As the pandemic continues to grip USA more than any other nation, the list of companies furloughing employees is growing longer, raising concerns over unemployment if the outbreak is not controlled in the near future.
TJX Companies Inc., the parent entity of T.J. Maxx and Marshall, one of America’s biggest clothing store chains, has made the tough decision to furlough most of its workforce at stores and distribution centres.
With all the outlets being closed at the moment, the retailer will pay its employees only till 11 April.
In addition to this, several executives, including the company’s Chief Executive Officer Ernie Herrman, would take pay cuts, as TJX struggles to stay afloat during these times of uncertainty.
Employing over 286,000 people worldwide, with most of the workforce being based in USA, the company is in deep waters as the death toll has risen to almost 1,300 in the country as of 8 April.
TJX had closed 3,300 T.J. Maxx, HomeGoods, HomeSense and Marshall store locations in the US on 19 March.
Several other American retailers such as Macy’s, L Brands, Ross Stores Inc., Gap Inc., and Kohl’s Inc., have already announced the furloughing of employees in order to reserve cash and tide over this difficult time.
