TJX Companies (NYSE:TJX) news for Thursday includes an update concerning the coronavirus from China.
A TJX Companies news release reveals that the company is closing down all of its stores in the U.S., Canada, Europe, and Australia for two weeks. To go along with this, it is also shutting down its online stores for tjmaxx.com, marshalls.com, and sierra.com.
With the company closing all physical and digital retail outlets that it operates, it won’t have a need to ship out products from its distribution centers. As a result, it’s also closing down these locations and offices. However, some employees will still be working remotely.
Employees with concerns about the closings need not worry. The company says that it will be paying its store, distribution center and office workers for two weeks while these closures are in effect.
More TJX Companies news coming on the back of the coronavirus spread is the suspension of its quarterly dividend. It’s also withdrawing the financial guidance put out during its earnings conference call last month.
TJX Companies President and CEO Ernie Herrman said this in a separate TJX stock news release.
“While we are evaluating our dividend in the near term, I want to emphasize that we remain committed to paying our dividends whenever the environment normalizes for the long term, as we have been for decades.”
TJX stock was up 2.06% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.