Massachusetts Based Retail Giant Announces Multiple Store Closings

Massachusetts is a diverse state, full of all different kinds of landscapes, residents, and businesses.

When it comes to business, the state of Massachusetts serves as the headquarters for some of the most well-known companies and brands in the United States. This includes, but is not limited to New Balance, Bose, Dunkin, and of course, GE. General Electric is the largest company based in Massachusetts. With a revenue of $76.6 billion, the company is a leader in the engineering industry and its headquarters are in Boston where they have roughly 305,00 current employees.

So we know that GE is kind of the hill, but the second largest company based out of Massachusetts is the TJX corporation, the parent company of T.J. Maxx, Marshalls, HomeGoods, HomeSense, and Sierra Trading Post. Headquartered in Framingham, Massachusetts, the company has an annual revenue of $48.5B along with approximately 270,000 employees.

While the discount retailer is based out of Massachusetts, it has over 4,800 brick-and-mortar storefronts across the globe. However, the company recently announced it plans to close several stores in major cities.

T.J. Maxx Confirms Closure of Multiple Retail Stores

The TJX Corporation confirms it will close a T.J. Maxx and Marshalls in New York City (Marshalls at 610 Exterior Street, Bronx, T.J. Maxx at 503 Fulton Street, Brooklyn)and a T.J. Maxx location in Chicago (1008 S. Canal Street) by January 6, along with its Marshalls store on Snyder Plaza in Philadelphia by December 9.

Experts from the Boston Globe say that it's not uncommon for retailers to have occasional store closings, often dumping underperforming stores from their real estate portfolio.

It's worth noting between T.J. Maxx and Marshalls, the retailer actually opened 31 new stores this year, with plans for more before year’s end.