Media Contact:  Jim Fingeroth and Dawn Dover Financial Contact:  Nancy Christal
              Kekst and Company                                   Melville
              (212) 593-2655                                      (914)
925-4385


                                                          FOR IMMEDIATE RELEASE


                      MELVILLE CORPORATION AGREES TO SELL
                    MARSHALLS DIVISION TO THE TJX COMPANIES


RYE, NEW YORK, October 16, 1995 -- Melville Corporation (NYSE:MES) today
announced that it has entered into a definitive agreement for the sale of its
Marshalls division to The TJX Companies, Inc. (NYSE:TJX) for a total purchase
price of approximately $550 million, consisting of $375 million in cash and
$175 million in TJX convertible preferred stock.

Completion of the transaction is subject to regulatory approval and certain
contract conditions.  In that regard, TJX has already received firm financing
commitments from a group of major banks for the cash portion of the purchase
price and for anticipated working capital needs.  The transaction is expected
to close in the fourth quarter of 1995.

"We are very pleased to have reached this agreement," said Stanley Goldstein,
Chairman and Chief Executive Officer of Melville.  "It is one result of the
comprehensive review that we initiated early this year to determine how
Melville can significantly increase value for its shareholders.  We expect to
have further results of that process to announce before year-end.

"While there is considerable potential in the off-price sector, we recognize
there is a need for consolidation in the industry.  We believe it is in the
best long-term interests of our shareholders that we not pursue the role of
consolidator, since it would result in dilution of Melville management's focus
on achieving growth in our other core businesses.



"TJX has an excellent management team for which we have great admiration.  We
firmly believe that this is an excellent opportunity for Marshalls.  Through
our equity interest in TJX, Melville shareholders will continue to benefit
from the combined company's enhanced performance," Mr. Goldstein said.

Proceeds of the transaction will be used to reduce Melville's debt.  In
connection with the sale, Melville will record an after-tax charge of
approximately $195 million in its fourth quarter.  The transaction will also
reduce fourth quarter operating earnings, due to the significant amount of
Marshalls' business done during the Christmas season.  The amount of the
fourth quarter earnings reduction will depend on the timing of closing.

Marshalls is an off-price retailer operating 495 stores in 40 states and
Puerto Rico as of September 30, 1995.  Marshalls' sales in 1994 represented
$2.8 billion of Melville's total 1994 sales of $11.3 billion.

TJX operates the T.J. Maxx chain of off-price stores which totaled 571 stores
nationwide as of September, 1995.  Its other divisions include Chadwick's of
Boston, Winners Apparel Ltd. and  Home Goods.  Sales for the year ended
January, 1995 totaled $3.8 billion.

Melville operates specialty retail stores nationwide in four business
segments:  prescription drugs, health and beauty care; apparel; footwear; and
toys and home furnishings.  In addition to Marshalls, its retail divisions
include CVS, Meldisco, Kay-Bee, Wilsons and Linens 'n Things among others.

Morgan Stanley & Co. and Financo, Inc. have acted as financial advisors to
                         Melville in this transaction.

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