TK Maxx has extended supplier payment terms by 90 days.
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.
“We truly value the strong vendor relationships we have built over time and certainly considered this in our decision making. However, we have made the following decision in an effort to balance the impact to our merchandise vendor community with the needs of the company in these exceptional circumstances.
“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.
TK Maxx has been approached for comment.