Edmond English, President and Chief Executive Officer of The TJX Companies, Inc., stated, "David Margolis has had a significant impact on the Canadian retail industry. He pioneered the off-price concept in Canada and literally changed the way people shop. He has grown Winners to its position as the leading off-price retailer in Canada. We are grateful to David for his leadership of this division and pleased that he will stay on in an advisory role."
English continued, "Michael MacMillan has been with our Company for many years and with Winners since it became a TJX division. He knows every aspect of the Winners business inside and out, and I am confident in Michael's ability to continue to grow Winners successfully."
Mr. Margolis opened the first Winners store in Toronto in 1982. In 1990, the five-store, privately held company was acquired by The TJX Companies. Since then, the division has experienced significant growth and expansion. HomeSense was launched in 2001 to respond to consumers' growing appetite for home fashions. Winners 'n More, Winners Merchants International's first mega-store concept, opened in Markham, Ontario, in March 2003. This concept merges Winners and HomeSense, featuring a wide assortment of apparel with an expanded selection of home fashions. Winners Merchants International currently operates a total of 173 stores under the three banners, Winners, HomeSense and Winners 'n More, and employs 11,000 associates across Canada.
Michael MacMillan joined the TJX organization in 1985 as Manager of Store Accounting for T.J. Maxx. Between 1987 and 1989, he was promoted twice to become Vice President, Store Controller. In September 1990, Mr. MacMillan joined Winners as Vice President, Finance and Administration. In 1994, he was named Senior Vice President Finance, Systems and Distribution of Winners and in 2000, became Executive Vice President of this area. In 2002, Mr. MacMillan was promoted to his present position of Executive Vice President, Merchandising and Planning for Winners.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 719 T.J. Maxx, 639 Marshalls, 146 HomeGoods and 83 A.J. Wright stores in the United States. In Canada, the Company operates 154 Winners and 19 HomeSense stores, and in Europe, 123 T.K. Maxx stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.
SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: general economic conditions including effects of wars, other military actions and terrorist incidents; consumer confidence, demand and preferences; weather patterns; competitive factors, including continuing pressure from pricing and promotional activities of competitors; the impact of excess retail capacity and the availability of desirable store and distribution center locations on suitable terms; recruiting quality sales associates and other associates; the availability, selection and purchasing of attractive merchandise on favorable terms and the effective management of inventory levels; import risks, including potential disruptions in supply and duties, tariffs and quotas on imported merchandise, including economic, political or other problems in countries from which merchandise is imported; currency and exchange rate factors in our foreign and buying operations; ability to continue successful expansion of our store base at the rate projected; risks in the development of new businesses and application of our off-price strategies in additional foreign countries; factors affecting expenses including pressure on wages and benefits; our acquisition and divestment activities; our ultimate liability with respect to leases relating to discontinued operations including indemnification and other factors affecting or mitigating our liability, and; changes in laws and regulations; and other factors that may be described in our filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
