Tjx Companies Inc 8-K, filed Apr 7, 2020
Tjx Companies Inc (TJX)
About this 8-K
Tjx Companies Inc filed this 8-K on April 7, 2020, reporting on events of April 1, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| ITEM 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
The Executive Compensation Committee (“ECC”) of the Board of Directors of The TJX Companies, Inc. (the “Company” or “TJX”) approved on April 1, 2020, and the executive officers of the Company agreed to, certain base salary adjustments for the period beginning on April 12, 2020 and ending on July 4, 2020, as follows: the base salary of Ernie Herrman, Chief Executive Officer and President, and Carol Meyrowitz, Executive Chairman, will be reduced by 30%, and the base salary of each other executive officer of the Company will be reduced by 20%. The ECC also approved salary reductions for other senior executives of the Company, and the Board of Directors of the Company agreed to a reduction in its cash retainer fees, in each case, for this same period.
| ITEM 7.01. | Regulation FD Disclosure. |
The Company previously announced that all of its stores would be closed for at least two weeks, effective March 19, and that it had temporarily closed its online businesses, its distribution centers and its offices with Associates working remotely where possible. The Company continues to monitor developments, including government requirements and recommendations at the federal, state and local level, and has extended such closures. The Company expects the cadence of re-openings to vary by state and locality in the U.S., and by country. TJX has committed to pay its Associates until the week ending April 11, 2020, and is implementing temporary furloughs after that date for the majority of store and distribution center Associates in the U.S., with employee benefits for eligible Associates continuing during the temporary furlough at no cost to impacted Associates. The Company is taking comparable actions with respect to portions of its non-U.S. workforce and continues to evaluate a variety of additional measures. TJX is working to prepare for re-openings as soon as the Company believes it can operate safely in the communities it serves. As the COVID-19 pandemic is complex and rapidly evolving, the Company’s plans as described above may change. At this point, TJX cannot reasonably estimate the duration and severity of this pandemic. The temporary closure of the Company’s stores and distribution centers is expected to have an adverse impact on its results of operations, financial position and liquidity.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE TJX COMPANIES, INC. |
| /s/ Scott Goldenberg |
| Scott Goldenberg |
| Chief Financial Officer |
Dated: April 7, 2020