TJX to acquire Marshalls. (TJX Companies Inc.)(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, October, 1995
NEW YORK (FNS) - Melvine Corp. has agreed to sell its struggling Marshalls chain to TJX Cos., parent of TJ Maxx, for $375 million in cash and $175 million in convertible stock.
In the latest six months, Marshalls' same-store sales fell 11.2 percent while total sales slid 3.1 percent to $1.2 billion. Marshalls operates 495 stores. Although TJX and Marshalls are known primarily for off-price apparel retailing, they both placed among HFN's top 20 home textiles retailers for 1994. Marshalls is 17th with estimated textiles sales of $164 million. TJX, which includes TJ Maxx and the Home Goods chain, is 15th with $180 million. Marshalls also ranks 100th among housewares and tabletop retailers with about $14 million in that business last year.
Bernard Cammarata,...
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