What happened Shares of the TJX Companies (NYSE: TJX) were moving higher on Wednesday after the consumer discretionary company announced new measures to conserve cash while its stores are closed amid the coronavirus pandemic. As of 3:15 p.m. EDT, shares of the company, the corporate parent of TJ Maxx, Marshalls, and other off-price store chains, were up about 6.3% from Tuesday's closing price. So what In a Form 8-K regulatory filing made after the market closed on Tuesday, TJX said it will furlough most of the employees of its stores and distribution centers in the U.S. and Canada as of April 12. Employees who are eligible for benefits will continue to receive them while furloughed, at no cost. The company said it will take "comparable actions" for its employees working outside of those two countries, and it will reduce executives' pay until at least July 4. TJX employed about 286,000 people as of February 1, many of whom are part-time workers. The majority of its stores, about 3,300, are in the United States. Image source: TJX Companies. In a letter to employees and shareholders, CEO Ernie Herman said the extraordinary conditions of the pandemic have forced "decisions we would never want to make." "We are making every effort to prepare for reopenings, as soon as we believe we can operate safely in the communities we serve," Herman wrote. Now what Herman and his team have historically been good about communicating developments to shareholders, employees, and other stakeholders. I expect that to continue as the world works through the coronavirus pandemic. In any event, the next formal update from the company will come no later than May 19, when TJX reports earnings for the first quarter of its 2021 fiscal year. 10 stocks we like better than The TJX CompaniesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and The TJX Companies wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 John Rosevear has no position in any of the stocks mentioned. The Motley Fool recommends The TJX Companies. The Motley Fool has a disclosure policy.Source