TJX divests $186M from Russian operations
Photo | Grant Welker
The TJX Cos. headquarters in Framingham
The TJX Cos., Inc., the Framingham-based parent company of TJ Maxx and Marshalls, has divested from an apparel retailer with more than 400 stores in Russia.
TJX wrote its divestment was “in support of the people of Ukraine,” as Russia continues an ongoing attack on the country, according to a filing with the U.S. Securities and Exchange Commission from Wednesday.
TJX owned a 25% stake in Luxembourg-based retailer Familia, which does business in Russia. TJX invested $225 million in Familia in November 2019, and the carrying value of its investment in late January was $186 million, according to the SEC filing.
TJX executives Doug Mizzi and Scott Goldenberg resigned from their director and observer positions, respectively, on Familia’s board of directors.
Other major companies like Apple, Disney, Ford, and Exxon have also divested some operations in Russia since the initial attack on Ukraine on Feb. 24.
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