Finance History | 11 Wall Street — Zayre Stopped and a Successor Off-Price Book Printed TJX
· 1989-6
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Finance History | 11 Wall Street — Zayre Stopped and a Successor Off-Price Book Printed TJX
kevin
People treat The TJX Companies as a Framingham off-price house that always printed TJX after a finished New York book.
The present letters arrived as a successor name.
TJX's own history page records that in 1987 Zayre Corp. formed The TJX Companies, Inc. around T.J. Maxx, Hit or Miss, and Chadwick's of Boston, and sold a minority interest in that subsidiary to the public.
Company histories compiled from that record state that the 1987 offering sold 9.35 million common shares and left Zayre owning 83 percent of the subsidiary.
The same company page records that after the 1989 reorganization TJX became the successor, with the Zayre store chain already sold to Ames Department Stores.
A UPI dispatch dated 6 December 1988 records Zayre's plan to merge with the 83 percent-owned TJX subsidiary and to change the parent's name at the 1989 annual meeting in June.
An SEC ownership filing later lists the issuer as TJX Companies Inc. and records the former conformed name Zayre Corp. with a name-change date of 25 June 1989.
Zayre itself had listed on the New York Stock Exchange in 1962. The 1989 event kept that New York book and reprinted it as TJX.
The mechanism is a parent-and-subsidiary combination plus a name change, not a cash IPO of a new issuer in 1989.
The pin is the Broad Street facade of the Exchange, where the successor book printed.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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