TJX Gets Out of the Web Business
Framingham, Mass., The Internet may be the retail channel of the future for some companies, but not TJX Cos. Framingham, Mass.-based TJX announced yesterday that it intends to exit its e-commerce business, which “has not delivered the sales we had planned,” said chairman Bernard Cammarata. The company’s TJMaxx.com and homegoods.com sites will cease business this month, under the plan. “Exiting this business will eliminate these losses going forward and allow us to better focus our energies into other areas,” he added. Its on-line business is expected to result in operating losses of $15 million for the current fiscal year. The chain also said it would slow its real estate expansion at A.J. Wright and HomeGoods.