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15 Apr 2020

Beth Gault, Drapers

TK Maxx cancels orders & extends supplier payment terms from 30 to 120 days

"TK Maxx extends payment terms", 6 April 2020

... TK Maxx has now extended supplier payment terms from 30 days to 120 days. 

In a letter to suppliers, seen by Drapers, Roger Bannister, chief buying officer of TK Maxx parent group TJX Europe, said: “With the global impacts of Covid-19 unfolding and changing daily, these are unprecedented times for the TJX organisation and our vendor community... “In light of these extraordinary circumstances, pursuant to the terms of our purchase orders, we are extending merchandise payment terms for all our divisions including TJX Europe by 90 days.

“When normality returns, we certainly plan to return to paying our vendors under our usual payment terms, as we always have done during our long history.”

The retailer is also understood to have cancelled orders, including stock designed specifically for TK Maxx...