TJX Cos. TJX said it was reducing the base salaries of Chief Executive Ernie Herman and Executive Chairwoman Carol Meyrowitz by 30% from April 12 and through July 4 as the retailing parent of TJ Maxx and Marshalls feels the crunch from the coronavirus pandemic.
The Framingham, Mass., company also pared the base salaries of other executive officers 20%. Other senior executives will take salary cuts, and the board agreed to reduced retainers for the same period as the other executives.
These developments come on top of the retailer's recent decision to close all stores for at least two weeks starting March 19.
The company also temporarily closed its online businesses, distribution centers and had corporate employees working remotely where possible.
The retailer said it was paying its associates until the week ending April 11 before implementing furloughs after that date for the majority of its store and warehouse workers.
It expects the reopening of its stores to vary by state and locality.
"TJX is working to prepare for reopenings as soon as the company believes it can operate safely in the communities it serves," the company said in a Securities and Exchange Commission 8-K filing disclosing the moves.
"As the covid-19 pandemic is complex and rapidly evolving, the company’s plans as described above may change. At this point, TJX cannot reasonably estimate the duration and severity of this pandemic."
TJX shares at last check were 3% higher at $47.47.