TJX Companies
A multinational off-price retailer operating TJ Maxx, Marshalls, HomeGoods, Winners, TK Maxx, Sierra, and related store chains.
Last updated August 31, 2026
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Overview
The TJX Companies is a United States-based multinational retailer specializing in off-price apparel, accessories, footwear, home furnishings, and related merchandise. Its retail model is built around purchasing branded and designer goods through a broad network of vendors, including opportunistic and closeout purchases, and selling them through stores at prices generally below those of traditional department stores and specialty retailers. Rather than relying primarily on a fixed seasonal assortment, TJX emphasizes a constantly changing selection, limited quantities, and frequent customer visits. The company was created in 1987 as a subsidiary and holding company of Zayre Corporation's TJ Maxx and Hit or Miss operations. The TJ Maxx concept itself originated in 1977, when Zayre introduced a discount chain focused on family apparel, giftware, and domestic goods. In 1988, Zayre sold its namesake department-store chain and concentrated on the TJX business. In 1989, Zayre acquired the remaining minority interest in TJX and merged with the subsidiary, adopting The TJX Companies, Inc. as its corporate name and beginning its history as the public company known by the TJX ticker. TJX expanded beyond its original United States base in 1990 by acquiring Winners in Canada. It added HomeGoods in the United States in 1992, entered the United Kingdom and Ireland with TK Maxx in 1994, and acquired Marshalls in 1995. These transactions established the core of the company's apparel and home-goods portfolio. Later additions included Canadian HomeSense, the short-lived A.J. Wright chain, Sierra Trading Post, and Australian off-price businesses that became part of TJX's international operations. The business has also used different names in different markets: TJ Maxx operates in the United States, while TK Maxx is used in much of Europe and Australia to distinguish the chain from the unrelated European retailer T.K. Maxx brand history. The company's principal operating groups include Marmaxx in the United States, which encompasses TJ Maxx and Marshalls; HomeGoods in the United States; Sierra in the United States; TJX Canada, which includes Winners, HomeSense, and Marshalls; and TJX International, which operates TK Maxx and HomeSense in selected European markets. Its store brands serve somewhat different merchandising purposes, but they share the broader off-price proposition of recognized brands, changing inventory, and value-oriented pricing. TJX's growth strategy has combined organic store expansion, acquisitions, international adaptation, and the development of home and digital businesses. Sierra Trading Post, acquired in 2012 and later renamed Sierra, gave the company an outdoor-oriented off-price business with an online heritage and subsequently a growing physical-store presence. In Australia, the acquisition of Trade Secret and Home Secret expanded TJX's international portfolio. In 2019, the company also acquired a minority stake in Russian retailer Familia, although that investment does not make Familia a wholly owned TJX chain. The company remains publicly traded on the New York Stock Exchange under TJX. Its operations have been affected by major retail and economic events, including the COVID-19 pandemic, which caused extensive temporary store closures and a substantial decline in revenue during the affected period. TJX's competitive identity rests on purchasing flexibility, scale, buying expertise, inventory turnover, and a treasure-hunt shopping experience rather than on maintaining a uniform full-price assortment.
History
TJX traces its commercial origins to Zayre Corporation's development of TJ Maxx. The first TJ Maxx stores opened in Massachusetts and North Carolina in May 1977. The concept differed from Zayre's principal department-store format by concentrating more heavily on family apparel, giftware, and domestic goods sold at discount prices. In June 1987, Zayre established The TJX Companies as a subsidiary and holding company for TJ Maxx and Hit or Miss. Zayre's conventional department-store operations subsequently struggled, while the TJX subsidiary remained profitable. In 1988, Zayre sold its nearly 400-store namesake chain to Ames Department Stores and focused on the TJX business. The following year, Zayre acquired TJX's outstanding minority interest and merged with the subsidiary. The surviving corporation changed its name to The TJX Companies, Inc. and began trading on the New York Stock Exchange. TJX's first major international step came in 1990, when it acquired the Canadian Winners chain. HomeGoods launched in the United States in 1992. In 1994, the company entered the United Kingdom and Ireland with TK Maxx, using a distinct name for those markets. The acquisition of Marshalls in 1995 greatly expanded TJX's United States apparel presence and later helped create the Marmaxx operating group. TJX also sold Hit or Miss in 1995 through an employee leveraged buyout and was added to the S&P 500 in 1996. The company continued to broaden its portfolio. A.J. Wright launched in 1998 and expanded nationally in 2004, but TJX later announced its closure in 2010. Canadian HomeSense was established in 2001, modeled in part on the United States HomeGoods format. TJX acquired New England-based Bob's Stores in 2003 and experimented with combined Winners/HomeSense and TJ Maxx or Marshalls/HomeGoods locations. Bob's Stores was sold in 2008. HomeSense entered the United Kingdom in 2008 with a positioning distinct from the Canadian chain. In 2012, TJX acquired Sierra Trading Post, an online off-price specialist focused on outdoor goods and apparel. The business later adopted the shorter Sierra name and expanded its physical store presence. TJX acquired Trade Secret and Home Secret in Australia in 2015, and the company entered a new chief executive era when Ernie Herrman succeeded Carol Meyrowitz in 2016. In 2019, TJX purchased a minority stake in Familia, a Russian off-price retailer. The company's history also includes a major information-security incident. In 2007, TJX disclosed that unauthorized parties had entered its computer systems and obtained customer and payment-related information. The intrusion was associated with inadequate wireless security at a store, and the reported number of affected customers later reached approximately 45.7 million. The episode led to criminal prosecutions, security remediation, litigation, and wider debate about retailer responsibility for protecting stored consumer data. During the COVID-19 pandemic, temporary store closures severely disrupted the store-led operating model. TJX reported a substantial revenue decline during the middle months of 2020 and a second-quarter loss. The company nevertheless continued to operate as a multinational off-price retailer with store chains across North America, Europe, and Australia. Its durable strategic formula has been scale in purchasing, flexible sourcing, frequent assortment changes, and a customer experience based on discovering unexpected branded merchandise at reduced prices.
- 2020
Pandemic disruption
[1]COVID-19-related store closures produced a sharp revenue decline and a reported quarterly loss.
- 2015
Australian off-price businesses acquired
[1]TJX acquired Trade Secret and Home Secret from Gazal Corporation.
- 2012
Sierra Trading Post acquired
[1]TJX acquired Sierra Trading Post, an off-price outdoor apparel and equipment retailer with an online foundation.
- 2008
HomeSense launches in the United Kingdom
[1]TJX opened the first United Kingdom HomeSense stores.
- 2001
HomeSense established in Canada
[1]TJX created the Canadian HomeSense chain, using a home-focused off-price model related to HomeGoods.
- 1995
Marshalls acquired
[1]The acquisition of Marshalls significantly expanded TJX's United States off-price apparel footprint.
- 1994
TK Maxx enters Europe
[1]TJX launched TK Maxx in the United Kingdom and Ireland, later extending the brand to additional European markets.
- 1992
HomeGoods launches
[1]TJX introduced HomeGoods in the United States as a home-furnishings and home-goods off-price chain.
- 1990
Entry into Canada
[1]TJX entered Canada through the acquisition of the Winners chain.
- 1989
Zayre becomes The TJX Companies
[1]Zayre acquired the remaining minority interest in TJX, merged with the subsidiary, changed its corporate name, and began trading under the TJX identity.
Products and positioning
A large-scale off-price retailer offering branded and designer merchandise through constantly changing assortments, limited quantities, and value-oriented pricing.
Off-price department store · 1977
TJ Maxx
TJ Maxx is TJX's original United States flagship chain. It sells discounted apparel, footwear, accessories, beauty products, home goods, and seasonal merchandise. Its assortment varies by location and changes frequently, reflecting the company's opportunistic buying model rather than a fixed department-store range.
Off-price department store
Marshalls
Marshalls is a major United States off-price apparel and home-goods chain acquired by TJX in 1995. It provides branded clothing, shoes, accessories, beauty items, and selected home merchandise at value-oriented prices. Together with TJ Maxx, it forms the Marmaxx operating group.
Off-price home retailer · 1992
HomeGoods
HomeGoods is TJX's United States home-focused chain. Its stores carry furniture, décor, bedding, kitchenware, bath products, lighting, and seasonal items. The assortment is deliberately changeable, encouraging customers to visit frequently in search of distinctive or limited-quantity merchandise.
Canadian off-price retailer
Winners
Winners is a Canadian off-price chain acquired by TJX in 1990. It offers apparel, footwear, accessories, beauty goods, and home merchandise through a rotating selection of branded products.
Off-price home retailer · 2001
HomeSense
HomeSense is used for TJX's home-oriented retail operations in Canada and selected European markets. It sells furniture, home décor, housewares, textiles, and seasonal products, with the exact positioning and assortment adapted to each market.
International off-price department store · 1994
TK Maxx
TK Maxx is TJX's principal international apparel and home-goods chain in Europe and Australia. The brand uses the same broad off-price principles as TJ Maxx but operates under a different name in markets where the TJ Maxx name was not used.
Outdoor off-price retailer · 2012
Sierra
Sierra is TJX's outdoor-oriented off-price business, selling apparel, footwear, camping goods, sporting equipment, and related merchandise. It originated as Sierra Trading Post, acquired by TJX in 2012, and later adopted the Sierra name.
Controversies
2007
TJX payment-data breach
Unauthorized access to TJX computer systems exposed payment-card and other customer transaction information. The intrusion was linked to a non-secure wireless network at one store, and later reports put the number of affected customers at approximately 45.7 million. The incident generated investigations, criminal charges, litigation, security upgrades, and policy debate concerning retailer data protection.
Brand decisions
2015
Acquisition of Trade Secret and Home SecretM&ABackground
TJX sought to strengthen its presence in Australia's off-price retail market.
Action taken
The company acquired the Trade Secret and Home Secret businesses from Gazal Corporation.
Aftermath
The transaction added Australian retail operations to TJX's international portfolio.
2012
Acquisition of Sierra Trading PostM&ABackground
TJX was broadening its off-price model into specialized outdoor merchandise and digital retail.
Action taken
TJX acquired Sierra Trading Post and later developed the business under the Sierra name.
Aftermath
Sierra expanded beyond its online origins and added physical stores in the United States.
2010
Closure of A.J. WrightStrategyBackground
TJX determined that the A.J. Wright format was no longer the preferred vehicle for its United States expansion.
Action taken
The company announced that A.J. Wright stores would close, with more than half expected to reopen under other TJX brands.
Aftermath
The decision reduced the standalone brand portfolio while preserving selected locations through conversion.
1995
Acquisition of MarshallsM&ABackground
TJX sought to expand its United States off-price apparel presence.
Action taken
The company acquired Marshalls and subsequently operated it alongside TJ Maxx within the Marmaxx structure.
Aftermath
Marshalls became one of TJX's principal United States store chains.
1988
Zayre concentrates on TJXStrategyBackground
Zayre's traditional department-store operations were experiencing losses, while the TJX subsidiary continued to perform comparatively well.
Action taken
Zayre sold its namesake store chain and focused the corporate structure on TJX's off-price operations.
Aftermath
The restructuring led to the 1989 corporate reorganization and the adoption of The TJX Companies name.
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