TJX to buy Marshalls

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Melville Corp., Rye, N.Y., has entered into a definitive agreement to sell its Marshalls division to TJX Cos. for approximately $550 million. Marshalls, an off-price retailer, operates 495 stores in the U.S. and Puerto Rico. TJX operates the T.J. Maxx chain of off-price stores, plus Chadwick's of Boston, Winners Apparel Ltd. and Home Goods. Melville's other retail divisions include CVS, Meldisco, Kay-Bee, Wilsons and Linens 'n Things.

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