One of the largest American fashion retailer T.J. Maxx announced store closures for the year 2024. Considering T.J. Maxx’s popularity even in such dire times, you might wonder- why is T.J. Maxx closing stores? Why is it joining the list with Bellator and Twin Flames?
A lot of big retailers have shuttered locations because of rising inflation, change in consumer spending habits, rise of e-commerce and what not.
And now T.J. Maxx seems to have joined the list too! So what’s the catch behind this news? Is T.J. Maxx going out of business too? Let’s find out!
About T.J. Maxx
T.J. Maxx is a leading American retail chain of apparel and home fashion. The brand was founded in 1977 under the leadership of Bernard (Ben) Cammarata, the merchandising manager of Marshalls at that time.
T.J. Maxx, along with Marshalls, forms Marmaxx, which is a part of TJX brands and is one of the largest companies in the world.
As of 2023, TJX operated more than 4,800 stores, and the business is spread in nine countries across three continents and includes six e-commerce businesses.
Is T.J. Maxx Closing Stores?
Yes, the retail companies TJ Maxx and Marshalls, which are both owned by TJX companies, will shut down a couple of stores in Chicago and New York in January 2024.
Even earlier this year, TJ Maxx closed down its store in St. Paul’s Midway location in St. Paul, Minn., And Marshalls closed down its location in City Center store in Minneapolis, Minn., and Center City East location in Philadelphia.
TJ Maxx and Marshalls have joined the group of several other companies that are closing stores this year, including, Z Gallerie, Old Navy, Coldwater Creek, among others.
Why Is T.J. Maxx Closing Stores?
In the month of August this year, T.J. Maxx announced sales growth in Q2 earnings, stating,
“I am particularly pleased with the performance of our largest division, Marmaxx, which delivered high single-digit increases in both comp sales and customer traffic,” said CEO Ernie Herrman. “Our overall apparel and accessories sales were very strong. And our overall home sales significantly improved and returned to positive comp sales growth.”
If the brand is performing well then why is it closing stores you may wonder?
Well, the company mentioned that the closures are being done as a part of their retail presence evaluation. In an interview, TJX stated that the “economic” choice came from “assessing and reviewing our real estate strategies, and our decision to close this store reflects that thinking.”
List of T.J. Maxx & Marshalls Closing Stores 2024
Here’s a list of all the T.J. Maxx stores that will be closing in January 2024:
TJ Maxx
Illinois:
- Closing 2024: 1008 S. Canal Street, Chicago, IL 60607
New York:
- Closing 2024: 503 Fulton Street, Brooklyn, NY 11201
Minnesota:
- 1410 University Ave W., St Paul, MN 55104
Marshalls
Minnesota:
- 40 S. 7th St, Minneapolis, MN 55402
Philadelphia:
- 1044 Market St., Philadelphia, PA 19107
New York:
- Closing 2024: 610 Exterior Street, Bronx, NY 10451
The store closures will affect several workers; the company has already offered some of them positions at other locations. While the fate of the rest of them is still unknown.
List of T.J. Maxx & Marshalls Stores That Will Still Remain Open
Not all T.J. Maxx and Marshalls stores are closing. Customers can still shop from the remaining stores. Here’s a list of T.J. Maxx and Marshalls store locations that will still remain open:
Chicago
T.J. Maxx Stores
- 11 North State Street, Chicago, IL 60602
- 3262 West Belmont Ave, Chicago, IL 60618
- 2739 N Clark St, Chicago, IL 60614
- 4932 South Kedzie Ave, Chicago, IL 60632
- 6165 N Lincoln Ave, Chicago , IL 60659
- 6456 West Irving Park Rd, Chicago, IL 60634
New York
T.J. Maxx Stores
- 410 Gateway Drive, Brooklyn, NY 11239
- 1630 East 15th St, Brooklyn, NY 11229
Marshalls
- 2952 3rd Ave, Bronx , NY 10455
- 845 White Plains Road, Bronx (Bruckner), NY 10473
- 1450 East Ave, Bronx, NY 10462
Is T.J. Maxx Going Out Of Business?
No, T.J. Maxx is not going out of business. On the contrary, they have even opened a couple of new stores in 2023. The closures are simply a part of their routine evaluation strategy.
The company, every now and then, closes down or relocates a few of its stores to remain in the best position.
TJX Revenue History 2013-2023
| Year | Revenue | Change |
|---|---|---|
| 2023 | $51.22 B | 3.97% |
| 2022 | $49.27 B | 3.97% |
| 2021 | $45.63 B | 36.64% |
| 2020 | $33.40 B | -17.81% |
| 2019 | $40.63 B | 4.72% |
| 2018 | $38.80 B | 4.72% |
| 2017 | $34.37 B | 5.18% |
| 2016 | $32.67 B | 7.9% |
| 2015 | $30.28 B | 5.96% |
| 2014 | $28.58 B | 4.56% |
| 2013 | $27.33 B | 9.95% |
How TJ Maxx is Thriving in the Retail Apocalypse?
Wrap Up
With each passing day, a lot of companies are announcing store closures, mostly because of poor performance and low sales. Thankfully, that is not the case with T.J. Maxx.
T.J. Maxx closing stores strategy is just something that the company does every once in a while to trim the locations that are not meeting the set standards.
The company will shut down a few stores in New York and Chicago, but you can still shop from the remaining stores that are open.
Refer to the list shared in the article above for more details.
FAQ’s
Where is T.J. Maxx headquartered?
T.J. Maxx is headquartered in Framingham, MA.
Who owns T.J. Maxx?
With 92.89% shares in the company, TJX companies own T.J. Maxx and Marshalls.
Which are the sister companies of T.J. Maxx?
Marshalls, Sierra, HomeGoods, and Homesense are all sister companies of T.J. Maxx.