TJX Cos., the owner of T.J. Maxx and
Marshalls stores, will buy back as much as $1 billion of its
common shares, about 8.3 percent of its outstanding stock.
The buyback represents about 41.2 million shares, based on
today’s closing price of $24.30. The timing of the purchase will
depend on market conditions, Framingham, Mass.-based TJX
said in a statement distributed by Business Wire.
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The company has completed five buybacks since 1997,
repurchasing about $3.25 billion of its stock. Company
spokeswoman Sherry Lang didn’t immediately return a message left
at her office.
Bloomberg News
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