Exhibit 99.1
 
                                 NEWS RELEASE
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CONTACTS:
Steven Wishner                            Sherry Lang            
Vice President                            Assistant Vice President
Treasurer                                 Investor Relations        


                                          FOR IMMEDIATE RELEASE
                                          (Monday, October 16, 1995)


           THE TJX COMPANIES, INC. ANNOUNCES AGREEMENT TO ACQUIRE   
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                                   MARSHALLS
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     Framingham, MA -- The TJX Companies, Inc. (NYSE:TJX), parent company of the
leading off-price retailer T.J. Maxx, today announced that it has entered into a
definitive agreement with Melville Corporation to acquire Marshalls, the off-
price family apparel division of Melville, for $375 million in cash and $175
million in convertible junior preferred stock. The transaction is anticipated to
be consummated during TJX's fourth quarter and is subject to certain conditions,
including receipt of regulatory approvals.  TJX has obtained acquisition
financing commitments from a group of banks to fund the cash portion of the
purchase price as well as TJX's anticipated future working capital needs.

     Bernard Cammarata, President and Chief Executive Officer of The TJX
Companies, Inc. commented, "We are excited to acquire Marshalls, as this
acquisition creates an important business combination which enables TJX to
capitalize on the significant synergies that exist between T.J. Maxx and
Marshalls.  To maximize profits and our customer base, we intend to continue
operating stores under both the T.J. Maxx and Marshalls banners.  Both
businesses will realize substantial increases in buying power, economies of
scale and efficiencies of operation which will dramatically reduce our expense
ratios.  We will invest these cost savings into lower prices for our customers,
enhancing our already great values.  In addition, we strongly believe that the
economies of scale achieved through this acquisition will have a direct
beneficial impact on TJX's EPS growth, which will translate into increased
shareholder value.

     "We will capitalize on the best that both T.J. Maxx and Marshalls have to
offer.  If a particular method of operating in one division is more efficient
than in the other, we will have the opportunity to move to the more efficient
method.  We have the management expertise needed to tackle the task of bringing
these two businesses together -- without distracting management's focus at TJX
or at T.J. Maxx.  In addition, we believe we are very capable of bringing about
a meaningful turnaround in Marshalls' business."

                                    -MORE-

 
THE TJX COMPANIES, INC. ANNOUNCES AGREEMENT TO ACQUIRE
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MARSHALLS
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October 16, 1995
Page 2


     In connection with the acquisition, TJX intends to reduce its annual common
dividend from $.56 to $.28 per share effective with the next dividend to be
declared.  The previously declared common dividend, payable November 30, 1995,
is unaffected.  The Company will also eliminate its share repurchase program.
"While the Company continues to believe that excess cash should be returned to
shareholders in the form of common dividends, we are absolutely committed to
maintaining a strong balance sheet and financial flexibility," noted Cammarata.
"We expect the combination of T.J. Maxx and Marshalls to produce future earnings
growth for our shareholders and firmly believe that applying $20 million in
annual dividend savings toward financing this acquisition will produce superior
returns for our investors."

     Cammarata continued, "The retail landscape is changing.  In part, through
consolidation, acquisition and divestiture, we have seen the emergence of
stronger mass merchandisers and department stores.  We are convinced that this
acquisition positions TJX to compete more effectively against department stores,
off-price apparel retailers and other retailing formats."

     The TJX Companies, Inc. is the largest off-price specialty apparel
retailer, with 571 T.J. Maxx stores, the nation's leading women's fashion off-
price catalog Chadwick's of Boston, 47 Winners Apparel Ltd. off-price family
apparel stores in Canada, and 23 HomeGoods off-price home fashions stores.  TJX
is also developing T.K. Maxx, an off-price apparel concept in the United
Kingdom.  As of September 30, 1995, Marshalls operates 495 stores.


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