TJX Nixes Online Business, Makes Other Changes
By George Anderson
In an era when many brick and mortar retailers are moving to multi-channel models, TJX Cos. has made the decision to get out the e-commerce business.
Last week in a prepared statement, the company’s chairman and CEO Bernard Cammarata said, “We have decided to exit our e-commerce business, as it has not delivered the sales
we had planned, and pre-tax operating losses are projected to be approximately $15 million for the current fiscal year. Exiting this business will eliminate these losses going
forward and allow us to better focus our energies into other areas.”
The company also plans to increase its advertising spending and reposition its Bob’s Stores chain away from its current casual sportswear for men focus to offer more products
in the same category for women.
TJX also plans to scale back new store openings as it gets its financials in order.
Ted English, the company’s former CEO, unexpectedly resigned from the company last month.
Moderator’s Comment: What is your reaction to the moves being made by TJX? –
George Anderson – Moderator