Maxx sites. In 2008, 11 men were arrested from all around the world for the violation. In 2007, a global technology company, Protegrity predicted that the liabilities incurred by TJ Maxx as a consequence of data breach could in subsequent years surpass £ 800 million as a consequence of waiting for credit checks and compliance expenses to deal with the infringement debacle. The Massachusetts Bankers Association, and co-appellants including Maine and Connecticut Affiliated Banks, sued TJ Maxx Corporation for electronic fraud. Computer programmer Albert Gonzalez was sentenced to 20 years in federal prison in March 2010 after confessing that many firms, including TJ Maxx, had stolen credit and debit card records.

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