UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 8, 2010
THE TJX COMPANIES, INC.
(Exact Name of Registrant as Specified in its Charter)
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| DELAWARE
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1-4908
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04-2207613 |
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(State or Other Jurisdiction
of Incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.) |
770 Cochituate Road, Framingham, MA 01701
(Address of Principal Executive Offices) (Zip Code)
(508) 390-1000
Registrant’s Telephone Number (Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| ITEM 2.05 |
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Costs associated with Exit or Disposal Activities |
On December 8, 2010, the Board of Directors of The TJX Companies, Inc. approved the consolidation
of its A.J. Wright division whereby TJX will convert 91 A.J. Wright stores into T.J. Maxx, Marshalls or
HomeGoods stores and close the remaining 71 stores, A.J. Wright’s two distribution centers and
its home office. TJX anticipates that the closing of the A.J. Wright business will be completed by
the middle of February 2011.
TJX expects to incur estimated pre-tax charges related to closing the A.J. Wright business of
approximately $200 to $220 million. A summary of the estimated range of the major components of
these estimated pre-tax charges (in millions) is presented below:
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Non-Cash |
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Cash |
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Total |
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Asset Impairments |
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110-120 |
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$ |
— |
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$ |
110-120 |
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Lease costs, net of sublease income |
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50-55 |
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50-55 |
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Severance, termination benefits and all other expenses |
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— |
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40-45 |
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40-45 |
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Total pre-tax charges |
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110-120 |
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$ |
90-100 |
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200-220 |
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Asset impairments relate primarily to buildings, fixtures and leasehold improvements.
In addition, TJX expects the A.J. Wright segment to incur operating losses of approximately
$50 to $60 million in closing the business, bringing the total estimated pre-tax cost for the
closing of A.J. Wright (including the above estimated charges and losses) to $250 to $280 million.
TJX believes that the closing of the A.J. Wright business will not qualify for discontinued
operations treatment and accordingly expects these charges and operating losses to be recorded in
the A.J. Wright segment.
The above charges and losses are estimates, and the actual charges and losses may vary
materially based on various factors, including timing of the closings; sales, mark downs and other
factors affecting inventory value; factors relating to real estate including sale proceeds and
timing and amount of sublease income and other lease expense; actual associate terminations and
benefits; changes in management’s assumptions and plans; and other factors. The press release
issued on December 10, 2010 announcing the consolidation of the A.J. Wright stores is filed as Exhibit 99.1.
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| Item 9.01 |
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Financial Statements and Exhibits. |
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99.1 |
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Press Release issued by The TJX Companies, Inc. on December 10, 2010. |