Money Matters - Simplified

T.J. Maxx parent to close outlet division

Framingham, Mass. -- The parent company of clothing retailers T.J. Maxx and Marshalls said Friday it will cut 4,400 jobs as it closes its A.J. Wright stores division.

The Framingham, Mass.-based TJX Cos. plans to close 71 stores and convert 91 A.J. Wright outlets to its other brands, MarketWatch reported.

"While I believe this move makes us a much stronger company and will benefit TJX in both the near-term and long-term, it was not an easy decision as many positions will be eliminated and it will be difficult for our affected associates," Carol Meyrowitz, the chief executive, said in announcing the cuts.

About half of the workers to be laid off are part-time and about 3,400 A.J. Wright employees will be retained, Meyrowitz said.

Copyright 2010 United Press International, Inc. (UPI).

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