FOR IMMEDIATE RELEASE




                      MELVILLE CORPORATION COMPLETES SALE
                  OF MARSHALLS DIVISION TO THE TJX COMPANIES


               RYE, NEW YORK, November 20, 1995 -- Melville Corporation
(NYSE:MES) today announced that it has completed the previously announced sale
of its Marshalls division to The TJX Companies, Inc., (NYSE:TJX) for a total
purchase price of $550 million, consisting of $375 million in cash and $175
million in TJX convertible preferred stock, subject to certain customary
post-closing adjustments.
               Stanley Goldstein, Chairman and Chief Executive Officer of
Melville, said, "The closing of this transaction completes the first step of
Melville's strategic restructuring program.  Our plan is to create three highly
focused independent retailing companies in the chain drug, footwear and toy
industries.  These businesses will be better positioned financially and
competitively to flourish in the changing retail environment, which we believe
will benefit the long-term interests of our shareholders.
               "We are working to complete the sales of Wilsons and This End
Up during the first half of 1995, as well as the consolidation and spinoff of
the footwear company and Kay-Bee Toys.
               "We are enthusiastic about the progress we are making in
implementing our restructuring plan, which we currently expect will lead to an
aggregate pre-tax profit improvement of approximately $100 million for the
three new independent companies by 1997," Mr. Goldstein said.
               Marshalls is an off-price retailer operating 501 stores in 40
states and Puerto Rico as of October 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 581 stores nationwide as of October 1995.  Its other divisions include
Chadwick's of Boston, Winners Apparel Ltd. and Home Goods.
               Melville operates specialty retail stores nationwide in four
business segments:  prescription drugs, health and beauty care; apparel;
footwear; and toys and home furnishings.  Its retail divisions include CVS,
Meldisco, Footaction, Kay-Bee, and Linens 'n Things among others.
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