TJX to furlough employees and cut executive pay

Even off-price retail chains, which have long been a sweet spot for retail even in the midst of a recession, are feeling the impact of COVID-19. TJX, the parent company of TJ Maxx and Marshalls, will be furloughing employees and cutting executive pay by 20 to 30 percent until further notice. Beginning April 12, the majority of in-store and distribution center associates in North America will be furloughed. TJX hasn't revealed a specific figure of how many employees will be affected by this, but in total the company employs 270,000 people.