TJX to divest 25% Familia stake after Russia invasion; potential $186M impairment

TJX COMPANIES INC /DE/

Commits to sell equity in Familia, a Russian off-price retailer with 400+ stores, due to Ukraine invasion.
Doug Mizzi and Scott Goldenberg resigned from Familia's Board effective March 2, 2022.
$225M invested in 2019; carrying value $186M as of Jan 29, 2022, including $40M cumulative FX loss.
Investment loss or impairment charge possible if fair value falls below carrying amount.
TJX has no sales in Russia or Ukraine; Familia accounted for under equity method.

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