PAGE 1

                                     
                    SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC 20549
                                     
                                 FORM 10-K
            /X/Annual Report Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934
                                    or
          / /Transition Report Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934
For the fiscal year ended                            Commission file number
January 28, 1995                                             1-4908
                          The TJX Companies, Inc.
          (Exact name of registrant as specified in its charter)

         Delaware                                         04-2207613
(State or other jurisdiction of                         (IRS Employer
incorporation or organization)                       Identification No.)

   770 Cochituate Road
Framingham, Massachusetts                                   01701
(Address of principal executive offices)                  (Zip Code)

Registrant's telephone number, including area code (508)390-1000

Securities registered pursuant to Section 12(b) of the Act:

                                                      Name of each exchange
     Title of each class                                on which registered
Common Stock, par value $1.00                       New York Stock Exchange
Series C Cumulative Convertible Preferred
  Stock, par value $1.00                            New York Stock Exchange
9-1/2% Sinking Fund Debentures due                                         
  May 1, 2016                                       New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

                                   NONE
                                     
     Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
YES X. NO.

     Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]

     The aggregate market value of the voting stock held by non-affiliates
of the Registrant on March 15, 1995 was $862,798,474.

     There were 72,400,901 shares of the Registrant's Common Stock, $1 par
value, outstanding as of March 15, 1995.


                                  PAGE 2



DOCUMENTS INCORPORATED BY REFERENCE

     Portions of the Annual Report to Stockholders for the fiscal year
ended January 28, 1995 (certain parts as indicated herein) (Parts I and
II).

     Portions of the Proxy Statement for the Annual Meeting of Stockholders
to be held on June 6, 1995 (Part III).


                                  PAGE 3



ITEM 1.   Business

     The Company is the largest off-price specialty apparel retailer in
North America, comprised of the T.J. Maxx and Winners family apparel
chains, the Hit or Miss chain of women's specialty stores and Chadwick's of
Boston mail-order catalog.  T.J. Maxx, Hit or Miss and Chadwick's of Boston
operate in the United States and Winners operates in Canada.  The Company
is also developing HomeGoods which operates off-price home fashions stores
in the United States and T.K. Maxx, a new venture in the United Kingdom,
which is a T.J. Maxx-like business.

     The Company strives to provide value to its customers by delivering
brand names, fashion, quality and price.  During the fiscal year ended
January 28, 1995 ("fiscal 1995"), the Company's stores derived 31.0% of its
sales from the Northeast, 23.4% from the Midwest, 28.3% from the South,
1.6% from the Central States, 12.0% from the West and 3.7% from Canada.

     The greatest share of sales volume is done through the Company's T.J.
Maxx chain, which operates 551 stores in 48 states, with an average store
size of 28,000 gross square feet.  T.J. Maxx sells a broad range of brand
name family apparel, accessories, women's shoes, domestics, giftware and
jewelry at prices generally 20% to 60% below department and specialty store
regular prices.  Hit or Miss, with 490 stores averaging 4,000 square feet
in 35 states, is a chain of off-price women's specialty apparel stores
featuring women's brand name and private label fashions including both
wear-to-work and weekend wear.  Chadwick's of Boston sells, through a mail-
order catalog, women's career and casual fashion apparel priced
significantly below department store regular prices.  Winners Apparel Ltd.,
which was acquired by the Company in fiscal 1991, is a Canadian off-price
family apparel retailer, which operates 37 stores in Canada.  HomeGoods, an
off-price business the Company began testing in fiscal 1993, sells
domestics, giftware and other home fashions and operates a total of 15
stores.  T.K. Maxx, the Company's newest venture, operates 5 off-price
apparel stores in the United Kingdom.  Unless otherwise indicated, all
figures herein relating to numbers of stores are as of January 28, 1995.

     In common with the business of apparel retailers generally, the
Company's business is subject to seasonal influences, with higher levels of
sales and income generally realized in the second half of the year.




















                                  PAGE 4

     Set forth in the following table are the locations of stores operated
by the Company's United States operations as of January 28, 1995:

                                     T.J. Maxx    Hit or Miss    HomeGoods

Alabama.......................            9             3            -
Arizona.......................            7             1            -
Arkansas......................            2             -            -
California....................           46            37            -
Colorado......................            8             4            -
Connecticut...................           21            20            2
Delaware......................            2             1            -
District of Columbia..........            -             4            -
Florida.......................           40            43            -
Georgia.......................           18            11            2
Hawaii........................            1             -            -
Idaho.........................            1             -            -
Illinois......................           36            31            -
Indiana.......................            8             5            -
Iowa..........................            4             1            -
Kansas........................            4             2            -
Kentucky......................            4             2            1
Louisiana.....................            5             6            -
Maine.........................            5             2            -
Maryland......................           10            15            -
Massachusetts.................           36            38            3
Michigan......................           23            25            -
Minnesota.....................           11             5            -
Mississippi...................            1             -            -
Missouri......................            9            10            -
Montana.......................            1             -            -
Nebraska......................            2             -            -
Nevada........................            3             1            -
New Hampshire.................            8             4            2
New Jersey....................           14            47            -
New Mexico....................            2             -            -
New York......................           38            28            -
North Carolina................           14            11            -
North Dakota..................            2             -            -
Ohio..........................           31            18            2
Oklahoma......................            3             2            -
Oregon........................            3             -            -
Pennsylvania..................           28            30            -
Rhode Island..................            3            11            -
South Carolina................            8             5            -
South Dakota..................            1             -            -
Tennessee.....................           12            12            -
Texas.........................           25            26            -
Utah..........................            3             -            -
Vermont.......................            1             1            -
Virginia......................           22            18            -
Washington....................            7             -            -
West Virginia.................            1             -            -
Wisconsin.....................            8            10            3
     Total Stores                       551           490           15

Winners Apparel Ltd. operates 37 stores in Canada: 4 in Alberta, 3 in
Manitoba, 27 in Ontario, 2 in Quebec and 1 in Nova Scotia.

T.K. Maxx operates 5 stores in the United Kingdom.

                                  PAGE 5



                                 T.J. MAXX

     T.J. Maxx is the largest off-price family apparel chain in the United
States, selling brand name family apparel and accessories, women's shoes,
domestics, jewelry and giftware.  T.J. Maxx's target customers are
generally women between the ages 25 to 50, who typically have families with
middle and upper-middle incomes and generally fit the profile of a
department store shopper.  Over 95% of T.J. Maxx's merchandise is first
quality, and the balance consists of irregulars, samples and department or
specialty store over-stocks.  The chain uses a number of opportunistic
buying strategies to purchase large quantities of merchandise at
significant discounts from initial wholesale prices.  Its strategies
include special situation purchases, closeouts of current season fashions
and out-of-season purchases of basic seasonal items for warehousing until
the appropriate selling season.  Pricing and markdown decisions and store
replenishment requirements are determined centrally, using information
provided by electronic point-of-sale computer terminals.  T.J. Maxx employs
a disciplined markdown policy to ensure that substantially all merchandise
is sold within targeted selling periods.

     T.J. Maxx stores are generally located in suburban strip shopping
centers, in close proximity to population centers, and average
approximately 28,000 gross square feet.  In recent years, T.J. Maxx has
enlarged a number of stores to a larger prototype format, typically 30,000-
40,000 square feet in size, and plans to continue its program of enlarging
highly successful stores where adjacent real estate is available.  This
larger format allows T.J. Maxx to expand all of its departments, with
particular emphasis on its highly successful giftware and housewares
departments and other non-apparel categories.

     In fiscal 1995, 44 stores were opened, including 29 of the new larger
prototype, and 5 were closed.  In addition, 22 existing stores were
expanded to the larger format bringing the total of T.J. Maxx stores in the
larger format to 179.  In fiscal 1996, approximately 40-45 new stores are
planned, of which approximately 25 are expected to be larger stores, along
with the planned expansion of about 20 existing locations.  During the past
five years, T.J. Maxx has opened 211 new stores while closing 12 and has
increased its presence in the metropolitan New York market with the
addition of stores on Long Island and in New Jersey.

                                HIT OR MISS

     Hit or Miss sells first quality current season women's apparel, and
targets working women 20 to 45 years old who desire up-to-date fashion and
brand name quality merchandise at affordable prices.  Hit or Miss sells
nationally recognized brand name merchandise, purchased directly from
manufacturers at prices below initial wholesale prices, and also sells
private label merchandise, a large percentage of which is imported, in
lines where quality, price and fashion are more important to customers than
brand names.  An aggressive markdown policy is pursued to achieve the
turnover necessary to offer up-to-date fashionable merchandise.  All
purchasing, stocking, replenishment, initial pricing and markdowns are
determined centrally rather than at the store level.

     A majority of Hit or Miss stores are located in suburban strip
shopping centers, with the balance located in downtown areas, town centers
and regional and outlet malls.  Hit or Miss stores average approximately


                                  PAGE 6



4,000 gross square feet with an average of approximately 3,100 square feet
of selling space.

     During fiscal 1995, Hit or Miss opened 29 stores and closed 32 stores
as it continued with its real estate repositioning strategy initiated in
fiscal 1993.  The Hit or Miss stores have short average remaining lease
lives which provides the Company the opportunity to close additional
stores, if warranted, in a cost effective manner.  In the past five years,
Hit or Miss has opened 132 new stores, and has closed 188 stores.  Hit or
Miss expects to open 5 new stores in fiscal 1996, and anticipates closing
approximately 50 stores depending upon management's review.
                                     
                           CHADWICK'S OF BOSTON

     The Chadwick's of Boston catalog features first quality, current
fashion and classic merchandise, including career sportswear, casual wear,
dresses, suits and accessories, with a mix of brand name and private label
merchandise priced significantly below department store regular prices.
Chadwick's target customers are 20 to 45 year old women interested in
moderate to upper moderate priced merchandise and include both homemakers
and working women.  Certain of Chadwick's catalogs also carry some menswear
items.  During fiscal 1996, Chadwick's will be testing a new catalog which
will carry the Cosmopolitan label.  Cosmopolitan is a registered trademark
of the Hearst Corporation.  The Cosmopolitan Catalog will be geared toward
young, working women and will offer the latest fashion trends at affordable
prices.

     Chadwick's is continuing to invest in its infrastructure to support
its growth.  During fiscal 1993, Chadwick's completed a major addition to
its fulfillment center and installed a state-of-the-art telephone order
system and an upgraded order processing system.  Further expansion of its
fulfillment center was completed in fiscal 1995.  Chadwick's is committed
to further improving its customer service and fulfillment center
operations.
                           WINNERS APPAREL LTD.

     Winners Apparel Ltd., acquired by the Company in fiscal 1991, is a
Canadian off-price family apparel retailer offering top brands and designer
names at substantial savings.  Winners emphasizes off-price designer and
brand name misses sportswear, dresses and accessories as well as menswear
and clothing for children and infants and toddlers.  In addition, during
the year Winners rolled-out giftware departments in all of its stores.  In
fiscal 1995, Winners opened 10 new stores and now operates a total of 37
stores.  Winners entered new markets in the eastern provinces with stores
in Quebec and Nova Scotia.  Winners expects to open 12 new stores in fiscal
1996 and to expand further into new Canadian markets.  In support of its
store growth, Winners moved into a new distribution facility in fiscal
1994.

                                 HOMEGOODS

     In fiscal 1995, the Company continued to test its new HomeGoods
stores, designed to expand the Company's off-price presence in the home
fashions market.  Based on the continuing success of T.J. Maxx's domestics
and giftware categories, the Company believes an opportunity exists for a
chain of large off-price stores focusing exclusively on home fashions.



                                  PAGE 7



HomeGoods offers a broad and deep range of home fashion products, including
domestics, cookware, bath accessories, and giftware in a no-frills, multi-
department store format.  The Company has refined HomeGoods' merchandise
mix and softened the look of its store layout.  The stores currently
average approximately 43,000 square feet, but the Company intends to move
to a smaller 35,000 square foot prototype with future openings.  The
Company opened 5 HomeGoods stores in fiscal 1995 and now operates a total
of 15 stores.  HomeGoods expects to open about 10 new stores in fiscal
1996.

     The first 6 stores were opened in former Ames locations for which the
Company has assumed lease liability, enabling the Company to test this new
concept at relatively low cost.

                                 T.K. MAXX

     During fiscal 1995, the Company opened its first 5 T.K. Maxx stores in
the United Kingdom, and began testing the off-price apparel concept
overseas.  This concept is similar to T.J. Maxx and Winners.  The Company
had a total of 5 stores at year end and plans to open approximately 5 in
fiscal 1996.

                                 EMPLOYEES
                                     
     At January 28, 1995, the Company had approximately 38,000 employees,
many of whom work less than 40 hours per week.  In addition, temporary
employees are hired during the peak back-to-school and holiday seasons.
The Company has several collective bargaining agreements with the
International Ladies Garment Workers Union ("ILGWU"), covering
approximately 3,900 employees in its distribution facilities in Stoughton,
West Bridgewater and Worcester, Massachusetts; Evansville, Indiana; Las
Vegas, Nevada and Charlotte, North Carolina.  New three year agreements,
effective January 1, 1995, were ratified by the union workers in the three
New England distribution centers, and in the Las Vegas facility.  The
Company considers its labor/management relations and overall employee
relations to be good.

                                COMPETITION

     The retail apparel business is highly competitive.  The Company
generally competes for customers with a variety of conventional and other
retail stores, including national, regional and local independent
department and specialty stores, as well as with catalog operations,
factory outlet stores and other off-price stores.  Competitive factors
important to the Company's customers include fashion, value, merchandise
selection, brand name recognition and, to a lesser degree, store location.
In addition, because the Company purchases much of its inventory
opportunistically, the Company competes for merchandise with other national
and regional off-price apparel retailers.

     Many of the Company's competitors handle identical or similar lines of
merchandise and have comparable locations, and some have greater financial
resources than the Company.  The Company has relied and will continue to
rely on a strong focus on consistently executing its mission of delivering
exceptional fashion value to its target customers as a means of
distinguishing itself from its competitors.



                                  PAGE 8



                                  CREDIT

     The Company's stores operate primarily on a cash-and-carry basis.
Each chain accepts credit sales through programs offered by banks and
others.

                          BUYING AND DISTRIBUTION

     Each of the Company's chains is serviced through its own centralized
buying and distribution network.  Each T.J. Maxx store is serviced by one
of the chain's four distribution centers in Worcester, Massachusetts,
Evansville, Indiana, Las Vegas, Nevada and Charlotte, North Carolina.
Shipments are made twice a week by contract carrier to each store.  All Hit
or Miss stores are serviced by its warehouse facility in Stoughton,
Massachusetts.  Chadwick's of Boston's customers are serviced from its
fulfillment center in West Bridgewater, Massachusetts.  Winners Apparel
Ltd. stores are serviced from a distribution center in Mississaugau,
Ontario and HomeGoods stores are serviced from a distribution center in
Mansfield, Massachusetts.

ITEM 2.   Properties

     T.J. Maxx, Hit or Miss and Winners lease virtually all of their store
locations.  Leases are generally for 10 years with options to extend for
one or more 5 year periods.  The Company has the right to terminate certain
leases before the expiration date under certain circumstances and for a
specified payment.

     The approximate average size of a T.J. Maxx store is 28,000 square
feet, Hit or Miss stores average approximately 4,000 square feet, Winners
stores are approximately 23,000 square feet on average and HomeGoods stores
currently average approximately 43,000 square feet.  The Company owns four
T.J. Maxx distribution facilities - a 526,000 square foot facility in
Worcester, Massachusetts, a 983,000 square foot facility in Evansville,
Indiana, a 400,000 square foot facility in Las Vegas, Nevada, and a 600,000
square foot facility in Charlotte, North Carolina.  Hit or Miss leases its
334,000 square foot warehouse and office facility in Stoughton,
Massachusetts under a lease expiring in September 1999, with renewal
options extending to 2019.  Chadwick's owns a 676,000 square foot
fulfillment center and office facility in West Bridgewater, Massachusetts.
Chadwick's is also leasing a nearby 127,000 square foot warehouse and
office facility.  Winners leases 313,000 square feet of warehouse and
office space in Mississaugau, Ontario.  HomeGoods leases a 125,000 square
foot distribution center in Mansfield, Massachusetts.  T.K. Maxx in the
United Kingdom has leased a 57,000 square foot office and distribution
facility in Hayes, Middlesex, England.  The Company's, T.J. Maxx's and
HomeGoods' executive and administrative offices are located in a 517,000
square foot office facility, which the Company leases in Framingham,
Massachusetts.

                                  PAGE 9



     The table below indicates the approximate gross square footage of
stores and distribution centers, by division, in operation as of January
28, 1995.

                                                                           
                                                  (In Thousands)
                                   Stores         Distribution Centers
                                                  Leased         Owned

          T.J. Maxx                15,313           -            2,466
          Winners                     838         230                -
          Hit or Miss               1,951         264                -
          HomeGoods                   649         125                -
          T.K. Maxx                   130          50                -
          Chadwick's                    -          85              543
          Total                    18,881         754            3,009

ITEM 3.   Legal Proceedings

     The Company is a defendant in a class action lawsuit, In Re TJX
Companies, Inc., Consolidated Civil Action No. 10514, in the Court of
Chancery of the State of Delaware.  The former The TJX Companies, Inc.
("old TJX"), formerly an 83%-owned subsidiary of the Company, and the
directors of old TJX are also named as defendants in this lawsuit.  The
lawsuit alleges that certain actions of the defendants in respect of the
merger in 1989 of old TJX into The TJX Operating Companies, Inc., a wholly-
owned subsidiary subsequently merged into the Company, constituted self-
dealing, deception, unfair dealing, overreaching and a breach of fiduciary
duties owed by the defendants to the then public stockholders of old TJX.
In particular, the amended complaint alleges that the terms of the merger
were unfair and offered inadequate consideration to the then public
stockholders of old TJX.  The suit seeks to recover unspecified monetary
damages.  The defendants have filed answers denying any wrongdoing.  The
Company believes that the substantive allegations of the case are without
merit and that the case will not have a material effect on the Company's
financial position.

ITEM 4.   Submission of Matters to a Vote of Security Holders

     There was no matter submitted to a vote of the Company's security
holders during the fourth quarter of fiscal 1995.


                                  PAGE 10



ITEM 4A.  Executive Officers of the Registrant

     The following persons are the executive officers of the Company as of
the date hereof:

                                     Office and Employment
Name                     Age         During Last Five Years

Bernard Cammarata        55     President, Chief Executive Officer and
                                Director since 1989 and Chairman of the
                                T.J. Maxx Division since 1986.  Executive
                                Vice President of the Company from 1986 to
                                1989. President, Chief Executive Officer
                                and Director of the Company's former TJX
                                subsidiary from 1987 to 1989; President of
                                T.J. Maxx, 1976 to 1986.

Donald G. Campbell       43     Senior Vice President - Finance since 1989.
                                Senior Financial Executive of the Company,
                                1988 to 1989; Senior Vice President -
                                Finance and Administration Zayre Stores
                                Division 1987-1988; Vice President and
                                Corporate Controller of the Company prior
                                to 1987.

Sumner L. Feldberg       70     Chairman of the Board of Directors since
                                1989.  Chairman of the Executive Committee
                                of the Board of Directors since 1987;
                                Chairman of the Board of Directors prior to
                                1987.

Richard Lesser           60     Executive Vice President of the Company
                                since 1991 and Chief Operating Officer of
                                the Company since 1994.  Senior Vice
                                President of the Company 1989-1991 and
                                President of the T.J. Maxx Division from
                                1986 to 1994.  Senior Executive Vice
                                President - Merchandising and Distribution
                                1986.  Executive Vice President - General
                                Merchandise Manager 1984 to 1986; Senior
                                Vice President - General Merchandise
                                Manager 1981 to 1984.

     The foregoing were elected to their current Company offices by the
Board of Directors in June 1994.   All officers hold office until the next
annual meeting of the Board in June 1995 and until their successors are
elected and qualified.

                                  PAGE 11



                                  PART II

ITEM 5.   Market for the Registrant's Common
          Stock and Related Security Holder Matters

     The information required by this Item is incorporated herein by
reference from page 36 of the Annual Report, under the caption "Price Range
of Common Stock," and from inside the back cover of the Annual Report,
under the caption "Shareholder Information."

ITEM 6.   Selected Financial Data

     The information required by this Item is incorporated herein by
reference from page 15 of the Annual Report, under the caption "Selected
Financial Data."

ITEM 7.   Management's Discussion and Analysis of
          Financial Condition and Results of Operations

     The information required by this Item is incorporated herein by
reference from pages 31 through 33 of the Annual Report, under the caption
"Management's Discussion and Analysis of Results of Operations and
Financial Condition."

ITEM 8.   Financial Statements and Supplementary Data

     The information required by this Item and not filed with this report
as Financial Statement Schedules is incorporated herein by reference from
pages 16 through 29 of the Annual Report, under the captions; "Consolidated
Statements of Income," "Consolidated Balance Sheets," "Consolidated
Statements of Cash Flows," "Consolidated Statements of Shareholders'
Equity," "Selected Information by Major Business Segment" and "Notes to
Consolidated Financial Statements."

ITEM 9.   Disagreements on Accounting and
          Financial Disclosure

     Not applicable.

                                 PART III

ITEM 10.  Directors and Executive Officers of the Registrant

     The Company will file with the Securities and Exchange Commission a
definitive Proxy Statement no later than 120 days after the close of its
fiscal year ended January 28, 1995 (the "Proxy Statement").  The
information required by this Item and not given in Item 4A, Executive
Officers of the Registrant, is incorporated by reference to the Proxy
Statement.  However, information under the captions "Executive Compensation
Committee Report" and "Performance Graph" in the Proxy Statement is not so
incorporated.

ITEM 11.  Executive Compensation

     The information required by this Item is incorporated by reference to
the Proxy Statement.



                                  PAGE 12



ITEM 12.  Security Ownership of Certain
          Beneficial Owners and Management

     The information required by this Item is incorporated by reference to
the Proxy Statement.

ITEM 13.  Certain Relationships and
          Related Transactions

     The information required by this Item is incorporated by reference to
the Proxy Statement.

                                  PART IV

ITEM 14.  Exhibits, Financial Statement Schedules,
          and Reports on Form 8-K

A.   The Financial Statements and Financial Statement Schedules filed as
part of this report are listed and indexed at Page F-1.

B.   The Company did not file any reports on Form 8-K with the Securities
and Exchange Commission during the quarter ended January 28, 1995.

C.   Listed below are all Exhibits filed as part of this report.  Certain
Exhibits are incorporated by reference to documents previously filed by the
Registrant with the Securities and Exchange Commission pursuant to Rule
12b-32 under the Securities Exchange Act of 1934, as amended.

(3i) Articles of Incorporation.

     (a)  Second Restated Certificate of Incorporation filed June 5, 1985,
          is filed herewith.

     (b)  Certificate of Amendment of Second Restated Certificate of
          Incorporation filed June 3, 1986, is filed herewith.

     (c)  Certificate of Amendment of Second Restated Certificate of
          Incorporation filed June 2, 1987, is filed herewith.

     (d)  Certificate of Amendment of Second Restated Certificate of
          Incorporation filed June 20, 1989, is filed herewith.

     (e)  Certificate of Designations, Preferences and Rights of New Series
          A Cumulative Convertible Preferred Stock of the Company is filed
          herewith.

     (f)  Certificate of Designations, Preferences and Rights of $3.125
          Series C Cumulative Convertible Preferred Stock of the Company is
          filed herewith.

(3ii) By-laws.

      (a) The by-laws of the Company, as amended, are filed herewith.

(4)  Instruments defining the rights of security holders,
     including indentures.



                                  PAGE 13



     (a)  Common and Preferred Stock: See the Second Restated Certificate
          of Incorporation, as amended (Exhibit (3i)(a)-(f) hereto).

     (b)  A composite copy of the Share Purchase Agreements dated as of
          April 15, 1992 regarding Series A Cumulative Convertible
          Preferred Stock is incorporated by reference to Exhibit 4(c) to
          the Form 10-K filed for the fiscal year ended January 25, 1992.

     (c)  Exchange Agreement dated as of August 6, 1992 between the Company
          and the holders of New Series A Cumulative Convertible Preferred
          Stock is incorporated by reference to Exhibit 19.1 to the Form
          10-Q filed for the quarter ended July 25, 1992.

          Each other instrument relates to securities the total amount of
     which does not exceed 10% of the total assets of the Company and its
     subsidiaries on a consolidated basis.  The Company agrees to furnish
     to the Securities and Exchange Commission copies of each such
     instrument not otherwise filed herewith or incorporated herein by
     reference.

(10) Material Contracts.

     (a)  The Amended and Restated Employment Agreement dated as of April
          26, 1988 with Stanley Feldberg is incorporated herein by
          reference to Exhibit 10(a) to the Form 10-K filed for the fiscal
          year ended January 30, 1988.  The First Amendment to the 1988
          Amended and Restated Employment Agreement of Stanley Feldberg
          dated June 8, 1993 is incorporated herein by reference to Exhibit
          10(a) to the Form 10-K filed for the fiscal year ended January
          29, 1994. *

     (b)  The Amended and Restated Employment Agreement dated as of June 1,
          1989 with Sumner L. Feldberg is incorporated herein by reference
          to Exhibit 10(b) to the Form 10-K filed for the fiscal year ended
          January 27, 1990.  The First Amendment dated as of December 9,
          1992 to Sumner L. Feldberg's Amended and Restated Employment
          Agreement is incorporated herein by reference to Exhibit 10(b) to
          the Form 10-K for the fiscal year ended January 30, 1993. *

     (c)  The Employment Agreement dated as of June 1, 1989 with Arthur F.
          Loewy is incorporated herein by reference to Exhibit 10(c) to the
          Form 10-K filed for the fiscal year ended January 27, 1990.  The
          Amendment dated as of January 26, 1991 to Arthur F. Loewy's
          Employment Agreement is incorporated herein by reference to
          Exhibit 10(c) to the Form 10-K filed for the fiscal year ended
          January 26, 1991.  Amendment No. 2 dated as of January 25, 1992
          to Arthur F. Loewy's Employment Agreement is incorporated herein
          by reference to Exhibit 10(c) to the Form 10-K filed for the
          fiscal year ended January 25, 1992.  Amendment No. 3 dated as of
          January 30, 1993 to Arthur F. Loewy's Employment Agreement is
          incorporated herein by reference to Exhibit 10(c) to the Form 10-
          K filed for the fiscal year ended January 30, 1993.  Amendment
          No. 4, dated as of January 29, 1994, to Arthur F. Loewy's
          Employment Agreement is incorporated herein by reference to
          Exhibit 10(c) to the Form 10-K filed for the fiscal year ended
          January 29, 1994. *



                                  PAGE 14



     (d)  The Employment Agreement dated as of January 30, 1994 with
          Bernard Cammarata is filed herewith.*

     (e)  The Amended and Restated Employment Agreement dated as of
          February 1, 1995 with Richard Lesser is filed herewith.*

     (f)  The Amended and Restated Employment Agreement dated as of
          February 1, 1995 with Donald G. Campbell is filed herewith.*

     (g)  The Management Incentive Plan, as amended, is incorporated herein
          by reference to Exhibit 10(g) to the Form 10-K filed for the
          fiscal year ended January 29, 1994. *

     (h)  The 1982 Long Range Management Incentive Plan, as amended, is
          incorporated herein by reference to Exhibit 10(h) to the Form 10-
          K filed for the fiscal year ended January 29, 1994. *

     (i)  The 1986 Stock Incentive Plan, as amended, is incorporated herein
          by reference to Exhibit 10(i) to the Form 10-K filed for the
          fiscal year ended January 29, 1994. *

     (j)  The TJX Companies, Inc. Long Range Performance Incentive Plan, as
          amended, is incorporated herein by reference to Exhibit 10(j) to
          the Form 10-K filed for the fiscal year ended January 29, 1994. *

     (k)  The General Deferred Compensation Plan, as amended, is
          incorporated herein by reference to Exhibit 10(n) to the Form 10-
          K filed for the fiscal year ended January 27, 1990. *

     (l)  The Supplemental Executive Retirement Plan, as amended, is
          incorporated herein by reference to Exhibit 10(l) to the Form 10-
          K filed for the fiscal year ended January 25, 1992. *

     (m)  The 1993 Stock Option Plan for Non-Employee Directors is
          incorporated herein by reference to Exhibit 10.1 to the Form 10-Q
          filed for the quarter ended May 1, 1993. *

     (n)  The Retirement Plan for Directors, as amended, is incorporated
          herein by reference to Exhibit 10.2 to the Form 10-Q filed for
          the quarter ended May 1, 1993. *

     (o)  The form of Indemnification Agreement between the Company and
          each of its officers and directors is incorporated herein by
          reference to Exhibit 10(r) to the Form 10-K filed for the fiscal
          year ended January 27, 1990. *

     (p)  The Trust Agreement dated as of April 8, 1988 between the Company
          and State Street Bank and Trust Company is incorporated herein by
          reference to Exhibit 10(y) to the Form 10-K filed for the fiscal
          year ended January 30, 1988. *

     (q)  The Trust Agreement dated as of April 8, 1988 between the Company
          and Shawmut Bank of Boston, N.A. is incorporated herein by
          reference to Exhibit 10(z) to the Form 10-K filed for the fiscal
          year ended January 30, 1988. *




                                  PAGE 15



     (r)  The Distribution Agreement dated as of May 1, 1989 between the
          Company and Waban Inc. is incorporated herein by reference to
          Exhibit 3 to the Company's Current Report on Form 8-K dated June
          21, 1989.

     (s)  The Services Agreement between the Company and Waban Inc. dated
          as of May 1, 1989 is incorporated herein by reference to Exhibit
          4 to the Company's Current Report on Form 8-K dated June 21,
          1989.  Correspondence related to the Services Agreement is
          incorporated herein by reference to Exhibit 10(dd) to the Form
          10-K filed for fiscal year ended January 27, 1990.
          Correspondence related to the Services Agreement is incorporated
          herein by reference to Exhibit 10(z) to the Form 10-K filed for
          fiscal year ended January 26, 1991.  Correspondence related to
          the Services Agreement is incorporated herein by reference to
          Exhibit 10(x) to the Form 10-K filed for the fiscal year ended
          January 25, 1992.  Correspondence related to the Services
          Agreement is incorporated herein by reference to Exhibit 10(s) to
          the Form 10-K filed for fiscal year ended January 30, 1993.
          Correspondence related to the Services Agreement is incorporated
          herein by reference to Exhibit 10(s) to the Form 10-K filed for
          the fiscal year ended January 30, 1994.

     (t)  The Agreement between the Company and Waban Inc. related to
          computer services dated as of January 29, 1995 is filed herewith.

     (u)  The Executive Services Agreement between the Company and Waban
          Inc. dated as of June 1, 1989, with respect to the services of
          Sumner L. Feldberg is incorporated herein by reference to Exhibit
          10(ff) to the Form 10-K filed for the fiscal year ended January
          27, 1990.

     (v)  The Executive Services Agreement between the Company and Waban
          Inc. dated as of June 1, 1989, with respect to the services of
          Arthur F. Loewy is incorporated herein by reference to Exhibit
          10(gg) to the Form 10-K filed for the fiscal year ended January
          27, 1990.  Amendment dated as of January 26, 1991 to Executive
          Services Agreement between the Company and Waban Inc. with
          respect to the services of Arthur F. Loewy is incorporated herein
          by reference to Exhibit 10(cc) to Form 10-K filed for the fiscal
          year ended January 26, 1991.  Amendment No. 2 dated as of January
          25, 1992 to Executive Services Agreement between the Company and
          Waban Inc. with respect to the services of Arthur F. Loewy is
          incorporated herein by reference to Exhibit 10(aa) to the Form
          10-K filed for the fiscal year ended January 25, 1992.  Amendment
          No. 3 dated as of January 30, 1993 to Executive Services
          Agreement between the Company and Waban Inc. with respect to the
          services of Arthur F. Loewy is incorporated herein by reference
          to Exhibit 10(u) to Form 10-K filed for the fiscal year ended
          January 30, 1993.  Amendment No. 4 dated as of January 29, 1994
          to Executive Services Agreement between the Company and Waban
          Inc. with respect to the services of Arthur F. Loewy is
          incorporated herein by reference to Exhibit 10(u) to the Form 10-
          K filed for the fiscal year ended January 29, 1994.





                                  PAGE 16



     (w)  The Agreement dated as of July 5, 1989 between the Company and
          Waban Inc. is incorporated herein by reference to Exhibit 10(hh)
          to the Form 10-K filed for the fiscal year ended January 27,
          1990.

(11) Statement re computation of per share earnings.

     This statement is filed herewith.

(13) Annual Report to security holders.

     Portions of the Annual Report to Stockholders for the fiscal year
     ended January 28, 1995 are filed herewith.

(21) Subsidiaries.

     A list of the Registrant's subsidiaries is filed herewith.

(23) Consents of experts and counsel.

     The Consent of Coopers & Lybrand L.L.P. is contained on Page F-2 of
     the Financial Statements filed herewith.

(24) Power of Attorney.

     The Power of Attorney given by the Directors and certain Executive
     Officers of the Company is filed herewith.


*  Management contract or compensatory plan or arrangement.



                                  PAGE 17



                                SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.




                                   THE TJX COMPANIES, INC.



Dated:  April 19, 1995
                                   /s/ Donald G. Campbell         
                                   Donald G. Campbell
                                   Senior Vice President - Finance



                                  PAGE 18



     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the date indicated.





/s/ BERNARD CAMMARATA                   /s/ DONALD G. CAMPBELL     
Bernard Cammarata, President            Donald G. Campbell, Senior
and Principal Executive Officer         Vice President - Finance,
and Director                            Principal Financial and
                                        Accounting Officer




PHYLLIS B. DAVIS*                       ROBERT F. SHAPIRO*         
Phyllis B. Davis, Director              Robert F. Shapiro, Director




STANLEY H. FELDBERG*                    WILLOW B. SHIRE*           
Stanley H. Feldberg, Director           Willow B. Shire, Director




SUMNER L. FELDBERG*                     BURTON S. STERN*           
Sumner L. Feldberg, Director            Burton S. Stern, Director




ARTHUR F. LOEWY*                        FLETCHER H. WILEY*         
Arthur F. Loewy, Director               Fletcher H. Wiley, Director




JOHN M. NELSON*                         ABRAHAM ZALEZNIK*          
John M. Nelson, Director                Abraham Zaleznik, Director




Dated: April 19, 1995
                                        *By /s/ DONALD G. CAMPBELL 
                                        Donald G. Campbell
                                        as attorney-in-fact








                                  PAGE 19






                    SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC 20549
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                          THE TJX COMPANIES, INC.
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                 FORM 10-K
                                     
                               ANNUAL REPORT
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
                                    AND
                       FINANCIAL STATEMENT SCHEDULES
                                     
                                     
                                     
                                     
                                     
                        For the Fiscal Years Ended
                    January 28, 1995, January 29, 1994
                           and January 30, 1993








               THE TJX COMPANIES, INC. AND SUBSIDIARIES
                                   
       INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
                                   
    For Fiscal Years Ended January 28, 1995, January 29, 1994 and
                           January 30, 1993



Report of Independent Accountants                                30*

Consent of Independent Accountants                              F-2

Selected Quarterly Financial Data (Unaudited)                    36*

Consolidated Financial Statements:

    Consolidated Statements of Income for the fiscal
    years ended January 28, 1995, January 29, 1994 and
    January 30, 1993                                             16*

    Consolidated Balance Sheets as of January 28, 1995
    and January 29, 1994                                         17*

    Consolidated Statements of Cash Flows for the fiscal
    years ended January 28, 1995, January 29, 1994 and
    January 30, 1993                                             18*

    Consolidated Statements of Shareholders' Equity for
    the fiscal years ended January 28, 1995, January 29,
    1994 and January 30, 1993                                    19*

    Notes to Consolidated Financial Statements                21-29*


*  Refers to page numbers in the Company's Annual Report to
   Stockholders for the fiscal year ended January 28, 1995, certain
   portions of which pages are incorporated by reference in Part II,
   Item 8 of this report as indicated.










                                 F-1




                  CONSENT OF INDEPENDENT ACCOUNTANTS



We consent  to the  incorporation by  reference  in  the  Registration
Statements of  The TJX Companies, Inc. on Form S-3 (File No. 33-50259)
and on  Forms S-8 (File Nos. 2-79089 and 33-12220) of our report dated
March 1,  1995, on our audits of the consolidated financial statements
of The TJX Companies, Inc. as of January 28, 1995 and January 29, 1994
and for the years ended January 28, 1995, January 29, 1994 and January
30, 1993  which report  is incorporated  by reference  in this  Annual
Report on Form 10-K.




Boston, Massachusetts
April 19, 1995                    Coopers & Lybrand L.L.P.
































                                 F-2






EXHIBIT (3i)(a)





                           ZAYRE CORP.

     Zayre Corp., a corporation organized and existing under the
laws of the State of Delaware, hereby certifies as follows:

     1.   The name of this corporation is Zayre Corp.  The date
of filing its original Certificate of Incorporation with the
Secretary of State was April 9, 1962.  The date of filing its
Restated Certificate of Incorporation with the Secretary of State
was July 21, 1977.

     2.   This Second Restated Certificate of Incorporation
restates and integrates the Restated Certificate of Incorporation
of this corporation as heretofore amended and supplemented.

     3.   The text of the Second Restated Certificate of
Incorporation is herein set forth in full:


       SECOND RESTATED CERTIFICATE OF INCORPORATION
                            OF
                   Z A Y R E   C O R P.

     FIRST:  The name of this corporation is
                             
                        ZAYRE CORP.

     SECOND:  Its registered office in the State of
Delaware is located at Corporation Trust Center, 1209
Orange Street, in the City of Wilmington, County of New
Castle.  The name and address of its registered agent is
the Corporation Trust Company, 100 West Tenth Street,
Wilmington, Delaware 19899.

     THIRD:  The nature of the business of this corporation
and the objects or purposes to be transacted, promoted and
carried on by it are as follows:

     1.   To engage generally in business in the field of
merchandising, whether wholesale or retail or both.

     2.   To buy, design, develop, manufacture, produce,
lease or otherwise acquire, and to prepare, finish or
otherwise process, and to own, hold, use, store and
transport, and to sell at wholesale or retail, transfer,
distribute, export, consign, lease or otherwise dispose of,
and generally to deal in and with, all kinds of
merchandise, clothing, articles, equipment, supplies,
goods, wares, foods, drugs, cosmetics and other articles of
whatever nature.

     3.   To buy, construct, lease or otherwise acquire,
and to own, hold, operate, manage, lease to others, grant
or take concessions for, develop, improve, maintain and
use, and to manage for others and to act as consultants
with respect to, and to sell, convey or otherwise dispose
of, stores, warehouses, shopping centers, parking lots,
retail outlets and other facilities for use in connection
with wholesale and retail merchandising, and land,
buildings, facilities, equipment and all other property and
assets for or incidental to any of the foregoing.

     4.   To carry on any manufacturing, selling,
management, service or other business, operation or
activity which is lawful to be carried on by a corporation
organized under the General Corporation Law of the State of
Delaware as amended, whether or not similar or related or
incidental to or useful or advantageous in or in connection
with the businesses, operations and activities referred to
in the foregoing paragraphs.



                         2

     5.   To manufacture, produce, buy, lease or otherwise
acquire, and to own, operate and use, and to sell, lease or
otherwise dispose of, and generally to deal with and in,
machinery, appliances, equipment, tools, parts, fixtures,
facilities, motor vehicles, materials, supplies, goods,
merchandise and other articles and property of all kinds
incidental to or useful in or in connection with any
business, operation or activity in which this corporation
is engaged or is authorized to engage.

     6.   To buy, construct, lease or otherwise acquire,
and to own, hold, operate, develop, improve, maintain and
use, and to sell, convey, lease or otherwise dispose of,
and to grant easements, rights or interests in, lands, real
estate, easements, leaseholds and other rights or interests
in real estate, plants, structures, building equipment and
real estate improvements incidental to or useful in or in
connection with any business, operation or activity in
which this corporation is engaged or is authorized to
engage.

     7.   To apply for, obtain, keep in force and comply
with all licenses and permits from governmental authorities
and others which are deemed requisite or desirable in or in
connection with any business, operation or activity in
which this corporation is engaged or desires or is
authorized to engage.

     8.   To apply for, obtain, register, devise, adopt,
purchase, lease, take licenses or rights under or otherwise
acquire, and to hold, own, develop, maintain, protect,
operate under, exercise and use, and to grant licenses or
rights under, sell, assign, transfer or otherwise dispose
of, and generally to deal in and with, patents, trade-
marks, copyrights, inventions, improvements, processes,
formulae, trade names, designs and similar properties and
rights, and applications, registrations, reissues,
renewals, licenses and other rights and interests for, in,
to or under the same, and franchises, powers, rights,
privileges, grants, concessions, immunities and guaranties
from public authorities or others, all in or under the laws
of the United States of America or any state or other
government, country or place.

     9.   To subscribe for, purchase or otherwise acquire,
and to hold and own, and to sell, assign, transfer or
otherwise dispose of, and generally to deal in and with,
securities, and while the holder or owner thereof to have
and exercise all rights, powers and privileges of
ownership, including the right to vote or consent or give
proxies or powers of attorney therefor, and to carry on any
business, operation or activity through a wholly or partly
owned subsidiary.


                         3

     10.  To acquire by purchase, exchange, merger or
consolidation or otherwise all or any part of the property
and assets, including the business, good will, rights and
franchises, of any corporation, association, trust, firm or
individual wherever organized, created or located, and in
payment or exchange therefor to pay cash, transfer property
and issue securities to the transferor or its security
holders and to assume or become liable for any liabilities
and obligations, and to hold and operate or in any manner
to dispose of all or any part of the property and assets so
acquired.

     11.  To dispose by sale, exchange, merger or
consolidation or otherwise of all or any part of the
property and assets, including the business, good will,
rights and franchises of this corporation, to any
corporation, association, trust, firm or individual
wherever organized, created or located, for cash or
property, including securities, or the assumption of the
liabilities and obligations of this corporation, and if
desired, and subject to the rights of creditors and
preferred stockholders, to distribute such cash, securities
or other property to the security holders of this
corporation in exchange for or in partial or complete
liquidation or redemption of their securities.

     12.  To borrow money and obtain credit, and in
consideration of money borrowed or for the purpose of sale
or pledge or in order to pay, evidence or secure any
liability or obligation, to execute, issue and deliver and
sell, pledge or otherwise dispose of bonds, notes,
debentures or other evidences of indebtedness, secured or
unsecured, and to give security for any such bonds, notes,
debentures or other evidences of indebtedness or for any
purchase price, guaranty, line of credit, covenant,
fidelity or performance bond or any other liability or
obligation and any premium, interest and other sums due
thereon or therewith and any covenants or obligations
connected therewith; and for the foregoing purposes to
mortgage or pledge or execute an indenture of mortgage or
deed of trust upon or create a lien upon or other security
title or security interest in all or any part of the
property and assets, real and personal, of this
corporation, then owned or thereafter acquired.

     13.  To lend money, credit or security to, and to
guarantee or assume any liabilities and obligations of, and
to aid in any other manner, any corporation, association,
trust, firm or individual, wherever organized, created or
located, any of whose securities are held by this
corporation or in whose affairs or prosperity this
corporation has a lawful interest, and to do all acts and
things designed to protect, improve or enhance the value of
such securities or interest.

                         4


     14.  To execute, issue and deliver and to sell or
otherwise dispose of securities of this corporation
convertible into other securities, and options, warrants or
rights to subscribe for or purchase securities of this
corporation, to issue any of such options, warrants or
rights to any employees of this corporation, and to
maintain, operate and carry on for the benefit of any
employees any pension, retirement, profit-sharing, bonus,
health, disability, savings, loan, insurance, educational,
social, recreational or similar plans or arrangements.

     15.  To make contributions for charitable, scientific
or educational purposes or for the public welfare or for
public purposes, including contributions to corporations,
trusts, funds or foundations organized and operated for any
such purposes, and including any such foundation organized
by this corporation or by its directors or officers, and
including contributions to governments or governmental
bodies or agencies for public purposes, and any
contributions which at the time are allowed as deductions
from corporate gross income under the United States
Internal Revenue Code as amended.

     16.  To do any and all acts and things in this Article
Third set forth to the same extent as an individual might
or could do, as principal, factor, consignee, agent,
contractor or otherwise, and either alone or in conjunction
or jointly with any corporation, association, trust, firm
or individual, and, in general, to do any and all acts and
things and to engage in any and all businesses whatsoever,
necessary, suitable, advantageous or proper for or in
connection with or incidental to the exercise, transaction,
promotion, carrying on, accomplishment or attainment of any
of the businesses, powers, purposes or objects in this
Article Third set forth, excepting in every case all acts,
things and business forbidden by law.

     17.  In this Article Third the word "securities"
includes, to the extent that the context permits, stocks,
shares, bonds, notes, debentures and other evidences of
interest in or indebtedness of any corporation,
association, trust or firm wherever organized, created or
located, and notes and other evidences of indebtedness of
any individual wherever located, and bonds, notes,
debentures and other evidences of indebtedness of any
country, state, county, city, town or other governmental
body or agency wherever organized, created or located.

     18.  In this certificate of incorporation, unless it
is otherwise expressly provided, the conjunctive includes
the disjunctive and the singular includes the plural, and
vice versa; verbs in the present or future include both
present and future or either; the whole includes any part

                         5

or parts; no mention or inclusion of any particular example
or specific enumeration shall be deemed to limit any
general meaning; the statements of the businesses, objects
and purposes of this corporation shall be construed both as
objects and powers; the enumeration of specific powers
shall not be held to limit or restrict in any manner the
exercise by this corporation of the general powers
conferred upon corporations by the laws of the State of
Delaware, and no statement of any business, object or
purpose shall be deemed to limit or be exclusive of any
other stated business, object or purpose, but all are
separate and cumulative and all may be transacted, promoted
and carried on separately or together and at any time and
from time to time, and any business, object or purpose may
be transacted, promoted or carried on, and any property may
be owned or held, in any part of the world; and references
to the certificate of incorporation mean the provisions of
the certificate of incorporation (as that term is defined
in the General Corporation Law of the State of Delaware) of
this corporation as from time to time in effect, and
references to the by-laws or to any requirement or
provision of law mean the by-laws of this corporation or
such requirement or provision of law as from time to time
in effect.

     FOURTH:  The total number of shares of capital stock
of all classes which this Corporation shall have authority
to issue shall be forty-five million (45,000,000) shares,
consisting of forty million (40,000,000) shares of Common
Stock of the par value of one dollar ($1.00) per share,
amounting in aggregate to forty million dollars
($40,000,000), and five million (5,000,000) shares of
Preferred Stock of the par value of one dollar ($1.00) per
share, amounting in the aggregate to five million dollars
($5,000,000).

     The holders of the Common Stock shall be entitled to
one vote for each share of Common Stock registered in the
name of such holder, and there shall be no cumulative
voting in elections for directors.  The holders of the
Common Stock shall be entitled to such dividends as may
from time to time be declared by the Board of Directors,
but only when and as declared by the Board of Directors out
of any funds legally available for declaration of
dividends, and subject to any provisions of this
Certificate of Incorporation, as amended from time to time,
or of resolutions of the Board of Directors adopted
pursuant to authority herein contained, requiring that
dividends be declared and/or paid upon the outstanding
shares of Preferred Stock of any series or upon the
outstanding shares of any other class of capital stock
ranking senior to the Common Stock as to dividends as a
condition to the declaration and/or payment of any dividend
on the Common Stock; but no such provisions shall restrict

                         6

the declaration or payment of any dividend or distribution
of the Common Stock payable solely in shares of Common
Stock.  In the event of the liquidation, dissolution or
winding up of the affairs of the corporation, the holders
of the Common Stock shall be entitled to share pro rata in
the net assets available for distribution to holders of
Common Stock after satisfaction of the prior claims of the
holders of shares of Preferred Stock of any series and
shares of any other class of capital stock ranking senior
to the Common Stock as to assets, in accordance with the
provisions of this Certificate of Incorporation, as amended
from time to time, or of resolutions of the Board of
Directors adopted pursuant to authority herein contained.

     The Board of Directors is hereby authorized from time
to time to provide by resolution for the issuance of shares
of Preferred Stock in one or more series not exceeding the
aggregate number of shares of Preferred Stock authorized by
this Certificate of Incorporation, as amended from time to
time, and to determine with respect to each such series,
the voting powers, if any (which voting powers if granted
may be full or limited), designations, preferences, the
relative, participating, optional or other rights, and the
qualifications, limitations and restrictions appertaining
thereto, including, without limiting the generality of the
foregoing, the voting rights appertaining to shares of
Preferred Stock of any series (which may be one vote per
share or a fraction of a vote per share, and which may be
applicable generally or only upon the happening and
continuance of stated events or conditions), the rate of
dividend to which holders of Preferred Stock of any series
may be entitled (which may be cumulative or noncumulative),
the rights of holders of Preferred Stock of any series in
the event of the liquidation, dissolution or winding up of
the affairs of the Corporation and the rights (if any) of
holders of Preferred Stock of any series to convert or
exchange such shares of Preferred Stock of such series for
shares of Common Stock or for shares of Preferred Stock of
any other series or for shares of any other class of
capital stock (including the determination of the price or
prices or the rate or rates applicable to such rights to
convert or exchange and the adjustments thereof, the time
or times during which the right to convert or exchange
shall be applicable and the time or times during which a
particular price or rate shall be applicable).

     Before the corporation shall issue any shares of
Preferred Stock of any series, a certificate setting forth
a copy of the resolution or resolutions of the Board of
Directors fixing the voting powers, designations,
preferences, the relative, participating, optional and
other rights, and the qualifications, limitations and
restrictions appertaining to the shares of Preferred Stock
of such series, and the number of shares of Preferred Stock

                         7

of such series authorized by the Board of Directors to be
issued, shall be made under seal of the corporation and
signed by the president or a vice-president and by the
secretary or an assistant secretary of the corporation and
acknowledged by such president or vice-president as
provided by the laws of the State of Delaware and shall be
filed and a copy thereof recorded in the manner prescribed
by the laws of the State of Delaware.

     No pre-emptive rights.  No stockholder of this
corporation shall have any pre-emptive or preferential
right to purchase or subscribe to any shares of any class
of this corporation now or hereafter to be authorized, or
any notes, debentures, bonds or other securities
convertible into, or carrying options or warrants to
purchase, shares of any class now or hereafter to be
authorized, whether or not the issue of any such shares or
such notes, debentures, bonds or other securities would
adversely affect the dividend or voting rights of such
stockholder, other than such rights, if any, as the board
of directors in its discretion from time to time may grant
and at such price as the board of directors in its
discretion may fix; and the board of directors may issue
shares of any class of this corporation, or any notes,
debentures, bonds or other securities convertible into or
carrying options or warrants to purchase shares of any
class, or options to purchase shares of any class, without
offering any such shares or securities or options, either
in whole or in part, to the existing stockholders of any
class.

     FIFTH:  The minimum amount of capital with which this
corporation will commence business is one thousand dollars
($1,000.).

     The board of directors, without the assent of or other
action by the stockholders, may from time to time authorize
the issue and sale of shares of stock of this corporation
now or hereafter authorized, for such consideration and
upon such terms as the board may determine.

     SIXTH:  This corporation is to have perpetual
existence.

     SEVENTH:  The private property of the stockholders
shall not be subject to the payment of corporate debts.

     EIGHTH:  The following provisions are inserted for the
regulation and conduct of the affairs of this corporation,
and it is expressly provided that they are intended to be
in furtherance and not in limitation or exclusion of the
powers elsewhere conferred herein or in the by-laws or
conferred by law:


                         8

     (a)  Except as may be otherwise expressly required by
law or by other provisions of this certificate of
incorporation or by the by-laws, the board of directors
shall have and may exercise, transact, manage, promote and
carry on all of the powers, authorities, businesses,
objects and purposes of this corporation.

     (b)  Certain Provisions Relating to Nomination,
Election and Removal of Directors.

          1.   Election of Directors.  Elections of
               directors need not be by written ballot
               unless the by-laws shall so provide.  No
               director need be a stockholder.

          2.   Number, Election and Terms of Directors.
               Except as otherwise fixed pursuant to the
               provisions of Article FOURTH hereof relating
               to the rights of the holders of any class or
               series of stock having a preference over the
               Common Stock as to dividends or upon
               liquidation to elect additional directors
               under specified circumstances, the number of
               directors of the Corporation shall be fixed
               from time to time by or pursuant to the by-
               laws.  The directors, other than those who
               may be elected by the holders of any class
               or series of stock having preference over
               the Common Stock as to dividends or upon
               liquidation, shall be classified, with
               respect to the time for which they severally
               hold office, into three classes, designated
               Class I, Class II and Class III, as nearly
               equal in number as possible, with the term
               of office of one Class expiring each year.
               At the annual meeting of stockholders in
               1985, directors of Class I shall be elected
               to hold office for a term expiring at the
               next succeeding annual meeting, directors of
               Class II shall be elected to hold office for
               a term expiring at the second succeeding
               annual meeting, and directors of Class III
               shall be elected to hold office for a term
               expiring at the third succeeding annual
               meeting, with the members of each Class to
               hold office until their successors are
               elected and qualified.  At each subsequent
               annual meeting of the stockholders of the
               Corporation, the successors to the Class of
               directors whose term expires at such meeting
               shall be elected to hold office for a term
               expiring at the annual meeting of
               stockholders held in the third year
               following the year of their election.

                         9


          3.   Stockholder Nomination of Director
               Candidates.  Advance notice of nominations
               for the election of directors, other than by
               the Board of Directors or a Committee
               thereof, shall be given in the manner
               provided in the by-laws.

          4.   Newly Created Directorships and Vacancies.
               Except as otherwise fixed pursuant to the
               provisions of Article FOURTH hereof relating
               to the rights of the holders of any class or
               series of stock having a preference over the
               Common Stock as to dividends or upon
               liquidation to elect directors under
               specified circumstances, newly created
               directorships resulting from any increase in
               the number of directors and any vacancies on
               the Board of Directors resulting from death,
               resignation, disqualification, removal or
               other cause shall be filled solely by the
               affirmative vote of a majority of the
               remaining directors then in office, even
               though less than a quorum of the Board of
               Directors, or by a sole remaining director.
               Any director elected in accordance with the
               preceding sentence shall hold office for the
               remainder of the full term of the Class of
               directors in which the new directorship was
               created or the vacancy occurred and until
               such director's successor shall have been
               elected and qualified.  No decrease in the
               number of directors constituting the Board
               of Directors shall shorten the term of any
               incumbent director.

          5.   Removal of Directors.  Except as otherwise
               fixed pursuant to the provisions of Article
               FOURTH hereof relating to the rights of the
               holders of any class or series of stock
               having a preference over the Common Stock as
               to dividends or upon liquidation to elect
               directors under specified circumstances, any
               director may be removed from office without
               cause only by the affirmative vote of the
               holders of 66-2/3% of the combined voting
               power of the then outstanding shares of
               stock entitled to vote generally in the
               election of directors voting together as a
               single class.

     (c)  By-laws.  The Board of Directors and the
stockholders shall each have the power to adopt, alter,
amend and repeal the by-laws; and any by-laws adopted by

                         10

the directors or the stockholders under the powers
conferred hereby may be altered, amended or repealed by the
directors or by the stockholders; provided, however, that
the by-laws shall not be altered, amended or repealed by
action of the stockholders, and no by-law shall be adopted
by action of the stockholders, without the affirmative vote
of the holders of at least 66-2/3% of the voting power of
all the shares of the Corporation entitled to vote
generally in the election of directors, voting together as
a single class.

     (d)  The board of directors may at any time set apart
out of any of the funds of this corporation available for
dividends a reserve or reserves for any proper purpose and
may at any time reduce or abolish any such reserve.  Any
other proper reserves may also be carried.

     (e)  This corporation may purchase, hold, sell and
transfer shares of its own capital stock, but shall not use
its funds or property for the purchase of its own shares of
capital stock when such use would cause any impairment of
the capital of this corporation, subject always to the
right of this corporation to reduce its capital or to
redeem any preferred or special shares out of capital as
permitted by law.  Shares of its own capital stock
belonging to this corporation shall not be voted upon
directly or indirectly.  The purchase, acquisition or
holding by this corporation of shares of its own capital
stock shall not be deemed to constitute the retirement of
such shares or a reduction of capital except as such shares
are formally retired or the capital is formally reduced in
accordance with the provisions of law therefor.

     (f)  Nothing in this certificate of incorporation
shall be deemed to prohibit the reissue of any shares of
capital stock of this corporation retired or reduced upon
or in connection with any reduction of capital, but upon
the filing and recording of the certificate of reduction
such shares shall have the status of authorized and
unissued shares of the class of stock to which such shares
belong, if and to the extent permitted by law.  So far as
permitted by law the stockholders or board of directors
authorizing or effectuating any reduction of capital may
determine the manner in which such reduction shall be
effected and the extent, if any, to which any assets shall
be distributed to stockholders, and except as and to the
extent that such a distribution is so authorized or
provided for, no stockholder shall be entitled to demand
any distribution of assets in connection with or as the
result of any reduction of capital.

     (g)  The board of directors may from time to time
determine whether and to what extent and at what times and
places and under what conditions and regulations the

                         11

accounts and books and papers of this corporation, or any
of them, shall be open to the inspection of the
stockholders, and no stockholder shall have any right to
inspect any account, book or document of this corporation,
except as and to the extent expressly provided by law with
reference to the right of stockholders to examine the
original or duplicate stock ledger, or as otherwise
expressly provided by law, or except as expressly
authorized by resolution of the board of directors.

     (h)  The board of directors shall have the power to
fix from time to time the compensation of its members.  No
person shall be disqualified from holding any office by
reason of any interest.  In the absence of fraud or bad
faith, any director, officer or stockholder of this
corporation individually, or any individual having any
interest in any concern which is a stockholder of this
corporation, or any concern in which any such directors,
officers, stockholders or individuals have any interest,
may be a party to, or may be pecuniarily or otherwise
interested in, any contract, transaction or other act of
this corporation, and

(i)       such contract, transaction or act shall not be in
          any way invalidated or otherwise affected by that
          fact;

(ii)      no such director, officer, or stockholder shall
          be liable to account to this corporation for any
          profit or benefit realized through any such
          contract, transaction or act; and

(iii)     any such director of this corporation may be
          counted in determining the existence of a quorum
          at any meeting of the board of directors or of
          any committee thereof which shall authorize any
          such contract, transaction or act, and may vote
          to authorize the same,

provided, however, that any contract, transaction or act in
which any director or officer of this corporation is so
interested individually or as a director, officer, trustee
or member of any concern which is not a subsidiary or
affiliate of this corporation, or in which any directors or
officers, respectively, are so interested as holders,
collectively, of a majority of shares of capital stock or
other beneficial interest at the time outstanding in any
concern which is not a subsidiary or affiliate of this
corporation, shall be duly authorized or ratified by a
majority of the board of directors who are not so
interested and to whom the nature of such interest has been
disclosed.  With respect to the matters herein contained,



                         12

(a)  the word "interest" shall include personal interest
     and interest as a director, officer, stockholder,
     shareholder, trustee, member or beneficiary of any
     concern;

(b)  the word "concern" shall mean any corporation,
     association, trust, partnership, firm, person or other
     entity other than this corporation; and

(c)  the phrase "subsidiary or affiliate" shall mean a
     concern in which a majority of the directors,
     trustees, partners or controlling persons are elected
     or appointed by the directors of this corporation, or
     are constituted of the directors or officers of this
     corporation.

To the extent permitted by law, the authorizing or
ratifying vote of a majority in interest of each class of
the capital stock of this corporation outstanding and
entitled to vote for directors at an annual meeting or a
special meeting duly called for the purpose (whether such
vote is passed before or after judgment rendered in a suit
with respect to such contract, transaction or act) shall
validate any contract, transaction or act of this
corporation, or of the board of directors or any committee
thereof, with regard to all stockholders of this
corporation, whether or not of record at the time of such
vote, and with regard to all creditors and other claimants
under this corporation, provided, however, that with
respect to the authorization or ratification of contracts,
transactions or acts in which any of the directors,
officers or stockholders of this corporation have an
interest, the nature of such contracts, transactions or
acts and the interest of any director, officer or
stockholder therein shall be summarized in the notice of
any such annual or special meeting, or in a statement or
letter accompanying such notice, and shall be fully
disclosed at any such meeting, and provided also that
stockholders so interested may vote at any such meeting,
and provided further that any failure of the stockholders
to authorize or ratify such contract, transaction or act
shall not be deemed in any way to invalidate the same or to
deprive this corporation, its directors, officers or
employees of its or their right to proceed with such
contract, transaction or act.

No contract, transaction or act shall be avoided by reason
of any provision of this clause (h) which would be valid
but for those provisions.

     (i)  The Corporation shall indemnify each person who
is or was a director or officer of this Corporation against
expenses (including attorney's fees), judgments, fines and
amounts paid in settlement to the maximum extent permitted

                         13

from time to time under the General Corporation Law of the
State of Delaware.  Such indemnification shall not be
exclusive of other indemnification rights arising under any
by-law, agreement, vote of directors or stockholders or
otherwise and shall inure to the benefit of the heirs and
legal representatives of such person.

     (j)  Special Voting Requirement for Defined Business
Combinations.  The affirmative vote of the holders of not
less than 80 percent of the outstanding shares of Common
Stock and the affirmative vote of the holders of not less
than 67 percent of the outstanding shares of Common Stock
held by stockholders other than a Related Person shall be
required for the approval or authorization of any Business
Combination; provided, however, that the 80 percent and 67
percent voting requirements shall not be applicable if:

Exceptions to Special Voting Requirements:

     (1)  The Continuing Directors by a two-thirds vote (a)
have expressly approved in advance either the acquisition
of outstanding shares of stock, or the issue or sale by the
Corporation of shares of stock, that caused the Related
Person to become a Related Person and (b) in advance of
such acquisition or issue or sale have determined that the
80 percent and 67 percent voting requirements of this
clause (j) of Article EIGHTH shall not be applicable to
Business Combinations with such Related Person; or

     (2)  The Continuing Directors have approved the
Business Combination; or

     (3)  The Business Combination is a merger or
consolidation and the cash or fair market value of each of
the property, securities or other consideration to be
received per share by the holders of Common Stock in the
Business Combination is not less than the highest per share
price (with appropriate adjustments for recapitalizations
and for stock splits, stock dividends and like
distributions, such distributions to be valued as of the
distribution date) paid by the Related Person in acquiring
any of its holdings of Common Stock within the three-year
period preceding the earlier of the Business Combination or
the first public announcement of the proposal of the
Business Combination.

Definitions

     For the purposes of this clause (j) of Article EIGHTH:

     (i)  The term "Business Combination" shall mean any
transaction or other arrangement meeting any of the
following descriptions:  (a)  any merger or consolidation
of the Corporation or a Subsidiary with or into a Related

                         14

Person or any other corporation which is, or after such
merger or consolidation would be, an Affiliate of a Related
Person; (b) any sale, lease, exchange, transfer or other
disposition (including without limitation the creation of a
mortgage or any other security device), in one transaction
or a series of transactions, of any substantial part of the
assets of the Corporation (including without limitation any
voting securities of a Subsidiary) or of a Subsidiary to a
Related Person or of an Affiliate of a Related Person; (c)
any sale, lease, exchange, transfer or other disposition of
any substantial part of the assets of a Related Person, or
an Affiliate of a Related Person, to the Corporation or a
Subsidiary; (d) the issuance by the Corporation or any
Subsidiary of any securities of the Corporation or of a
Subsidiary to a Related Person or an Affiliate of a Related
Person, other than pursuant to an employee plan approved by
the Continuing Directors and by the stockholders of the
Corporation; (e) the acquisition by the Corporation or a
Subsidiary of any securities of a Related Person or of an
Affiliate of a Related Person; (f) any reclassification of
securities (including any reverse stock split), or
recapitalization of the Corporation or any other
transaction (whether or not with or into or otherwise
involving a Related Person) which has the effect, directly
or indirectly, of increasing the proportionate share of the
outstanding shares of any class of equity or convertible
securities of the Corporation or any Subsidiary which is
directly or indirectly owned by any Related Person or any
Affiliate of any Related Person; (g) any transaction
(including a merger or consolidation of the Corporation
with or into a Subsidiary) occurring at a time when a
Related Person exists in which the proportionate interests
of the Stockholders of the Corporation in the assets of the
Corporation are unchanged but as a result of which the
provisions of this clause (j) of Article EIGHTH or
substantially equivalent provisions would thereafter cease
to be in effect; and (h) any agreement, contract or other
arrangement providing for any of the transactions described
in this definition of Business Combination.

     (ii)  The term "Related Person" shall include any
individual, corporation, partnership or other person or
entity (each of the foregoing constituting a "Person") that
together with its Affiliates and Associates owns in the
aggregate five percent or more of the outstanding shares of
the Common Stock of the Corporation, and any Affiliate or
Associate of any such Person; provided, however, that (a)
the term "Related Person" shall not include the Corporation
or any Subsidiary or any Person that would have been a
Related Person if this clause (j) of Article EIGHTH had
been in effect on December 31, 1982, or any present or
future custodian, trustee or legal representative of such
Person, and (b) any shares of Common Stock owned at any
time by such Person, or by such custodian, trustee or legal

                         15

representative, shall not at any time be attributed to any
other Person for determining whether such other Person is a
Related Person.  The exclusions set forth in (ii)(a) and
(b) above shall cease to apply to any such excluded Person
and his custodians, trustees and legal representatives and
to shares owned by any of them on and after the date on
which such Person ceases to own five percent or more of the
outstanding shares of Common Stock of the Corporation.

     (iii)  The term "substantial part" shall mean assets
having an aggregate fair value in excess of one million
dollars.

     (iv)  A Person shall be deemed to own any Common
Stock:

     (a)  of which such Person would be the beneficial
          owner, as such term is defined in Rule 13d-3
          promulgated by the Securities and Exchange
          Commission (the "Commission") under the
          Securities Exchange Act of 1934 (the "Act"), as
          such Rule was in effect on December 31, 1982; or

     (b)  of which such Person would be the beneficial
          owner, as such term is defined under Section 16
          of the Act and the rules of the Commission
          promulgated thereunder, as in effect on December
          31, 1982; or

     (c)  which such Person or any of its Affiliates or
          Associates has the right to acquire (whether such
          right is exercisable immediately or only after
          the passage of time), pursuant to any agreement,
          arrangement or understanding or upon the exercise
          of conversion rights, exchange rights, warrants
          or options, or otherwise; or

     (d)  which such Person's relatives of the fourth
          degree of consanguinity or closer would be deemed
          to own pursuant to this provision.

     (v)  For the purposes of subparagraph (3) of this
clause (j) of Article EIGHTH, the term "other consideration
to be received" shall include, without limitation, Common
Stock retained by its existing public stockholders in the
event of a Business Combination in which the Corporation is
the surviving corporation.

     (vi)  With respect to any proposed Business
Combination, the term "Continuing Director" shall mean (a)
any director who was a member of the Board of Directors of
the Corporation on December 31, 1982, and (b) any director
who was a member of the Board of Directors of the
Corporation immediately prior to the time that any Related

                         16

Person involved in the proposed Business Combination became
a Related Person (or, if the transaction involves more than
one Related Person, immediately prior to the time the first
of such Persons to become a Related Person became a Related
Person) and (c) any director who is not an Affiliate or
Associate of a Related Person and is recommended for his or
her initial term of office by a two-thirds vote of
Continuing Directors then on the Board.

     (vii)  "Affiliate" or "Associate" shall have the
respective meanings ascribed to such terms in Rule 12b-2
promulgated by the Commission under the Act, as such Rule
was in effect on December 31, 1982.

     (viii)  "Subsidiary" shall mean any Person of which a
majority of any class of equity security is owned, directly
or indirectly, by the Corporation; provided, however, that
for the purposes of the definition of Related Person, the
term "Subsidiary" shall mean only a Person of which a
majority of each class of equity security is owned,
directly or indirectly, by the Corporation.

     Amendment, Expiration and Extension

     This clause (j) of Article EIGHTH (including the
provisions set forth in this paragraph) may not be repealed
or amended in any respect, unless such action is approved
by the affirmative vote of the holders of not less than 80
percent of the outstanding shares of Common Stock;
provided, however, that if there is a Related Person, such
action must also be approved by the affirmative vote of the
holders of not less than 67 percent of the outstanding
shares of Common Stock held by stockholders other than the
Related Person.  Notwithstanding the preceding sentence,
this clause (j) of Article EIGHTH shall expire at the
Annual Meeting of Stockholders to be held in 1990, unless
its continuance for a fixed or indefinite period has been
specifically approved at any time before that date by an
affirmative majority of the outstanding shares of Common
Stock.

     (k)  Stockholder Action.  Any action required or
permitted to be taken by the stockholders of the
Corporation, or any class or series thereof, must be
effected at a duly called annual or special meeting of such
holders and may not be effected by any consent in writing
by such holders.  Except as otherwise required by law and
subject to the rights of the holders of any class or series
of stock having a preference over the Common Stock as to
dividends or upon liquidation, special meetings of
stockholders of the Corporation may be called only by the
Chairman of the Board, the President or the Board of
Directors pursuant to a resolution approved by a majority
of the entire Board of Directors.

                         17


     (l)  Certain Amendments, etc.  Notwithstanding
anything contained in this Certificate of Incorporation to
the contrary, the affirmative vote of the holders of at
least 66-2/3% of the voting power of all shares of the
Corporation entitled to vote generally in the election of
directors, voting together as a single class, shall be
required to alter, amend, adopt any provision inconsistent
with, or repeal, paragraphs (b), (c), (k) or this paragraph
(1) of this Article EIGHTH or any provision hereof or
thereof.

     NINTH:  Subject to the applicable provisions (if any)
of this certificate of incorporation, this corporation
reserves the right to amend, alter, change, add to or
repeal any provision contained in this certificate of
incorporation, in the manner now or hereafter prescribed by
law.

     IN WITNESS WHEREOF, Zayre Corp. has caused this
certificate to be signed by Sumner Feldberg, its Chairman
of the Board, and Newton A. Lane, its Secretary, and its
corporate seal affixed hereto, this 4th day of June, 1985.
This certificate is to be filed with the Secretary of State
of the State of Delaware, and recorded with the Recorder of
Deeds of New Castle County, Delaware, pursuant to Sections
104 and 245 of the General Corporation Law of the State of
Delaware.

                              ZAYRE CORP.

                              By /s/ Sumner Feldberg   
                                Sumner Feldberg,
                                Chairman of the Board

                        Attest /s/ Newton A. Lane      
                              Newton A. Lane,
                              Secretary

















                         18

                         EXHIBIT (3i)(b)
                                
                                
                                
                                
                                
                                
                    CERTIFICATE OF AMENDMENT
                                
                               OF
                                
          SECOND RESTATED CERTIFICATE OF INCORPORATION
                                
                               OF
                                
                           ZAYRE CORP.
                                
                          *  *  *  *  *
                                

      Pursuant to Section 242 of the General Corporation Law of
                      the State of Delaware


     We, Arthur F. Loewy, Executive Vice President-Finance, and

Jay H. Meltzer, Assistant Secretary, of ZAYRE CORP. (the

"Corporation"), a corporation organized and existing under the

laws of the State of Delaware, do hereby certify under the seal

of the Corporation as follows:


     1.   The Second Restated Certificate of Incorporation of the
          Corporation is hereby amended by striking out the first
          paragraph of Article Fourth as it now exists and
          inserting a new first paragraph of Article Fourth, in
          lieu and instead thereof, to read as follows:

          "FOURTH:  The total number of shares of capital stock
          of all classes which this Corporation shall have
          authority to issue shall be one hundred fifty-five
          million (155,000,000) shares, consisting of one hundred
          fifty million (150,000,000) shares of Common Stock of
          the par value of one dollar ($1.00) per share,
          amounting in the aggregate to one hundred fifty million
          dollars ($150,000,000), and five million (5,000,000)
          shares of Preferred Stock of the par value of one
          dollar ($1.00) per share, amounting in the aggregate to
          five million dollars ($5,000,000)."

     2.   The Board of Directors of the Corporation at a meeting
          held on April 11, 1986 recommended that the foregoing
          amendment be adopted by the stockholders and the
          foregoing amendment has been duly adopted by the vote
          of a majority of the shares of outstanding Common Stock
          of the Corporation entitled to vote thereon at the
          Annual Meeting of Stockholders of the Corporation held
          on June 3, 1986.

     IN WITNESS WHEREOF, we have hereunto set our hands and the
seal of the Corporation this 3rd day of June, 1986.



                              /s/ A. F. Loewy                    
                              Arthur F. Loewy
                              Executive Vice President-Finance


                    Attest:   /s/ Jay H. Meltzer                 
                              Assistant Secretary


(Corporate Seal)


                         EXHIBIT (3i)(c)
                                
                    CERTIFICATE OF AMENDMENT
                                
                               OF
                                
          SECOND RESTATED CERTIFICATE OF INCORPORATION
                                
                               OF
                                
                           ZAYRE CORP.
                                



Pursuant to Section 242 of the Delaware General Corporation Law


     We, Arthur F. Loewy, Executive Vice President - Finance, and

Jay H. Meltzer, Secretary, of ZAYRE CORP.  (the "Corporation"), a

corporation organized and existing under the laws of the State of

Delaware, do hereby certify under the seal of the Corporation as

follows:


     1.   The Second Restated Certificate of Incorporation, as
amended, of the Corporation is hereby further amended by adding
the following clause (m) of Article EIGHTH after clause (l) of
Article EIGHTH, to read as follows:

     (m)  A director of the Corporation shall not be personally
     liable to the Corporation or its stockholders for monetary
     damages for breach of fiduciary duty as a director, except
     for liability (i) for any breach of the director's duty of
     loyalty to the Corporation or its stockholders, (ii) for
     acts or omissions not in good faith or which involve
     intentional misconduct or a knowing violation of law, (iii)
     under Section 174 of the Delaware General Corporation Law,
     or (iv) for any transaction from which the director derived
     an improper personal benefit.  If the Delaware General
     Corporation Law is amended after approval by the
     stockholders of this provision to authorize corporate action
     further eliminating or limiting the personal liability of
     directors, then the liability of a director of the
     Corporation shall be eliminated or limited to the full
     extent permitted by the Delaware General Corporation Law, as
     so amended.

     Any repeal or modification of the foregoing paragraph by the
     stockholders of the Corporation shall not adversely affect
     any right or protection of a director of the Corporation
     existing at the time of such repeal or modification.

     2.   The Board of Directors at its April 9, 1987 meeting
recommended that the foregoing amendment be adopted by the
stockholders and the foregoing amendment has been duly adopted by
the vote of a majority of the shares of outstanding Common Stock
of the Corporation entitled to vote thereon at the Annual Meeting
of Stockholders of the Corporation held on June 2, 1987.

     IN WITNESS WHEREOF, we have hereunto set our hands and the

 seal of the Corporation this 2nd day of June, 1987.



                              /s/ A. F. Loewy                    
                              Arthur F. Loewy
                              Executive Vice President - Finance

                    Attest:   /s/ Jay H. Meltzer                 
                              Jay H. Meltzer
                              Secretary


(Corporate Seal)



                         EXHIBIT (3i)(d)
                                
                    CERTIFICATE OF AMENDMENT
                                
                               OF
                                
          SECOND RESTATED CERTIFICATE OF INCORPORATION
                                
                               OF
                                
                           ZAYRE CORP.
                                

Pursuant to Section 242 of the General Corporation Law of the
State of Delaware


     We, Donald G. Campbell, Senior Vice President, Chief

Financial Officer, and Jay H. Meltzer, Secretary, of ZAYRE CORP.

(the "Corporation"), a corporation organized and existing under

the laws of the State of Delaware, do hereby certify under the

seal of the Corporation as follows:


     1.  The Second Restated Certificate of Incorporation, as
amended, of the Corporation is hereby further amended to provide
that Article FIRST read in its entirety as follows:

     FIRST:    The name of this corporation is The TJX
               Companies, Inc.

     2.   The Board of Directors at its April 6, 1989 meeting
recommended that the foregoing amendment be adopted by the
stockholders and the foregoing amendment has been duly adopted by
the vote of a majority of the shares of outstanding Common Stock
of the Corporation entitled to vote thereon at the Annual Meeting
of Stockholders of the Corporation held on June 20, 1989.

     3.   The foregoing amendment was duly adopted in accordance
with the provisions of Section 242 of the General Corporation Law
of the State of Delaware.

     IN WITNESS WHEREOF, we have hereunto set our hands and the

seal of the Corporation this 20th day of June, 1989.


                                   /s/ Donald G. Campbell   
                                   Donald G. Campbell
                                   Senior Vice President,
                                   Chief Financial Officer

                         Attest:   /s/ Jay H. Meltzer       
                                   Jay H. Meltzer
                                   Secretary

(Corporate Seal)


EXHIBIT (3i)(e)

     CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS
                             OF
     NEW SERIES A CUMULATIVE CONVERTIBLE PREFERRED STOCK
                 ($1.00 PAR VALUE PER SHARE)
                              
                             of
                              
                   THE TJX COMPANIES, INC.
                              
                                        

              Pursuant to Section 151(g) of the
               General Corporation Law of the
                      State of Delaware
                              
                                        


          We, Donald G. Campbell, Senior Vice President -
Finance, and Jay H. Meltzer, Secretary, of The TJX Companies,
Inc. (hereinafter called the "Corporation"), a corporation
organized and existing under and by virtue of the provisions
of the General Corporation Law of the State of Delaware,

          DO HEREBY CERTIFY:

          FIRST:  The Second Restated Certificate of
Incorporation, as amended (the "Certificate of
Incorporation"), of the Corporation authorizes the issuance
of 5,000,000 shares of preferred stock, $1.00 par value per
share ("Preferred Stock"), in one or more series, and further
authorizes the Board of Directors of the Corporation to
provide by resolution for the issuance of shares of Preferred
Stock in one or more series not exceeding the aggregate
number of shares of Preferred Stock authorized by the
Certificate of Incorporation and to determine with respect to
each such series, the voting powers, if any (which voting
powers if granted may be full or limited), designations,
preferences, the relative, participating, optional and other
rights, and the qualifications, limitations and restrictions
appertaining thereto.

          SECOND:  A resolution providing for and in
connection with the issuance of the Preferred Stock was duly
adopted by the Finance Committee (the "Finance Committee") of
the Board of Directors pursuant to authority conferred on the
Finance Committee by the Board of Directors, and on the Board
of Directors (which fixed the voting rights with respect to
the shares designated herein) by the provisions of the
Certificate of Incorporation as aforesaid, which resolution
provides as follows:

          RESOLVED:  that the Board of Directors, pursuant to
authority vested in it by the provisions of the second
restated certificate of incorporation, as amended (the
"Certificate of Incorporation"), of The TJX Companies, Inc.
(the "Corporation"), hereby authorizes the issuance of a
series of cumulative convertible preferred stock
("Convertible Preferred Stock") of the Corporation and hereby
establishes the powers, designations, preferences, and the
relative, participating, optional and other rights, and the
qualifications, limitations and restrictions appertaining
thereto in addition to those set forth in such Certificate of
Incorporation (or otherwise provided by law) as follows (the
following, referred to hereinafter as "this resolution" or
"this Certificate of Designations", is to be filed as part of
a certificate of Designations under Section 151(g) of the
General Corporation Law of the State of Delaware):

          1.   General

          (a)  Designation and Number.  The designation of
Convertible Preferred Stock created by this resolution shall
be New Series A Cumulative Convertible Preferred Stock, $1.00
par value per share, of the Corporation (hereinafter referred
to as the "New Series A Preferred Stock"), and the number of
shares of New Series A Preferred Stock which the Corporation
shall be authorized to issue shall be 250,000 shares.

          (b)  Priority.  The Series A Preferred Stock shall
rank (i) prior to the Common Stock (as hereinafter defined),
(ii) prior to the Corporation's Permitted Junior Preferred
(as hereinafter defined) (iii) on a parity with the
Corporation's Series A Cumulative Convertible Preferred
Stock, $1.00 par value per share (the "Existing Series A
Preferred Stock") and (iv) prior to any other capital stock
of the Corporation (other than as permitted in the exception
to Section 1(c)(i) below) in each case as to dividends and
upon liquidation, dissolution or winding up.

          (c)  Restrictions.  Except as permitted in Section
7(a) hereof, so long as any shares of New Series A Preferred
Stock remain outstanding, the Corporation shall not at any
time (any of the actions described below, the "Restricted
Actions"):


                           2

          (i)  create, authorize or issue, or increase the
     amount of shares authorized for issuance of, any class
     or series of capital stock ranking prior to or on a
     parity with the Series A Preferred Stock as to dividends
     or upon liquidation, dissolution or winding up; except
     that the Corporation may create, authorize and issue
     preferred stock ranking on a parity with the New Series
     A Preferred Stock as to dividends or upon liquidation,
     dissolution or winding up, in one or more series or
     classes, with such powers, designations, preferences,
     and relative, participating, optional and other rights,
     voting powers, if any, and qualifications, limitations
     and restrictions appertaining thereto, and in such
     number of shares, as the Board of Directors of the
     Corporation may hereafter authorize in accordance with
     the terms of the Certificate of Incorporation, but:

          (x)  the rights of such parity preferred stock
               shall not restrict or prohibit the Corporation
               from performing its obligations under this
               Certificate of Designations;

          (y)  the rights of the holders of such parity
               preferred stock shall be limited, with respect
               to a distribution of assets upon liquidation,
               dissolution or winding up, to (A) a fixed sum,
               stated sum or percentage of a fixed or stated
               sum plus any premium applicable to a
               particular series all of which sums and
               premiums do not in the aggregate exceed
               $100,000,000 (aggregating all shares of such
               parity preferred stock issued or authorized
               for issuance and without regard to class or
               series) (such amount applicable to any share
               of parity preferred stock being herein
               referred to as the "Stated Liquidation Value")
               plus (B) an amount equal to accrued and unpaid
               dividends thereon; and

          (z)  in no event shall such parity preferred stock
               be created, authorized or issued unless the
               rights of the holders thereof shall be
               limited, with respect to dividends and
               payments to be received by the holder thereof
               upon redemption (whether optional or
               mandatory), to a fixed sum or percentage of a
               fixed sum or, in the case of dividends, a sum
               determined by reference to a formula based on
               a published index of interest rates, an
               interest rate publicly announced by a

                           3

               financial institution or similar indicator of
               interest rates, except that the terms of any
               such parity preferred stock (which is
               convertible into shares of Common Stock) may
               provide for payments to be received by the
               holder thereof in the event of a mandatory
               redemption as a result of a change of control
               of the Corporation based upon the market price
               of the underlying Common Stock (to the same
               extent provided for hereunder with respect to
               the New Series A Preferred Stock in Section
               4(c)(ii) hereof),

     (such parity preferred stock, the "Parity Preferred
     Stock"); (any such Parity Preferred Stock shall not be
     considered to be New Series A Preferred Stock
     hereunder); the term "Parity Preferred Stock" shall also
     include the Existing Series A Preferred Stock so long as
     any shares of such Existing Series A Preferred Stock are
     outstanding;

          (ii) create, authorize or issue, or increase the
     authorized amount of shares for issuance of, any class
     or series of capital stock ranking junior to the New
     Series A Preferred Stock but prior to the Common Stock
     (as defined in Section 1(d) hereof) as to dividends or
     upon liquidation, dissolution or winding up, other than
     the following capital stock, which shall rank junior to
     the New Series A Preferred Stock but prior to the Common
     Stock as to dividends or upon liquidation, dissolution
     or winding up, but provided that

          (A)  such capital stock shall be limited with
               respect to dividends, to a fixed sum or
               percentage of a fixed sum or a sum determined
               by reference to a formula based on a published
               index of interest rates, an interest rate
               publicly announced by a financial institution
               or similar indicator of interest rates and,
               with respect to a distribution of assets upon
               liquidation, dissolution or winding up or with
               respect to payments to be received by the
               holder thereof upon redemption (whether
               optional or mandatory), to a fixed sum or
               percentage of a fixed sum, except that the
               terms of any such junior preferred stock
               (which is convertible into shares of Common
               Stock) may provide for payments to be received
               by the holder thereof in the event of a
               mandatory redemption as a result of a change

                           4

               in control of the Corporation based upon the
               market price of the underlying Common Stock
               (to the same extent provided for hereunder
               with respect to the New Series A Preferred
               Stock in Section 4(c)(ii) hereof, (such
               capital stock, the "Permitted Non-
               Participating Junior Preferred"); or

          (B)  such capital stock (the "Permitted Rights Plan
               Preferred Stock"), including the Corporation's
               Series B Participating Preferred Stock, $1.00
               par value per share (the "Permitted Series B
               Preferred Stock"), is issued or issuable in
               connection with a shareholder rights plan that
               provides for the issuance of rights to the
               holders of Common Stock to purchase or
               receive, upon, redemption, exercise or
               exchange, capital stock or debt securities (or
               rights to acquire such capital stock or debt
               securities) of the Corporation or of another
               issuer or cash; provided that (x) such plan
               does not discriminate in any way (other than
               the notice to be provided to holders of New
               Series A Preferred Stock as described below)
               against any holder of New Series A Preferred
               Stock as such (whether by language or
               operation), including, without limitation,
               restricting (1) the ability to convert into
               Common Stock under the terms hereof and (2)
               the ability to receive rights under such plan
               with respect to Common Stock acquired by
               conversion hereunder which rights are
               generally available to holders of Common
               Stock; (y) the Corporation shall notify the
               holders of the New Series A Preferred Stock at
               least five (5) Business Days prior to (I) the
               date which under the terms of such plan causes
               or triggers the rights issued thereunder to be
               exercisable by any person and (II) the date on
               which such rights (or the right to receive
               such rights) terminate or expire, such notice
               in the case of clause (I) to describe in
               reasonable detail the terms of such rights and
               the manner of operation of the plan upon the
               occurrence of such triggering event; and (z)
               such plan otherwise complies with this Section
               1(c) in all respects and any capital stock of
               the Corporation issued or issuable under or in
               connection with such plan does not violate
               clauses (i), (iii), (iv), (vi), (vii) or

                           5

               (viii) of this Section 1(c) (the Permitted
               Rights Plan Preferred Stock, together with the
               Permitted Non-Participating Junior Preferred,
               are hereinafter collectively referred to as
               the "Permitted Junior Preferred");

     and any provision (other than this Section 1(c),
     Section 7(a) and Section 8 hereof) in this resolution to
     the contrary notwithstanding, there shall be no
     restriction on the issuance, detachment, exercise,
     exchange or redemption of rights, whether for stock or
     cash or other securities of a combination thereof of the
     Corporation or of another person, pursuant to the
     Corporation's Shareholder Rights Plan dated April 26,
     1988, as amended and as may be hereafter amended,
     provided that such plan, either on the terms set forth
     therein as of the date hereof or as so amended, complies
     with the foregoing clause (B) (the "Shareholder Rights
     Plan");

          (iii) create, authorize or issue any class or
     series of common stock other than the class of Common
     Stock presently authorized for issuance under the
     Certificate of Incorporation as in effect on April 14,
     1992, subject to changes to the terms thereof hereafter
     made to the Certificate of Incorporation; provided that
     (A) there shall be no more than one class (and there
     shall be no series) of Common Stock and (B) the
     Corporation will not permit the par value or the
     determined or stated value of any shares of the Common
     Stock receivable upon the conversion of the shares of
     New Series A Preferred Stock to exceed the amount
     payable therefor upon such conversion and (C) the
     Corporation will not take any action which results in
     any adjustment of the current conversion price under
     this Certificate of Designations if the total number of
     shares of Common Stock then available for issuance upon
     conversion of all shares of New Series A Preferred Stock
     (and upon conversion of all other then outstanding
     shares of the Corporation's capital stock convertible
     into Common Stock) would be insufficient to satisfy all
     such conversion rights at the then current conversion
     prices (after any adjustments);

          (iv)  amend the Certificate of Incorporation or By-
     laws of the Corporation, or in any other manner alter or
     change the powers, rights, privileges or preferences of
     the New Series A Preferred Stock, if such amendment or
     action would adversely affect the powers, rights,
     privileges or preferences of the holders of the New

                           6

     Series A Preferred Stock; except that the Corporation
     may amend the Certificate of Incorporation to:

          (x)  create and authorize the Parity Preferred
               Stock or any Permitted Junior Preferred; or

          (y)  increase the amount of shares of Common Stock
               or Permitted Junior Preferred authorized for
               issuance; or

          (z)  amend the terms of any Parity Preferred Stock,
               Permitted Junior Preferred, or Common Stock in
               a manner consistent with the above clauses
               (i), (ii) and (iii);

          (v)  increase the number of shares of New Series A
     Preferred Stock authorized for issuance;

         (vi)  create, authorize or issue any series or class
     of stock or any other option, warrant, obligation or
     right exercisable for, or any security convertible into,
     any capital stock other than capital stock which is
     permitted under clauses (i), (ii) or (iii) above;

        (vii)  amend this Certificate of Designations;

       (viii)  at any time issue any shares of New Series A
     Preferred Stock other than pursuant to the exchange of
     shares of Existing Series A Preferred Stock for New
     Series A Preferred Stock (excluding the issuance of
     share certificates upon transfers or exchanges of shares
     by holders (other than the Company) or upon replacement
     of lost, stolen, damaged or mutilated share
     certificates); or

         (ix)  at any time issue any shares of Existing
     Series A Preferred Stock.

          (d)  Certain Definitions.  For purposes of this
Certificate of Designations, the following terms shall have
the meanings indicated:

          (i)  "Business Day" means any day other than a
     Saturday, Sunday, or a day on which banking institutions
     in the State of New York or The Commonwealth of
     Massachusetts or The Commonwealth of Pennsylvania are
     authorized or obligated by law or executive order to
     close.



                           7

         (ii)  "Change of Control Event" means the occurrence
     of any of the following events:

          (A)  the Corporation is voluntarily liquidated or
               is the subject of any voluntary dissolution or
               winding-up (including without limitation a
               merger in which the Corporation is not the
               surviving corporation, but excluding a merger
               of the Corporation into a subsidiary as a
               result of which transaction (x) such
               subsidiary is the surviving corporation, (y)
               the Corporation's certificate of incorporation
               is continued as the certificate of
               incorporation of the surviving corporation
               (with such immaterial changes as may be
               necessary to effectuate the merger) and (z)
               all of the shareholders of the Corporation
               immediately prior to such transaction
               constitute all of the shareholders of such
               subsidiary immediately following such
               transaction, each with the same shares (on the
               same terms) of capital stock of the surviving
               corporation as each had with the Corporation
               (such excluded merger, a "Permitted Merger"));

          (B)  the Corporation proceeds to acquire its Common
               Stock (or undertakes a corporate
               reorganization or recapitalization or other
               action) if the effect of such acquisition (or
               other action) would be either (i) to reduce
               substantially or to eliminate the primary
               public market for the shares of the
               Corporation's Common Stock or (ii) to remove
               the Corporation from registration with the
               Commission under the Securities Exchange Act
               or (iii) to require the Corporation to make a
               filing under Section 13(e) of the Securities
               Exchange Act or (iv) to cause a delisting of
               the Corporation's Common Stock from the New
               York Stock Exchange; or

          (C)  the sale, lease, transfer or other disposition
               through voluntary liquidation or other
               voluntary action, of all or substantially all
               of the consolidated assets of the Corporation
               and its subsidiaries in a single transaction
               or series of related transactions.

        (iii)  "Common Stock" means the Corporation's Common
     Stock, as presently authorized by the Certificate of

                           8

     Incorporation and as such Common Stock may hereafter be
     changed or for which such Common Stock may be exchanged
     after giving effect to the terms of such change or
     exchange (by way of reorganization, recapitalization,
     merger, consolidation or otherwise).

         (iv)  "Control Adjustment Event" means the
     occurrence of any of the following events:

          (A)  any person or group (within the meaning of
               Section 13 (d)(3) of the Securities Exchange
               Act, whether or not the Corporation has any
               capital stock subject to such Section)
               together with any affiliates and associates of
               any such person or member of such group
               (within the meaning of Rule 12b-2 under the
               Securities Exchange Act, whether or not the
               Corporation has any capital stock subject to
               such Section), shall at any time beneficially
               own (within the meaning of Rule 13d-3 under
               the Securities Exchange Act, whether or not
               the Corporation has any capital stock subject
               to such Section) shares of Common Stock of the
               Corporation which represents in excess of
               either (A) fifty-one percent (51%) of the
               total votes entitled to be cast by all
               outstanding shares of the Common Stock of the
               Corporation or (B) fifty-one percent (51%) of
               all outstanding shares of the Common Stock of
               the Corporation; or

          (B)  at any time, a majority of the members of the
               Board of Directors of the Corporation are
               persons other than persons each of whom was
               both (i) nominated as a director for his or
               her then current term by the Corporation's
               Board of Directors and was recommended by the
               Board to the Corporation's shareholders for
               election as a member of the Board and (ii) a
               member of the Board for at least one (1) year
               prior to such term (except that a person
               chosen by the Board as a successor to a
               director who died in office, resigned from the
               Board because of a disability, or retired,
               shall be deemed to have satisfied this clause
               (ii)); or

          (C)  the Corporation is involuntarily liquidated or
               is the subject of any involuntary dissolution
               or winding-up or any involuntary sale, lease

                           9

               or transfer or other involuntary disposition
               of all or substantially all of the
               consolidated assets of the Corporation and its
               subsidiaries in a single transaction or series
               of related transactions.

          (v)  "Convertible Debentures" means the 7 1/4%
     Convertible Subordinated Debentures due 2010 of Zayre
     Corp., the terms of which are set forth in the
     Indenture, dated as of July 1, 1985 between Zayre Corp.
     and The First National Bank of Chicago; as such
     Debentures and Indenture are in effect on the date
     hereof, as may be amended from time to time (other than
     amendments affecting the conversion rate or rights or
     antidilution adjustment rights of the holders thereof).

          (vi)  "full cumulative dividends" means as of any
     date the amount of accumulated, accrued and unpaid
     dividends payable on shares of New Series A Preferred
     Stock as provided by Section 2 hereof, whether or not
     earned or declared and whether or not there shall be
     funds legally available for the payment thereof.  For
     purposes of Section 2(f) hereof, "full cumulative
     dividends on Parity Preferred Stock" refers to full
     cumulative dividends payable on shares of Parity
     Preferred Stock instead of New Series A Preferred Stock
     as provided by the terms thereof, provided that such
     Parity Preferred Stock has been created, authorized and
     issued in accordance with the terms of Section 7(a)
     hereof.  For purposes of Section 2(b) hereof, "full
     cumulative dividends on Existing Series A Preferred
     Stock" means as of any date the amount of accumulated,
     accrued and unpaid dividends payable on shares of
     Existing Series A Preferred Stock as provided under the
     Certificate of Designations, Preferences and Rights of
     the Series A Cumulative Convertible Preferred Stock
     ($1.00 par value per share) of the Company filed with
     the Secretary of State of Delaware on April 14, 1992
     (the "Existing Series A Certificate").

          (vii)  "Non-Dilutive Dividends" are Permitted
     Common Dividends under clause (x) (B) of the definition
     herein of "Permitted Common Dividends."

          (viii)  "Permitted Common Dividends" are any
     dividends on or in respect of the Corporation's Common
     Stock payable either:

               (x)  in cash:


                           10

                    (A)  out of the retained earnings of the
          Corporation in excess of any Non-Dilutive Dividends
          ("Dilutive Dividends") or

                    (B)  as regular quarterly dividends in an
          aggregate amount per share with respect to any
          fiscal year of the Corporation equal to the sum of
          (i) $0.46 per share plus (ii) an amount which does
          not exceed ten percent (10%) of the amount, if any,
          that earnings per share of the Common Stock as
          publicly reported from continuing operations of the
          Corporation for the immediately preceding fiscal
          year of the Corporation exceed $1.00 plus (iii) one
          or more increases in any quarterly dividend rate or
          rates, which in the aggregate do not exceed $0.0115
          after the close of business on April 14, 1992;
          (provided, that this clause (B) shall at no time
          require any decrease in the then dividend rate; and
          provided, further, that such per share amounts
          under this clause (B) shall be subject to
          appropriate adjustments for stock splits or stock
          subdivisions and stock combinations): or

               (y) in shares of the capital stock of the
          Corporation and rights to acquire such stock so
          long as the issuance of such capital stock is not
          prohibited under Section 1(c) hereof;

     so long as, in the case of clause (x) above, at the time
     such dividend is declared and paid full cumulative
     dividends with respect to the shares of New Series A
     Preferred Stock through the most recent dividend payment
     date shall have been paid in full in cash.

          (ix)  "Permitted Junior Dividends" means any
     regularly scheduled dividends on the Permitted Junior
     Preferred so long as at the time such dividends are
     declared and paid (1) full cumulative dividends with
     respect to the New Series A Preferred Stock through the
     most recent dividend payment date shall have been paid
     in full in cash and (2) all amounts to be paid upon the
     redemption of any New Series A Preferred Stock, Parity
     Preferred Stock or Permitted Junior Preferred which on
     or prior to such time has been called for redemption (or
     for which a redemption date has been scheduled as a
     result of notice from any holder thereof) have been paid
     in full in cash or declared and set aside for payment in
     cash.



                           11

          (x)  "Person" or "person" means an individual,
     corporation, partnership, firm, association, joint
     venture, trust, unincorporated organization, government,
     governmental body, agency, political subdivision or
     other entity.

          (xi)  "Rule 144" means (i) Rule 144 under the
     Securities Act of 1933, as amended, as such rule is in
     effect from time to time and (ii) any successor rule,
     regulation or law, as in effect from time to time.

          (xii)  "Securities Exchange Act" means the
     Securities Exchange Act of 1934, as from time to time
     amended, and the rules, regulations and interpretations
     thereunder.

          (xiii)  "Transfer Agent" means State Street Bank
     and Trust Corporation, or any other national or state
     bank or trust company having combined capital and
     surplus of at least $100,000,000 and designated by the
     Corporation as the transfer agent and/or registrar of
     the New Series A Preferred Stock, or if no such
     designation is made, the Corporation.

          (xiv)  The words "hereof", "herein" and "hereunder"
     and other words of similar import refer to this
     Certificate of Designations as a whole and not to any
     particular Section or other subdivision.

          (xv)  References herein to the Certificate of
     Incorporation include such Certificate as amended by
     this Certificate of Designations.

          2.   Dividend Rights.

          (a)  General Dividend Obligations.  The Corporation
shall pay, when and as declared by the Corporation's Board of
Directors, to the holders of the New Series A Preferred
Stock, out of the assets of the Corporation legally available
therefor, cash dividends at the times, in the amounts and
with such priorities as are provided for in this Section 2.

          (b)  Accrual of Dividends.  Dividends on each share
of New Series A Preferred Stock shall accrue cumulatively on
a daily basis from and including the most recent Dividend
Payment Date (as defined in the Existing Series A
Certificate) through which full cumulative dividends on the
Existing Series A Preferred Stock have been paid (such date,
the "Carryover Dividend Accrual Date"; provided that, if
there is no such Dividend Payment Date (as defined in the

                           12

Existing Series A Certificate) through which full cumulative
dividends on the Existing Series A Preferred Stock have been
so paid prior to the issuance of such share of New Series A
Preferred Stock, then the "Carryover Dividend Accrual Date"
shall be deemed to be April 15, 1992) to and including the
date on which the redemption or conversion of such share of
New Series A Preferred Stock shall have been effected,
whether or not such dividends shall have been declared and
whether or not there shall be (at the time such dividends
accrue or become payable or at any other time) profits,
surplus, capital or other funds of the Corporation legally
available for the payment of dividends and whether or not
there are other legal or contractual restrictions on the
declaration or payment of such dividends.  The date on which
the Corporation shall initially issue any share of New Series
A Preferred Stock shall be deemed to be its "date of
issuance" regardless of the number of times transfer of such
share of New Series A Preferred Stock shall be made on the
stock records maintained by or for the Corporation and
regardless of the number of certificates which may be issued
to evidence such share of New Series A Preferred Stock
(whether by reason of transfer of such share of New Series A
Preferred Stock or for any other reason).

          (c)  Dividend Rates.  Dividends shall accrue
cumulatively on each share of New Series A Preferred Stock
from the Carryover Dividend Accrual Date at a rate per annum
equal to $8.00 per share of New Series A Preferred Stock
calculated on the basis of the actual number of days elapsed
in a year.
          
          (d)  Payment Dates.  Full cumulative dividends on
the New Series A Preferred Stock shall be payable quarterly,
on April 1, July 1, October 1 and January 1 in each year
(each, a "Dividend Payment Date").  The first Dividend
Payment Date shall be October 1, 1992.  If any Dividend
Payment Date shall be on a day other than a Business Day,
then the Dividend Payment Date shall be on the next
succeeding Business Day.  An amount equal to the full
cumulative dividends shall also be payable, in satisfaction
of such dividend obligation, upon liquidation as provided
under Section 3 hereof, upon redemption as provided under
Section 4 hereof, and upon conversion as provided under
Section 5 hereof.

          (e)  Amounts Payable.  The amount of dividends
payable on New Series A Preferred Stock on each Dividend
Payment Date shall be the full cumulative dividends which are
unpaid through and including such Dividend Payment Date.
Dividends which are not paid for any reason whatsoever on a

                           13

Dividend Payment Date shall cumulate until paid and shall be
payable on the next Dividend Payment Date on which payment
can lawfully be made (or upon liquidation, redemption or
conversion as provided herein).  Holders of shares of
Preferred Stock called for redemption on a redemption date
falling between the close of business on a dividend payment
record date and the opening of business on the corresponding
Dividend Payment Date shall, in lieu of receiving such
dividend payment on the Dividend Payment Date fixed therefor,
receive an amount equal to such dividend payment (consisting
of all accumulated and unpaid dividends through and including
the redemption date) on the date fixed for redemption (unless
such holder converts such shares of Preferred Stock in
accordance with Sections 5 and 6 hereof).  If a conversion of
shares of Preferred Stock occurs between a dividend payment
record date and the corresponding Dividend Payment Date, the
dividends payable on the conversion date under Section 5
hereof shall be calculated through and including such
conversion date.  If, for whatever reason (i) any share of
New Series A Preferred Stock has not been converted into
Common Shares (as defined in Section 5 hereof) pursuant to
Section 5 hereof on a conversion date, or (ii) all payments
have not been made with respect to any share of New Series A
Preferred Stock as required by Section 3 on a distribution
date or all payments have not been made with respect to any
share of New Series A Preferred Stock as required by Section
4 on a redemption date (other than because of a failure by
the holder thereof to tender such shares for payment on such
date) then, notwithstanding any other provision hereof,
dividends shall continue to accumulate on such outstanding
shares until paid.

          (f)  Priority.

          (i)  So long as any shares of the New Series A
Preferred Stock are outstanding, no dividends, except as
described in the next succeeding sentence, shall be declared
or paid or set apart for payment on any class or series of
Parity Preferred Stock for any period unless full cumulative
dividends, if any, on all outstanding shares of the shares of
New Series A Preferred Stock have been or contemporaneously
are (x) declared and paid in full in cash or (y) declared and
a sum sufficient for the payment thereof in cash is set apart
for such payment on the shares of New Series A Preferred
Stock through the most recent Dividend Payment Date and so
long as any shares of Parity Preferred Stock are outstanding,
no dividends, except (1) as described in the next succeeding
sentence and (2) for distributions made to holders of New
Series A Preferred Stock from the escrow established under
Section 6(b) hereof as provided by such Section 6(b), shall

                           14

be declared or paid or set apart for payment on any class or
series of New Series A Preferred Stock for any period unless
full cumulative dividends, if any, on all outstanding shares
of Parity Preferred Stock have been or contemporaneously are
(A) declared and paid in full in cash or (B) declared and a
sum sufficient for the payment thereof in cash is set apart
for such payment on the outstanding shares of Parity
Preferred Stock through the most recent applicable dividend
payment date for such Parity Preferred Stock.  When dividends
are not paid in full or a sum sufficient for such payment is
not set apart, as aforesaid, upon the shares of the New
Series A Preferred Stock and upon any class or series of
Parity Preferred Stock, all dividends (other than
distributions made to holders of New Series A Preferred Stock
from the escrow established under Section 6(b) hereof as
provided by such Section 6(b) declared upon shares of the New
Series A Preferred Stock and all dividends declared upon such
Parity Preferred Stock shall be declared pro rata so that the
amounts of dividends per share declared on the New Series A
Preferred Stock (other than distributions made to holders of
Series A Preferred Stock from the escrow established under
Section 6(b) hereof as provided by such Section 6(b) and such
Parity Preferred Stock shall in all cases bear to each other
the same ratio that full cumulative dividends per share at
the time on the shares of New Series A Preferred Stock and on
such Parity Preferred Stock bear to each other.  Holders of
shares of the New Series A Preferred Stock or of any other
class or series of stock ranking on a parity as to dividends
with the New Series A Preferred Stock shall not be entitled
to any dividend, whether payable in cash, property or stock,
in excess of full cumulative dividends on such shares.  No
interest, or sum of money in lieu of interest, shall be
payable in respect of any dividend payment or payments in
respect of the New Series A Preferred Stock which may be in
arrears.

          (ii)  So long as any shares of the New Series A
Preferred Stock are outstanding, no shares of Parity
Preferred Stock shall be redeemed, purchased or otherwise
acquired for any consideration (or any moneys be paid to or
made available for a sinking fund or otherwise for the
purchase or redemption of any shares of any such stock) by
the Corporation (excluding conversion of shares of Parity
Preferred Stock into shares of Common Stock or other
consideration, including common stock, provided that such
other consideration reflects only amounts previously set
aside or otherwise required to be paid to the holders of
shares of Parity Preferred Stock



                           15

          (x)  in order to provide such holders with the same
          kind and amount of consideration which each such
          holder would have received in the transaction
          giving rise to such set aside or payment
          requirement (a "Distribution Event") had such
          holder's shares of Parity Preferred Stock been
          converted into Common Stock immediately prior to
          the record date of such Distribution Event, or

          (y)  as a result of adjustments to the conversion
          price (or rate) of the Parity Preferred Stock
          required under the terms of such Parity Preferred
          Stock because of the occurrence of an event or
          transaction (including a Distribution Event), or

          (z)  as a result of the occurrence of an event or
          transaction which requires the Parity Preferred
          Stock to be convertible solely into shares of
          common stock)

unless the full cumulative dividends, if any, on all
outstanding shares of the New Series A Preferred Stock shall
have been paid in full in cash or set apart for payment in
cash through the most recent Dividend Payment Date.

          So long as any shares of Parity Preferred Stock are
outstanding, no shares of New Series A Preferred Stock shall
be redeemed, purchased or otherwise acquired for any
consideration (or any moneys paid to or made available for
the purchase or redemption of any shares of any such stock)
by the Corporation (excluding conversion of shares of New
Series A Preferred Stock into shares of Common Stock or other
consideration, including common stock, provided that such
other consideration reflects only amounts previously set
aside or otherwise required to be paid to the holders of
shares of New Series A Preferred Stock

          (x)  in order to provide such holders with the same
          kind and amount of consideration which each such
          holder would have received in the transaction
          giving rise to such set aside or payment
          requirement (a "Distribution Event") had such
          holder's shares of New Series A Preferred Stock
          been converted into Common Stock immediately prior
          to the record date of such Distribution Event, or

          (y)  as a result of adjustments to the conversion
          price (or rate) of the New Series A Preferred Stock
          required under the terms of such New Series A
          Preferred Stock because of the occurrence of an

                           16

          event or transaction (including a Distribution
          Event), or

          (z)  as a result of the occurrence of an event or
          transaction which requires the New Series A
          Preferred Stock to be convertible solely into
          shares of common stock)

unless full cumulative dividends, if any, on all outstanding
shares of Parity Preferred Stock shall have been paid in full
in cash or set apart for payment in cash through the most
recent applicable dividend payment date for such Parity
Preferred Stock.

          (iii)  So long as any shares of the New Series A
Preferred Stock are outstanding, (A) no dividends shall be
declared or paid or set apart for payment and no other
distribution shall be declared or made or set apart for
payment, in each case upon the Common Stock (other than
dividends paid in shares of Common Stock made to the holders
of Common Stock), Permitted Junior Preferred or any other
stock of the Corporation ranking junior to the New Series A
Preferred Stock as to dividends or upon liquidation,
dissolution or winding-up unless such dividends are Permitted
Common Dividends or Permitted Junior Dividends and (B) no
Common Stock, Permitted Junior Preferred or any other such
stock of the Corporation ranking junior to the New Series A
Preferred Stock as to dividends or upon liquidation,
dissolution or winding up shall be redeemed, purchased or
otherwise acquired for any consideration (or any moneys be
paid to or made available for a sinking fund or otherwise for
the purchase or redemption of any shares of any such stock)
by the Corporation unless the full cumulative dividends, if
any, on all outstanding shares of the New Series A Preferred
Stock and any Parity Preferred Stock shall have been paid in
full in cash or set apart for payment in cash through the
most recent Dividend Payment Date and the most recent
dividend payment dates with respect to any Parity Preferred
Stock.

          3.   Liquidation Rights.

          (a)  Priority.  In the event of any liquidation,
dissolution or winding up of the Corporation, whether
voluntary or involuntary (but not including a liquidation
which is a merger where the Corporation is the surviving
corporation and the capital stock of the Corporation has been
unchanged or a merger which is a Permitted Merger (as defined
in Section 1(d)(ii)(A) hereof)), before any payment or
distribution of the assets of the Corporation (whether from

                           17

capital or surplus) shall be made to or set apart for the
holders of Common Stock, Permitted Junior Preferred or any
other series or class or classes of stock of the Corporation
ranking junior to the New Series A Preferred Stock and the
Parity Preferred Stock upon liquidation, dissolution or
winding up, the holders of the shares of New Series A
Preferred Stock and the holders of any class or series of
Parity Preferred Stock entitled to a liquidation preference
in such transaction or event shall be entitled to receive
liquidation payments according to the following priorities
(unless such priorities are waived, as provided below in this
Section 3(a)):

     First,

          (i)  if such liquidation, dissolution or winding up
     occurs on or after April 1, 2001, the holders of the
     shares of New Series A Preferred Stock shall receive
     $100 per share and the holders of shares of such Parity
     Preferred Stock shall receive the applicable Stated
     Liquidation Value per share of such Parity Preferred
     Stock then outstanding; and

          (ii) if such liquidation, dissolution or winding up
     occurs before April 1, 2001, (A) the holders of shares
     of New Series A Preferred Stock shall receive an amount
     equal to the Redemption Price that would have been
     payable if the Corporation had elected to redeem such
     holder's shares of New Series A Preferred Stock pursuant
     to Section 4(a) hereof on the date of such liquidation,
     dissolution or winding up, and if such liquidation,
     dissolution or winding up occurs during the period prior
     to April 1, 1995, an amount equal to the Redemption
     Price that would be payable if the Corporation elected
     to redeem such shares pursuant to Section 4(a) hereof
     during the period for April 1, 1995 through March 31,
     1996, except that in calculating such Redemption Price
     under Section 4(a), the relevant amount (i.e., $104.80)
     which is otherwise to be used under Section 4(a) shall
     be increased by an additional $0.80 for each twelve
     months (or fraction thereof) prior to April 1, 1995,
     disregarding for such purposes any prohibitions or
     restrictions or redemption contained in Section 4(a)
     hereof and (B) the holders of shares of such Parity
     Preferred Stock shall receive the applicable Stated
     Liquidation Value per share of Parity Preferred Stock
     then outstanding or a per share liquidation amount
     (excluding accumulated and unpaid dividends) such as
     that provided in this clause (ii) with respect to the


                           18

     New Series A Preferred Stock; and then after all amounts
     under this part First have been so paid,

     Second,

          (iii)  The holders of shares of New Series A
     Preferred Stock and the holders of shares of such Parity
     Preferred Stock shall each receive an amount equal to
     full cumulative unpaid dividends with respect to their
     respective shares through and including the date of
     final distribution to such holders, but such holders
     shall not be entitled to any further payment.

          No payment (in either of the First step or Second
step provided above), whether pursuant to Section 3(a)(i),
3(a)(ii) or 3(a)(iii) hereof, on account of any liquidation,
dissolution or winding up of the Corporation shall be made to
the holders of any class or series of such Parity Preferred
Stock or to the holders of New Series A Preferred Stock
unless there shall likewise be paid at the same time to the
holders of the New Series A Preferred Stock and the holders
of all classes or series of such Parity Preferred Stock like
proportionate amounts of the same payments (at the same
level, i.e., as the First step or the Second step above),
such proportionate amounts to be determined ratably in
proportion to the full amounts to which the holders of all
outstanding shares of New Series A Preferred Stock and the
holders of all outstanding shares of such Parity Preferred
Stock are respectively entitled (in either the First step or
the Second step, as the case may be) with respect to such
distribution.  A holder of shares of New Series A Preferred
Stock may elect to waive receiving any payment under this
Section 3(a) with respect to a liquidation, dissolution or
winding up of the Corporation by giving written notice of
such waiver to the Corporation, provided that such notice is
given within ten days after notice is given to such holder
under Section 3(c) hereof.

          (b)  Junior Stock.  After payment shall have been
made in full to the holders of New Series A Preferred Stock
and to the holders of such Parity Preferred Stock as provided
in this Section 3 hereof upon any liquidation, dissolution or
winding up of the Corporation, any other series or class or
classes of stock, ranking junior to the New Series A
Preferred Stock upon liquidation, dissolution or winding up
shall, subject to the respective terms and provisions (if
any) applying thereto, be entitled to receive any and all
assets remaining to be paid or distributed upon such
liquidation, dissolution or winding up, and the holders of


                           19

New Series A Preferred Stock and the holders of such Parity
Preferred Stock shall not be entitled to share therein.

          (c)  Notice of Liquidation.  Written notice of any
liquidation, dissolution or winding up of the Corporation,
stating the payment date or dates when and the place or
places where the amounts distributable in such circumstances
shall be payable, shall be given (not less than thirty (30)
days prior to any payment date stated therein), to the
holders of record of the New Series A Preferred Stock at
their respective addresses as the same shall appear on the
stock register of the Corporation.

          4.   Redemption.

          (a)  Optional Redemption.  Subject to the other
provisions of this Section 4, the Corporation may at any time
on or after April 1, 1995, redeem, at the Corporation's
option and out of funds legally available therefor, any or
all shares of New Series A Preferred Stock during the twelve
month periods (the "Redemption Periods") and at the per share
redemption prices set forth below (each a "Redemption
Price"), plus an amount equal to full cumulative dividends
thereon through and including the date of redemption:

Twelve month period beginning      Redemption Price per share

     April 1, 1995                           $104.80
     April 1, 1996                           $104.00
     April 1, 1997                           $103.20
     April 1, 1998                           $102.40
     April 1, 1999                           $101.60
     April 1, 2000                           $100.80
     April 1, 2001 and thereafter            $100.00

Upon surrender, in accordance with the notice provided under
Section 4(b) hereof, of the certificate for any shares of New
Series A Preferred Stock so redeemed (duly endorsed or
accompanied by appropriate instruments of transfer), each
holder of record of such shares shall be entitled to receive
in cash the Redemption Price, without interest, for each
share redeemed from such holder plus an amount in cash equal
to full cumulative dividends on such shares through and
including such date of redemption.  If less than all the
outstanding shares of New Series A Preferred Stock are to be
redeemed, the shares to be redeemed shall be redeemed pro
rata from all holders of then outstanding shares of New
Series A Preferred Stock.  In case fewer than all the shares
represented by any share certificate are redeemed, a new
certificate shall be issued representing the unredeemed

                           20

shares without cost to the holder thereof.  The Corporation
shall not be permitted to redeem shares of New Series A
Preferred Stock under this Section 4(a) unless the
Corporation pursuant to such redemption, simultaneously
redeems either (x) at least 10,000 shares of New Series A
Preferred Stock or (y) all of the then outstanding shares of
New Series A Preferred Stock.  Notwithstanding any provision
of this Section 4, the Corporation shall not redeem any
shares of New Series A Preferred Stock pursuant to Section
4(a)  unless either (x) full cumulated dividends accrued as
of the then most recent Dividend Payment Date have been paid
in full or (y) all of the then outstanding shares of New
Series A Preferred Stock are simultaneously redeemed.

          (b)  Notice of Optional Redemption.  The
Corporation will provide written notice of any redemption of
shares of New Series A Preferred Stock under Section 4(a)
hereof to holders of record of the New Series A Preferred
Stock not less than thirty (30) nor more than sixty (60) days
prior to the date fixed for such redemption.  Each such
notice shall state, as appropriate, the following:

          (i)  the redemption date (which shall be a Business
     Day);

         (ii)  the number of shares of New Series A Preferred
     Stock to be redeemed and, if less than all the shares
     held by any holder are to be redeemed the number of such
     shares to be redeemed from each holder;

        (iii)  the Redemption Price;

         (iv)  the place or places where certificates for
     such shares are to be surrendered for redemption; and

          (v)  the amount equal to full cumulative dividends
     payable per share of New Series A Preferred Stock to be
     redeemed to and including such redemption date, and that
     dividends on shares of New Series A Preferred Stock to
     be redeemed will cease to accrue on such redemption date
     unless the Corporation shall default in payment of the
     full redemption payment.

          (c)  Mandatory Redemption.  Upon the occurrence of
any Change of Control Event, each holder of a share of New
Series A Preferred Stock shall have the right, at such
holder's option, to require the Corporation to redeem such
holder's shares of New Series A Preferred Stock in whole or
in part at a price (the "Mandatory Redemption Price") equal
to the greater of

                           21


          (i)  the sum of

          (A)  an amount equal to full cumulative dividends
     thereon through and including such redemption payment
     date, plus

          (B)  an amount equal to the Redemption Price that
     would have been payable if the Corporation had elected
     to redeem such holder's shares of New Series A Preferred
     Stock pursuant to Section 4(a) hereof on the date such
     holder gives notice to the Corporation under Section
     4(d) hereof of such holder's exercise of its option to
     require a redemption under this Section 4(c), and if
     such notice is given by a holder under Section 4(d)
     hereof during the period prior to April 1, 1995, an
     amount equal to the Redemption Price that would be
     payable if the Corporation elected to redeem such shares
     pursuant to Section 4(a) hereof during the period from
     April 1, 1995 through March 31, 1996, except that in
     calculating such Redemption Price under Section 4(a),
     the relevant amount (i.e., $104.80) which is otherwise
     to be used under Section 4(a) shall be increased by an
     additional $0.80 for each twelve months (or fraction
     thereof) prior to April 1, 1995, disregarding for such
     purposes any prohibitions or restrictions on redemption
     contained in Section 4(a) hereof; or

          (ii) the sum of

          (A)  the product of (x) the greater of (1) the
     Market Price (as defined in Section 6(g) hereof) per
     share of Common Stock on the date such holder gives
     notice to the Corporation under Section 4(d) hereof of
     such holder's exercise of its option to require a
     redemption under this Section 4(c) or (2) the price per
     share of Common Stock received by any other stockholder
     of the Corporation in one or more series of related
     transactions resulting in such Change of Control Event,
     multiplied by (y) the number of Common Shares (as
     defined in Section 6 hereof) then obtainable upon
     conversion of such holder's shares of New Series A
     Preferred Stock to be redeemed, plus

          (B)  any Distributions on Common Stock (together
     with any earnings while escrowed) set aside pursuant to
     Section 6(b) hereof in respect of the New Series A
     Preferred Stock to be redeemed (to the extent such
     escrowed amount has not been previously distributed to
     the holder of such New Series A Preferred Stock).

                           22


Such option under this Section 4(c) shall be exercised by
written notice to the Corporation under Section 4(d) hereof
given at any time from and after the thirtieth (30th) day
before such Change of Control Event through the ninetieth
(90th) day after such Change of Control Event (or, if later,
through the ninetieth (90th) day after such holder receives
written notice from the Corporation of such Change of Control
Event).  Promptly (and in any event within ten (10) days)
after the occurrence of any Change of Control Event, and not
more than forty-five (45) days before such Change of Control
Event, the Corporation shall give written notice to each
holder of a share of New Series A Preferred Stock notifying
each such holder of the occurrence of such Change of Control
Event and informing each such holder of its right to exercise
an option to require a redemption under this Section 4(c).

          (d)  Notice of Mandatory Redemption.  In order to
exercise its rights to require a redemption under Section
4(c) hereof, a holder requiring such redemption shall send to
the Corporation a written notice demanding redemption under
Section 4(c) hereof and specifying the date of such
redemption (which shall not be less than five (5) days after
receipt of such notice by the Corporation, but in no event
earlier than such Change of Control Event, except that such
date may be the same date as a Change of Control Event
(whether or not a Business Day) if requested by the holder);
except that in the event that prior to the date fixed for
mandatory redemption by any holder of shares of New Series A
Preferred Stock pursuant to this Section 4(d) (the "Put"),
the Corporation gives notice of optional redemption to such
holder pursuant to Section 4(b) hereof (the "Call"), to the
extent that:

          (i)  the Call concerns a greater number of such
     holder's shares of New Series A Preferred Stock than the
     Put, the Corporation shall be entitled to exercise the
     optional redemption for all such shares subject to such
     Call; and

         (ii)  the Put concerns a greater number of shares of
     such holder's shares of New Series A Preferred Stock
     than the Call, the Corporation shall be entitled to
     exercise the optional redemption for all shares which
     are subject to the Call, and after such optional
     redemption by the Corporation, the holder may continue
     to exercise its rights pursuant to the Put.

          (e)  Redemption Funds.  On the date of any
redemption being made pursuant to Section 4(a), the

                           23

Corporation may, without releasing the Corporation from any
of its obligations hereunder, deposit for the benefit of the
holders of shares of New Series A Preferred Stock to be
redeemed the funds necessary for such redemption with a bank
or trust company in the City of New York or in the City of
Boston, in either case having a capital and surplus of at
least $100,000,000; provided, (i) that such bank or trust
company shall then pay the full redemption amounts as
provided for hereunder to the holders of shares of New Series
A Preferred Stock and (ii) at least ten (10) days prior to
such redemption date, the Corporation shall give the holders
written notice containing the full particulars regarding the
location of the funds for the redemption payments and the use
of this Section 4(e).  Any moneys so deposited by the
Corporation and unclaimed at the end of two years from the
date designated for such redemption shall revert to the
general funds of the Corporation.  After such reversion, any
such bank or trust company shall, upon demand, pay over to
the Corporation such unclaimed amounts and thereupon such
bank or trust company shall be relieved of all responsibility
in respect thereof and any holder of shares of New Series A
Preferred Stock to be redeemed shall look only to the
Corporation for the payment of the Redemption Price.
Notwithstanding the foregoing, however, to the extent that
the Corporation is required under the abandoned property laws
of any jurisdiction to escheat any redemption funds held in
trust for the benefit of any holder, the Corporation shall be
absolved of any further obligation or liability to such
holder to the full extent provided by any such laws.  In the
event that moneys are deposited pursuant to this subsection
(e) in respect of shares of New Series A Preferred Stock that
are converted in accordance with the provisions of Section 5,
such moneys shall, upon such conversion, revert to the
general funds of the Corporation and, upon demand, such bank
or trust company shall pay over to the Corporation such
moneys and shall be relieved of all responsibility to the
holders of such converted shares in respect thereof.  Any
interest accrued on funds deposited pursuant to this
subsection (e) shall be paid from time to time to the
Corporation for its own account.

          (f)  Failure to Redeem.  In the event that on any
date for redemption pursuant to Section 4(c) hereof, the
Corporation, for whatever reason, is unable to, or does not,
pay in full the Mandatory Redemption Price or other amounts
due to any holder or holders of shares of New Series A
Preferred Stock, then (without releasing the Corporation from
its obligations under Section 4(c) hereof), the amount paid
by the Corporation to all holders of shares of New Series A
Preferred Stock pursuant to Section 4(c) hereof who send

                           24

written notices to the Corporation pursuant to Section 4(d)
hereof within thirty (30) days of each other, shall be
allocated among all such holders of shares of New Series A
Preferred Stock in proportion, as nearly as practicable, to
the respective number of shares of New Series A Preferred
Stock then held by each such holder; provided, that in the
event that the amount so allocable to any such holder would
exceed the amount to be received by such holder pursuant to
such holder's notice, then any such excess shall be allocated
to the other remaining holders of shares of New Series A
Preferred Stock requesting redemption; provided, further,
however, that in the event a holder of New Series A Preferred
Stock makes an election to adjust the then current conversion
price pursuant to Section 6(h)(y) hereof, the Corporation
shall have no obligation to pay the Mandatory Redemption
Price under Section 4(c) hereof with respect to such shares.

          (g)  Rights After Redemption.  If notice of
redemption shall have been duly given under Section 4(b) or
Section 4(d), and if on or before the redemption date funds
necessary for the redemption of the shares of New Series A
Preferred Stock to be redeemed shall have been set aside
pursuant to Section 4(e) hereof, then notwithstanding that
any certificate representing any shares of New Series A
Preferred Stock so called for redemption shall not have been
surrendered, the dividends thereon shall cease to accrue from
and after the date of redemption and all rights with respect
to the shares of New Series A Preferred Stock so called for
redemption shall forthwith after such redemption date cease,
except only the right of the holder to receive the Redemption
Price plus an amount equal to full cumulative dividends
thereon through and including the date of redemption (or the
Mandatory Redemption Price, as the case may be).  Any share
of New Series A Preferred Stock which has been redeemed under
Section 4(a) or 4(c) hereof, as to which all amounts payable
thereunder have been paid in full in cash (or set aside for
payment in cash pursuant to Section 4(e) hereof), shall be
retired and restored to the status of authorized but unissued
Preferred Stock of the Corporation (which Preferred Stock
remains subject to the restrictions set forth in Section 1(c)
hereof and which may not be reissued as New Series A
Preferred Stock).

          (h)  No Selective Repurchase Offers.  Neither the
Corporation nor any of its subsidiaries shall repurchase any
outstanding shares of New Series A Preferred Stock unless the
Corporation either (i) offers to purchase all of the then
outstanding shares of New Series A Preferred Stock or (ii)
offers to purchase shares of New Series A Preferred Stock
from the holders in proportion to the respective number of

                           25

shares of New Series A Preferred Stock held by each holder
accepting such offer; provided, that this Section 4(h) shall
not apply to any shares of New Series A Preferred Stock which
are sold or transferred either in a public offering pursuant
to a registration statement under Section 6 of the Securities
Act of 1933, as amended or pursuant to Rule 144 (but only if
sold in "brokers' transactions" under Rule 144(g) as in
effect on April 14, 1992).  In any such repurchase by the
Corporation, if all shares of such New Series A Preferred
Stock are not being repurchased, then the number of shares of
such New Series A Preferred Stock offered to be repurchased
shall be allocated among all shares of such New Series A
Preferred Stock held by holders which accept the
Corporation's repurchase offer so that such shares of New
Series A Preferred Stock are repurchased from such holders in
proportion to the respective number of such shares of New
Series A Preferred Stock held by each such holder which
accepts the Corporation's offer (or in such other proportion
as agreed by all such holders who accept the Corporation's
offer).  Nothing in this Section 4(h) shall (i) obligate a
holder of shares of New Series A Preferred Stock to accept
the Corporation's repurchase offer or (ii) prevent the
Corporation from redeeming shares of New Series A Preferred
Stock in accordance with the terms of (and this Section 4(h)
shall not apply to) Sections 4(a) through 4(g) hereof.

          5.   Conversion.

          (a)  General.  Each holder of a share of New Series
A Preferred Stock shall have the right, at the option of such
holder, at any time to convert, upon the terms and provisions
of this Section 5, one or more shares of New Series A
Preferred Stock into fully paid and nonassessable shares of
Common Stock of the Corporation or any capital stock or other
securities into which such Common Stock shall have been
changed or any capital stock or other securities resulting
from a reclassification thereof (such shares, the "Common
Shares").  Such conversion of shares of New Series A
Preferred Stock to Common Shares shall be made at a
conversion rate of one share of New Series A Preferred Stock
for a number of Common Shares equal to (x) $100 divided by
(y) the then current conversion price, as further described
below.  Every share of New Series A Preferred Stock shall
continue to be convertible, in whole or in part, even though
the Corporation or a holder may have given notice of
redemption with respect to such share of New Series A
Preferred Stock or any part thereof pursuant to Section 4
hereof, so long as such share of New Series A Preferred Stock
and the holder's election to convert shall have been
delivered to the Corporation's transfer office pursuant to

                           26

Section 5(c) hereof five (5) Business Days prior to the date
fixed for such redemption.  The Common Shares issuable upon
conversion of the shares of New Series A Preferred Stock,
when such Common Shares shall be issued in accordance with
the terms hereof, are hereby declared to be and shall be duly
authorized, validly issued, fully paid and nonassessable
Common Shares held by the holders thereof.

          (b)  Reference to "Conversion".  For convenience,
the conversion pursuant to this Section 5 of all or a part of
the shares of New Series A Preferred Stock into Common Shares
is herein sometimes referred to as the "conversion" of the
shares of New Series A Preferred Stock.

          (c)  Surrender, Election and Payment.  Each share
of New Series A Preferred Stock may be converted by the
holder thereof, in whole or in part, during normal business
hours on any Business Day by surrender of the share of New
Series A Preferred Stock, accompanied by written evidence of
the holder's election to convert the preferred share of New
Series A Preferred Stock or portion thereof, to the
Corporation at its office designated pursuant to Section 8
hereof (or, if such conversion is in connection with an
underwritten public offering of Common Shares, at the
location at which the underwriting agreement requires that
such Common Shares (or shares of New Series A Preferred
Stock) be delivered).  Payment of the conversion price for
the Common Shares specified in such election shall be made by
applying an aggregate number of shares of New Series A
Preferred Stock equal to the number obtained by dividing (x)
the number of Common Shares specified in such election by (y)
the amount obtained by dividing (A) 100 by (B) the then
current conversion price.  Such holder shall thereupon be
entitled to receive the number of Common Shares specified in
such election (plus cash in lieu of any fractional share as
provided in Section 5(j) hereof).

          (d)  Effective Date.  Each conversion of a share of
New Series A Preferred Stock pursuant to Section 5(c) hereof
shall be deemed to have been effected immediately prior to
the close of business on the Business Day on which such share
of New Series A Preferred Stock shall have been surrendered
to the Corporation as provided in Section 5(c) hereof (except
that if such conversion is in connection with an underwritten
public offering of Common Shares, then such conversion shall
be deemed to have been effected upon such surrender), and
such conversion shall be at the current conversion price in
effect at such time.  On each such day that the conversion of
a share of New Series A Preferred Stock is deemed effected,
the person or persons in whose name or names any certificate

                           27

or certificates for Common Shares are issuable upon such
conversion, as provided in Section 5(e) hereof, shall be
deemed to have become the holder or holders of record of such
Common Shares.

          (e)  Share Certificates.  As promptly as
practicable after the conversion of a share of New Series A
Preferred Stock, in whole or in part, and in any event within
five (5) Business Days thereafter (unless such conversion is
in connection with an underwritten public offering of Common
Shares, in which event concurrently with such conversion),
the Corporation as its expense (including the payment by it
of any applicable issue, stamp or other taxes, other than any
income taxes) will cause to be issued in the name of and
delivered to the holder thereof or as such holder may direct,
a certificate or certificates for the number of Common Shares
to which such holder shall be entitled upon such conversion
on the effective date of such conversion plus cash in lieu of
any fractional shares as provided in Section 5(j) hereof.

          (f)  Retirement of Converted Shares.  Any share of
New Series A Preferred Stock which has been converted under
Section 5 hereof shall be retired and restored to the status
of authorized but unissued Preferred Stock of the Corporation
(which Preferred Stock remains subject to the restrictions
set forth in Section 1(c) hereof and which may not be
reissued as New Series A Preferred Stock).

          (g)  Payment of Dividends.  Within five (5)
Business Days after receipt of any share of New Series A
Preferred Stock and an election to convert all or a portion
of such share of New Series A Preferred Stock under Section
5(c) hereof, the Corporation will pay, out of funds legally
available therefor, to the holder of such share of New Series
A Preferred Stock in cash an amount equal to full cumulative
dividends accrued to the effective date of conversion of such
shares of New Series A Preferred Stock.

          (h)  Current Conversion Price.  The term
"conversion price" shall mean initially, subject to
adjustment, the lesser of (i) $21.00 per Common Share or (ii)
an amount equal to the conversion price per Common Share (as
defined in the Existing Series A Certificate) of the Existing
Series A Preferred Stock pursuant to the terms of the
Existing Series A Certificate (as in effect on the close of
business on August 11, 1992) taking into account any and all
adjustments to such conversion price required to be made by
the terms of such Existing Series A Certificate.  For
purposes of this Section 5(h), such initial conversion price
shall be deemed to have become effective at the close of

                           28

business on August 11, 1992 but shall be subject to
adjustment as set forth in Section 6 hereof.  The term
"current conversion price" as used herein shall mean the
conversion price, as the same may be adjusted from time to
time as hereinafter provided, in effect at any given time.
In determining the current conversion price, the result shall
be expressed to the nearest $0.01, but any such lesser or
greater amount shall be carried forward and shall be
considered at the time of (and together with) the next
subsequent adjustment which, together with any adjustments to
be carried forward, shall amount to $0.01 per Common Share or
more and provided that to the extent that at the close of
business on August 11, 1992, there are any carried forward
adjustments under the Existing Series A Preferred Stock which
were required to be carried forward by the Corporation
pursuant to Section 5(h) of the Existing Series A
Certificate, adjustments in the same amount as such carried
forward adjustments shall be made to the conversion price
hereunder at the time of (and together with) the first
adjustment to the conversion price hereunder which, together
with such adjustments and any other adjustments to be carried
forward hereunder, shall amount to $0.01 per Common Share or
more.

          (i)  Reservation of Shares of Common Stock.  The
Corporation shall at all times reserve and keep available out
of authorized but unissued the maximum number of shares of
Common Stock into which all shares of New Series A Preferred
Stock from time to time outstanding are convertible, but
shares of Common Stock held in the treasury of the
Corporation may, in its discretion, be delivered upon any
conversion of shares of New Series A Preferred Stock.

          (j)  Fractional Shares.  No fractional shares of
Common Stock shall be issued upon conversion of New Series A
Preferred Stock, but, in lieu of any fraction of a Common
Share which would otherwise be issuable in respect of the
aggregate number of shares of New Series A Preferred Stock
surrendered by the holder thereof for conversion, the holder
shall have the right to receive an amount in cash equal to
the same fraction of the current Market Price (as defined
below) on the effective date of the conversion of such shares
of New Series A Preferred Stock.

          6.  Adjustment to Conversion Price.

          The Conversion Price shall be adjusted, from time
to time, as follows:



                           29

          (a)  Adjustments for Stock Dividends,
Recapitalizations, Etc.  In case the Corporation shall, after
August 11, 1992, (w) pay a stock dividend or make a
distribution (on or in respect of its Common Stock) in shares
of its Common Stock, (x) subdivide the outstanding shares of
its Common Stock, (y) combine the outstanding shares of its
Common Stock into a smaller number of shares, or (z) issue by
reclassification of shares of its Common Stock, any shares of
capital stock of the Corporation, then, in any such case, the
current conversion price in effect immediately prior to such
action shall be adjusted to a price such that if the holder
of a share of New Series A Preferred Stock were to convert
such share of New Series A Preferred Stock in full
immediately after such action, such holder would be entitled
to receive the number of shares of capital stock of the
Corporation which such holder would have owned immediately
following such action had such share of New Series A
Preferred Stock been converted immediately prior thereto
(with any record date requirement being deemed to have been
satisfied), and, in any such case, such conversion price
shall thereafter be subject to further adjustments under this
Section 6.  An adjustment made pursuant to this subsection
(a) shall become effective retroactively immediately after
the record date in the case of a dividend or distribution and
shall become effective immediately after the effective date
in the case of a subdivision, combination or
reclassification.

          (b)  Adjustments for Certain Other Distributions.
In case the Corporation shall, after April 15, 1992, fix a
record date for the making of a distribution to holders of
its Common Stock (including any such distribution made in
connection with a consolidation or merger in which the
Corporation is the continuing corporation) of

          (i)  assets (but not including Non-Dilutive
     Dividends), including Dilutive Dividends,

         (ii)  evidences of indebtedness or other securities
     (except for its Common Stock) of the Corporation or of
     any entity other than the Corporation, or

        (iii)  subscription rights, options or warrants to
     purchase any of the foregoing assets or securities,
     whether or not such rights, options or warrants are
     immediately exercisable

(all such distributions referred to in clauses (i), (ii) and
(iii) being hereinafter collectively referred to as
"Distributions on Common Stock"), the Corporation shall set

                           30

aside in an escrow reasonably acceptable to the holders of a
majority of the shares of New Series A Preferred Stock then
outstanding, and with respect to cash, suitably invested for
the benefit of the holders of shares of New Series A
Preferred Stock, the Distribution on Common Stock to which
they would have been entitled if they had converted all of
the shares of New Series A Preferred Stock held by them for
the Corporation's Common Stock immediately prior to the
record date for the purpose of determining stockholders
entitled to receive such Distribution on Common Stock (or
with respect to Distributions on Common Stock occurring
before August 12, 1992, the Distribution on Common Stock to
which they would have been entitled if shares of New Series A
Preferred Stock had been issued to them as of such date (and
as if this Certificate of Designations had been in effect as
of such date) and if they had converted such shares held by
them for the Corporation's Common Stock immediately prior to
such record date) and any such Distribution on Common Stock
(together with any earnings while escrowed) shall thereafter
be distributed (unless any of the subscription rights, option
or warrants referred to in clause (iii) above terminate or
expire in accordance with their terms prior to their
distribution out of such escrow) from time to time out of
such escrow to persons converting shares of New Series A
Preferred Stock (immediately upon conversion) and to any
holder of shares of New Series A Preferred Stock which are
being redeemed pursuant to Section 4 hereof (immediately upon
such redemption) to the extent such Distribution on Common
Stock relates to the portion of the shares of New Series A
Preferred Stock then being converted or redeemed, as the case
may be; provided, that in the event that full cumulative
dividends on all outstanding shares of the New Series A
Preferred Stock shall not have been paid in full in cash or
set aside for payment in cash through any Dividend Payment
Date occurring while any Distributions on Common Stock are
held in escrow pursuant to this Section 6(b), then the
Corporation shall promptly declare a mandatory dividend per
share of New Series A Preferred Stock, out of funds legally
available therefor, of such Distributions on Common Stock
held in escrow in respect of each share of New Series A
Preferred Stock.  Written notice of any such dividend shall
be provided to each holder of New Series A Preferred Stock at
least 10 days prior to the payment thereof.  Any holder of
New Series A Preferred Stock may waive the right to receive
such dividend by giving written notice of such waiver to the
Corporation prior to the payment thereof.  Any holder who
does not elect to so waive the right to receive such dividend
shall (i) upon receipt thereof be deemed to waive any right
thereafter to receive upon conversion of such shares of New
Series A Preferred Stock such Distributions on Common Stock

                           31

distributed in such dividend and (ii) shall as a condition to
receipt of such dividend submit the certificate or
certificates representing such shares of New Series A
Preferred Stock to the Corporation for the imposition thereon
of a legend conspicuously noting the waiver pursuant to
clause (i) hereof of the right to receive such Distributions
on Common Stock upon conversion of such shares of New Series
A Preferred Stock.  Any such mandatory dividend of such
Distribution on Common Stock shall not modify, affect or
restrict the rights of such holder to receive any dividends
or distributions under, or reduce the amount of dividends or
distributions payable pursuant to, Section 2 hereof.

          (c)  Adjustments for Issuances of Additional Stock.
Subject to the exceptions referred to in Section 6(e) hereof,
in case the Corporation shall at any time or from time to
time after August 11, 1992 issue any additional shares of the
Corporation's Common Stock ("Additional Common Stock"), for a
consideration per share either (I) less than the then current
Market Price per share of the Corporation's Common Stock
(determined as provided in Section 6(g) hereof), immediately
prior to the issuance of such Additional Common Stock (except
as provided in Section 6(g) hereof), or (II) without
consideration, then (in the case of either clause (I) or
(II)), and thereafter successively upon each such issuance,
the current conversion price shall forthwith be reduced to a
price equal to the price determined by multiplying such
current conversion price by a fraction, of which

          (1)  the numerator shall be (i) the number of
     shares of the Corporation's Common Stock outstanding
     immediately prior to such issuance of the Additional
     Common Stock plus (ii) the number of shares of the
     Corporation's Common Stock which the aggregate amount of
     consideration, if any, received by the Corporation upon
     such issuance of the Additional Common Stock would have
     purchased at the then current Market Price per share of
     the Corporation's Common Stock with respect to each
     issuance, and

          (2)  the denominator shall be (i) the number of
     shares of the Corporation's Common Stock outstanding
     immediately prior to the issuance of the Additional
     Common Stock plus (ii) the number of shares of such
     issuance of Additional Common Stock;

provided, however, that such adjustment shall be made only if
such adjustment results in a current conversion price less
than the current conversion price in effect immediately prior
to the issuance of such Additional Common Stock.  The

                           32

Corporation may, but shall not be required to, make any
adjustment of the current conversion price if the amount of
such adjustment shall be less than one percent (1%) of the
current conversion price immediately prior to such
adjustment, but any adjustment that would otherwise be
required then to be made which is not so made shall be
carried forward and shall be made at the time of (and
together with) the next subsequent adjustment which, together
with any adjustments so carried forward, shall amount to not
less than one percent (1%) of the current conversion price
immediately prior to such adjustment; provided that to the
extent that at the close of business on August 11, 1992,
there are any carried forward adjustments under the Existing
Series A Preferred Stock which were required to be carried
forward by the Corporation pursuant to Section 6(h) of the
Existing Series A Certificate, adjustments in the same amount
as such carried forward adjustments shall be made to the
conversion price hereunder at the time of (and together with
the first adjustment to the conversion price hereunder which,
together with such adjustments and any other adjustments to
be carried forward hereunder, shall amount to not less than
one percent (1%) of the current conversion price immediately
prior to such adjustments.

          (d)  Certain Rules in Applying the Adjustment for
Additional Stock Issuances.  For purposes of any adjustment
as provided in Section 6(c) hereof, the following provisions
shall also be applicable:

          (1)  Cash Consideration.  In case of the issuance
     of Additional Common Stock for cash, the consideration
     received by the Corporation therefor shall (subject to
     the last sentence of Section 6(g) hereof) be deemed to
     be the cash proceeds received by the Corporation for
     such Additional Common Stock.

          (2)  Non-Cash Consideration.  In case of the
     issuance of Additional Common Stock for a consideration
     other than cash, or a consideration a part of which
     shall be other than cash, the amount of the
     consideration other than cash so received or to be
     received by the Corporation shall be deemed to be the
     value of such consideration at the time of its receipt
     by the Corporation as determined in good faith by the
     Board of Directors (subject to the last sentence of
     Section 6(a) hereof), except that where the non-cash
     consideration consists of the cancellation, surrender or
     exchange of outstanding obligations of the Corporation
     (or where such obligations are otherwise converted into
     shares of the Corporation's Common Stock), the value of

                           33

     the non-cash consideration shall be deemed to be the
     principal amount of the obligations cancelled,
     surrendered, satisfied, exchanged or converted.  If the
     Corporation receives consideration, part or all of which
     consists of publicly traded securities (i.e., in lieu of
     cash), the value of such non-cash consideration shall be
     the aggregate market value of such securities (based on
     the latest reported sale price regular way) as of the
     close of the day immediately preceding the date of their
     receipt by the Corporation (subject to the last sentence
     of Section 6(a) hereof).

          (3)  Options, Warrants, Convertibles, Etc.  In case
     of the issuance, whether by distribution or sale to
     holders of its Common Stock (other than Distributions on
     Common Stock) or to others, by the Corporation of (i)
     any security (other than the shares of New Series A
     Preferred Stock) that is convertible into Common Stock
     or (ii) any rights, options or warrants to purchase the
     Corporation's Common Stock (except as stated in Section
     6(e) hereof), if inclusion thereof in calculating
     adjustments under this Section 6 would result in a
     current conversion price lower than if excluded, the
     Corporation shall be deemed to have issued, for the
     consideration described below, the number of shares of
     the Corporation's Common Stock into which such
     convertible security may be converted when first
     convertible, or the number of shares of the
     Corporation's Common Stock deliverable upon the exercise
     of such rights, options or warrants when first
     exercisable, as the case may be (and such shares shall
     be deemed to be Additional Common Stock for purposes of
     Section 6(c) hereof).  The consideration deemed to be
     received by the Corporation at the time of the issuance
     of such convertible securities or such rights, options
     or warrants shall be the consideration so received
     determined as provided in Section 6(d)(1) and (2) hereof
     plus (x) any consideration or adjustment payment to be
     received by the Corporation in connection with such
     conversion or, as applicable, (y) the aggregate price at
     which shares of the Corporation's Common Stock are to be
     delivered upon the exercise of such rights, options or
     warrants when first exercisable (or, if no price is
     specified and such shares are to be delivered at an
     option price related to the market value of the subject
     Common Stock, an aggregate option price bearing the same
     relation to the market value of the subject Common Stock
     at the time such rights, options or warrants were
     granted).  If, subsequently, (1) such number of shares
     into which such convertible security is convertible, or

                           34

     which are deliverable upon the exercise of such rights,
     options or warrants, is increased or (2) the conversion
     or exercise price of such convertible security, rights,
     options or warrants is decreased, then the calculations
     under the preceding two sentences (and any resulting
     adjustment to the current conversion price under Section
     6(c) hereof) with respect to such convertible security,
     rights, options or warrants, as the case may be, shall
     be recalculated as of the time of such issuance but
     giving effect to such changes (but any such
     recalculation shall not result in the current conversion
     price being higher than that which would be calculated
     without regard to such issuance).  On the expiration or
     termination of such rights, options or warrants, or
     rights to convert, the conversion price hereunder shall
     be readjusted (up or down as the case may be) to such
     current conversion price as would have been obtained had
     the adjustments made with respect to the issuance of
     such rights, options, warrants or convertible securities
     been made upon the basis of the delivery of only the
     number of shares of the Corporation's Common Stock
     actually delivered upon the exercise of such rights,
     options or warrants or upon the conversion of any such
     securities and at the actual exercise or conversion
     prices (but any such recalculation shall not result in
     the current conversion price being higher than that
     which would be calculated without regard to such
     issuance).

          (4)  Number of Shares Outstanding.  The number of
     shares of the Corporation's Common Stock as at the time
     outstanding shall exclude all shares of the
     Corporation's Common Stock then owned or held by or for
     the account of the Corporation but shall include the
     aggregate number of shares of the Corporation's Common
     Stock at the time deliverable in respect of the
     convertible securities, rights, options and warrants
     referred to in Section 6(d)(3) and 6(e) hereof;
     provided, that to the extent that such rights, options,
     warrants or conversion privileges are not exercised,
     such shares of the Corporation's Common Stock shall be
     deemed to be outstanding only until the expiration dates
     of the rights, warrants, options or conversion
     privileges or the prior cancellation thereof.

          (e)  Exclusions from the Adjustment for Additional
Stock Issuances.  No adjustment of the current conversion
price under Section 6(c) hereof shall be made as a result of
or in connection with:


                           35

          (1)  the issuance of shares of Common Stock upon
     conversion of the shares of New Series A Preferred Stock
     or the Convertible Debentures or the Parity Preferred
     Stock (or the issuance of any shares of New Series A
     Preferred Stock or any Parity Preferred Stock); or

          (2)  the issuance of shares of Junior Preferred
     Stock, Common Stock, cash or other securities pursuant
     to the Corporation's Shareholder Rights Plans or rights
     issued thereunder, provided Section 1(c) hereof is
     complied with;

          (3)  the issuance of the Corporation's Common Stock
     (x) to the Corporation's stock purchase plans or other
     similar compensation or benefit plans, in each case the
     beneficiaries of which are officers, directors or
     employees of the Corporation or (y) to officers,
     directors and employees of the Corporation or its
     subsidiaries (or the grant to or exercise by any such
     persons of options, warrants or rights to purchase or
     acquire Common Stock), all (under the preceding clause
     (x) or (y)) pursuant to the Corporation's employment
     agreements, stock option, stock incentive and stock
     purchase plans approved by the Corporation's Board of
     Directors; provided, that the aggregate number of shares
     of Common Stock which have been issued in any fiscal
     year commencing after January 25, 1992 (or are subject
     to outstanding warrants, options or other rights which
     have been issued or granted in any fiscal year
     commencing after January 25, 1992) at any time
     (excluding shares, options, warrants or rights referred
     to in clause (4) below) shall not exceed 3.5% of the
     number of shares of Common Stock outstanding at the
     beginning of the fiscal year (commencing after January
     25, 1992) in which such shares or options, warrants or
     rights were granted (the "Allowable Shares"); provided,
     further, that the number of Allowable Shares during any
     one fiscal year may be increased by

          (i)  any unissued shares of Common Stock subject to
     any cancelled, terminated or forfeited option, warrant
     or right which was outstanding on April 15, 1992 or any
     forfeited shares which were outstanding on April 15,
     1992,

          (ii)  any unissued shares of Common Stock subject
     to any cancelled, terminated or forfeited option,
     warrant or right granted in any fiscal year commencing
     after January 25, 1992 or any forfeited shares so


                           36

     granted (without duplication as to any shares of Common
     Stock referred to in clause (i) above) and

          (iii)  any Allowable Shares from a preceding fiscal
     year (but after January 25, 1992) which Allowable Shares
     were not issued or otherwise subject to issuance
     pursuant to any options, warrants or rights granted
     during any fiscal year commencing after January 25,
     1992;

     provided, further, that any shares of Common Stock
     referred to in clauses (i), (ii) or (iii) above which
     are thereafter issued or are subject to any options,
     warrants or rights granted in such fiscal year in excess
     of the amount of Allowable Shares permitted to be issued
     and granted in any fiscal year under this Section
     6(e)(3) shall not be considered Allowable Shares in any
     subsequent fiscal year; and provided, further, there
     shall be an adjustment as provided in Section 6(c)
     hereof to the extent the Corporation has issued options,
     warrants or rights to purchase Common Stock or shares of
     Common Stock to such plans, officers, directors and
     employees of the Corporation or its subsidiaries in any
     fiscal year in excess of the Allowable Shares (as may be
     increased in accordance with this Section 6(e)(3)); and

          (4)  the issuance of shares of Common Stock upon
     exercise of options, warrants and rights to purchase or
     acquire Common Stock which options, warrants and rights
     are issued and outstanding as of April 15, 1992 and
     which were issued pursuant to the Corporation's
     employment agreements, stock option, stock incentive and
     stock purchase plans approved by the Corporation's Board
     of Directors.

          (f)  Accountants' Certification.  Whenever the
current conversion price is adjusted as provided in this
Section 6, the Corporation will promptly obtain a certificate
of a firm of independent public accountants of recognized
national standing selected by the Board of Directors of the
Corporation (who may be the regular auditors of the
Corporation) setting forth the current conversion price as so
adjusted, the computation of such adjustment and a brief
statement of the facts accounting for such adjustment, and
will mail to the holders of the shares of New Series A
Preferred Stock a copy of such certificate from such firm of
independent public accountants.

          (g)  Determination of Market Price.  For the
purpose of any computation under this Section 6, the current

                           37

"Market Price" per share of the Corporation's Common Stock on
any date shall be deemed to be the average of the daily
closing prices for the ten (10) consecutive trading dates
commencing twelve (12) trading days before such date (subject
to the last three sentences of this Section 6(g)).  The
closing price for each day shall be the last reported sale
price regular way or, in case no such sale takes place on
such day, the average of the closing bid and asked prices
regular way, in either case on the principal national
securities exchange on which the Corporation's Common Stock
is listed or admitted to trading, or if the Corporation's
Common Stock is not listed or admitted to trading on any
national securities exchange, the average of the highest
reported bid and lowest reported asked prices as furnished by
the National Association of Securities Dealers Inc.,
Automated Quotation System Level I, or comparable system.  If
the closing price cannot be so determined, then the Market
Price shall be determined:

     (x)  by the written agreement of the Corporation and the
          holders of shares of New Series A Preferred Stock
          representing a majority of the Common Shares then
          obtainable from the conversion of outstanding
          shares of New Series A Preferred Stock, or

     (y)  in the event that no such agreement is reached
          within twenty (20) days after the event giving rise
          to the need to determine the Market Price, by the
          agreement of two arbitrators, one of whom shall be
          selected by the Corporation and the other of whom
          shall be selected by such majority holders or

     (z)  if the two arbitrators so selected fail to agree
          within twenty (20) days, by a third arbitrator
          selected by the mutual agreement of the other two
          (with all costs and expenses of any arbitrators to
          be paid by the Corporation).

The Corporation shall cooperate, and shall provide all
necessary information and assistance, to permit any
determination under the preceding clauses (x), (y) or (z).
If the Corporation conducts an underwritten public offering
of the Corporation's Common Stock, and if such public
offering raises at least $5,000,000 of net proceeds to the
Corporation and/or selling stockholders thereunder, then for
purposes of Section 6(c) hereof the Corporation shall be
deemed to have issued such shares of its Common Stock sold in
such underwritten public offering for a consideration per
share equal to the then current Market Price per share.  If
at a time when the current Market Price per share of the

                           38

Common Stock can be determined pursuant to the first two
sentences of this Section 6.4(g), the Corporation issues any
of its Common Stock in a private placement without
registration under Section 5 of the Securities Act (and such
shares of Common Stock are not so registered at any time
within six (6) months after the issuance of such Common
Stock) at a purchase price per share which yields the
Corporation a Net Price equal to or in excess of ninety
percent (90%) of the Market Price per share (as would
otherwise be determined under the first two sentences of this
paragraph (g) on the trading date immediately preceding such
issuance (or the date the price for such placement is
determined, provided the closing occurs within thirty (30)
days after such date), then for purposes of Section 6.4(c)
hereof the Corporation shall be deemed to have sold such
shares of its Common Stock in such private placement at their
Market Price per share; the "Net Price" shall be calculated,
on a per share basis, after deducting all brokers', dealers',
placement agents' and underwriters' fees and commissions and
any other expenses borne by the Corporation or its
subsidiaries in connection with such placement which
expenses, if such proceeds were raised in a public offering,
would be required to be disclosed in Part II of a
registration statement under Section 5 of the Securities Act.
With respect to issuances of Additional Common Stock in
connection with an acquisition of the assets of a business or
of capital stock of a business or a merger with a corporation
where the Corporation is the surviving entity, the then
current Market Price per share of Additional Common Stock
issued by the Corporation to make such acquisition or
consummate such merger shall be determined as of the earlier
of the date when a binding letter of commitment or a binding
agreement with respect thereto was executed and delivered by
the Corporation, and the assets or capital stock being
acquired by the Corporation in exchange for the issuance of
such Additional Common Stock shall be deemed to be equal to
such then current Market Price; provided that (x) the closing
of such transaction occurs no later than three (3) months
after such date, and (y) the use of such Common Stock was
approved, authorized and/or ratified by the Board of
Directors of the Corporation on or before the delivery of the
acquisition agreements and the amount of such Additional
Common Stock was deemed by the Board to be equal (together
with other consideration paid by the Corporation in such
transaction) to the fair value of the assets or capital stock
being acquired.

          (h)  Special Adjustments.  The current conversion
price with respect to a share of New Series A Preferred Stock


                           39

shall be adjusted downward to a price equal to the greater of
the then Market Price per Common Share or $3.50:

     (x)  automatically upon the occurrence of a Control
          Adjustment Event except with respect to any shares
          of New Series A Preferred Stock as to which the
          Corporation shall have previously issued a Call and
          which shares shall have been redeemed in accordance
          with such Call; or

     (y)  upon the election (made in writing by notice to the
          Corporation at any time after the date set for
          redemption in the notice provided under Section
          4(d) hereof) of the holder of such share of New
          Series A Preferred Stock, in lieu of receiving the
          Mandatory Redemption Price if the Corporation is
          required to pay the Mandatory Redemption Price to
          such holder of such share of the New Series A
          Preferred Stock and does not pay such Mandatory
          Redemption Price within ten (10) days after the
          Corporation is to make such payment under Section
          4(c) hereof;

provided that, in no event shall the then current conversion
price be increased by this Section 6(h).

          (i)  April 15, 2007 Adjustment.  On April 15, 2007,
the then current conversion price shall be adjusted downward
to a price equal to an amount which is equal to the product
of (x) the Market Price times (y) 1.20; provided, that for
purposes of this Section 6(i), "Market Price" shall be
determined under Section 6(g) hereof but in applying Section
6(g) to this Section 6(i) the daily closing prices shall be
averaged for the thirty (30) trading days preceding April 15,
2007 in applying the first sentence of Section 6(g);
provided, further, that in no event shall the current
conversion price be increased by this Section 6(i) and in no
event shall the current conversion price be reduced to an
amount less than $7.00; provided, further, that any other
adjustments under this Section 6 occurring on such day shall
be made assuming the current conversion price at the start of
business on such day had been reduced pursuant to this
Section 6(i).

          (j)  Antidilution Adjustments under other
Securities.  Without limiting any other rights available
hereunder to the holders of shares of New Series A Preferred
Stock, if there is an antidilution adjustment



                           40

          (x)  under any security which is convertible into
               Common Stock of the Corporation whether issued
               prior to or after the date hereof (except for
               the shares of New Series A Preferred Stock or
               the Convertible Debentures) or

          (y)  under any right, option or warrant to purchase
               Common Stock of the Corporation whether issued
               prior to or after the date hereof (other than
               securities the issuance of which was excluded
               from adjustment under Section 6(e)(2) or (3)
               hereof, if any),

which (in the case of clause (x) or (y)) results in a
reduction in the exercise, conversion or purchase price with
respect to such security, right, option or warrant to an
amount less than the then current conversion price or results
in an increase in the number of shares obtainable under such
security, right, option or warrant which has an effect
equivalent to lowering a conversion or exercise price to an
amount less than the then current conversion price, then an
adjustment shall be made under this Section 6(j) to the then
current conversion price hereunder.  Any such adjustment
under this Section 6(j) shall be whichever of the following
results in a lower current conversion price:

               (A)  a reduction in the current conversion
          price equal to the percentage reduction in such
          exercise or purchase price with respect to such
          security, right, option or warrant, or

               (B)  a reduction in the current conversion
          price which will result in the same percentage
          increase in the number of Common Shares available
          under this Section 6 as the percentage increase in
          the number of shares available under such security,
          right, option or warrant.

Any such adjustment under this Section 6(j) shall only be
made if it would result in a lower current conversion price
than that which would be determined pursuant to any other
antidilution adjustment otherwise required under this Section
6 as a result of the event or circumstance which triggered
the adjustment to the security, right, option or warrant
described in clause (x) or (y) above (and if any such
adjustment is so made under this Section 6(j), then such
other antidilution adjustment otherwise required under this
Section 6 shall not be made as a result of such event or
circumstance).


                           41

          (k)  Other Adjustments.  In case any event shall
occur as to which any of the provisions of this Section 6 are
not strictly applicable but the failure to make any
adjustment would not fairly protect the conversion rights
represented by the shares of New Series A Preferred Stock in
accordance with the essential intent and principles of
Sections 5 and 6 hereof, then, in each such case, the
Corporation shall appoint a firm of independent public
accountants of recognized national standing selected by the
Board of Directors of the Corporation (who may be the regular
auditors of the Corporation), which shall give their opinion
upon the adjustment, if any, on a basis consistent with the
provisions of Sections 5 and 6 hereof, necessary to preserve,
without dilution, the conversion rights represented by the
shares of New Series A Preferred Stock.  Upon receipt of such
opinion, the Corporation will promptly mail copies thereof to
the holders of the shares of New Series A Preferred Stock and
shall make the adjustments described therein.

          (l)  Meaning of "Issuance".  References in this
Agreement to "issuances" of stock by the Corporation include
issuances by the Corporation of previously unissued shares
and issuances or other transfers by the Corporation of
treasury stock.

          (m)  Consolidation or Merger.  If the Corporation
shall at any time consolidate with or merge into another
corporation (where the Corporation is not the continuing
corporation after such merger or consolidation), or the
Corporation shall sell, transfer or lease all or
substantially all of its assets, or the Corporation shall
change its Common Shares into property other than capital
stock, then, in any such case, the holder of a share of New
Series A Preferred Stock shall thereupon (and thereafter) be
entitled to receive, upon the conversion of such share of New
Series A Preferred Stock in whole or in part, the securities
or other property to which (and upon the same terms and with
the same rights as) a holder of the number of Common Shares
deliverable upon conversion of such share of New Series A
Preferred Stock would have been entitled if such conversion
had occurred immediately prior to such consolidation or
merger, such sale of assets or such change (with any record
date requirement being deemed to have been satisfied), and
such conversion rights shall thereafter continue to be
subject to further adjustments under this Section 6, without
limiting any other rights of holders of shares of New Series
A Preferred Stock.  The Corporation shall take such steps in
connection with such consolidation or merger, such sale of
assets or such change as may be necessary to assure such
holder that the provisions of the shares of New Series A

                           42

Preferred Stock shall thereafter continue to be applicable in
relation to any securities or property thereafter deliverable
upon the conversion of the shares of New Series A Preferred
Stock, including, but not limited to, obtaining a written
obligation to supply such securities or property upon such
conversion and to be so bound by the shares of New Series A
Preferred Stock.

          (n)  Notices.  In case at any time

          (i)  the Corporation shall take any action which
     would require an adjustment in the current conversion
     price pursuant to Section 6(a), (c) or (j); or

          (ii)  the Corporation shall authorize the granting
     to the holders of its Common Stock of any Distributions
     on Common Stock as set forth in Section 6(b); or

          (iii)  there shall be any reorganization,
     reclassification or change of the Corporation's Common
     Stock (other than a change in par value or from par
     value to no par value or from no par value to par
     value), or any consolidation or merger to which the
     Corporation is a party and for which approval of any
     stockholders of the Corporation is required, or any
     sale, transfer or lease of all or substantially all of
     the assets of the Corporation; or

          (iv)  there shall be a voluntary or involuntary
     dissolution, liquidation or winding-up of the
     Corporation;

then, in any one or more of such cases, the Corporation shall
give written notice to the holders of the shares of New
Series A Preferred Stock, not less than ten (10) days before
any record date or other date set for definitive action, of
the date on which such action, distribution, reorganization,
reclassification, change, sale, transfer, lease,
consolidation, merger, dissolution, liquidation or winding-up
shall take place, as the case may be.  Such notice shall also
set forth such facts as shall indicate the effect of any such
action (to the extent such effect may be known at the date of
such notice) on the current conversion price and the kind and
amount of the shares and other securities and property
deliverable upon conversion of the shares of New Series A
Preferred Stock.  Such notice shall also specify any date as
of which the holders of the Common Stock of record shall be
entitled to exchange their Common Stock for securities or
other property deliverable upon any such reorganization,
reclassification, change, sale, transfer, lease,

                           43

consolidation, merger, dissolution, liquidation or winding-
up, as the case may be.  Failure to deliver the notice
required hereunder by the Corporation will not invalidate any
such transaction.

          7.   Voting Rights.

          Other than as required by applicable law, the New
Series A Preferred Stock shall not have any voting powers
either general or special, except that (in addition to voting
rights provided by applicable law):

          (a)  Consent Required.  So long as any shares of
the New Series A Preferred Stock remain outstanding, unless
the vote or consent of the holders of a greater number of
shares shall then be required by law, the affirmative vote or
consent of the holders of at least two-third (2/3) of all of
the shares of New Series A Preferred Stock at the time
outstanding, voting separately as a class, given in person or
by proxy either in writing (as may be permitted by law and
the Certificate of Incorporation and By-laws of the
Corporation) or at any special or annual meeting, shall be
necessary to permit, effect or validate the taking of any
Restricted Actions by the Corporation; except that if any
shares of New Series A Preferred Stock have been called for
redemption pursuant to Section 4(a) hereof, the Corporation
may not amend this Certificate of Designations, until such
time as all amounts payable under Section 4 hereof with
respect to such shares called for redemption have been paid
in full in cash (or such amounts payable have been set aside
for payment in cash pursuant to Section 4(e) hereof).

          (b)  Additional Voting Rights.

          (i)  Whenever, at any time or times, full
cumulative dividends on any share of New Series A Preferred
Stock shall equal $8.00 or more (the occurrence of which is
hereinafter referred to as a "Dividend Default"), the holders
of New Series A Preferred Stock shall have the exclusive
collective right, voting separately as a class, to elect two
(2) directors of the Corporation.

          (ii)  At elections for such directors, each holder
of New Series A Preferred Stock shall be entitled to one vote
for each share held.  Upon the vesting of the right of the
holders of New Series A Preferred Stock to elect directors
pursuant to clause (i) above, the maximum authorized number
of members of the Board of Directors of the Corporation shall
automatically be increased by two and the two vacancies so
created shall be filled by vote of the holders of outstanding

                           44

New Series A Preferred Stock as hereinafter set forth.  The
right of holders of New Series A Preferred Stock, voting
separately as a class, to elect members of the Board of
Directors of the Corporation as a result of Section 7(b)(i)
above shall continue until such time as full cumulative
dividends on all shares of New Series A Preferred Stock shall
have been paid in full, at which time such right shall
terminate, except as herein or by law expressly provided,
subject to revesting in the event of each and every
subsequent Dividend Default.

          (iii)  Whenever such voting right under this
Section 7(b) shall have vested and for so long as a Dividend
Default shall have occurred and be continuing, such right may
be exercised at a special meeting of the holders of shares of
New Series A Preferred Stock called as hereinafter provided,
or at any annual meeting of stockholders held for the purpose
of electing directors, or if permitted under the terms of the
Certificate of Incorporation by the written consent of such
holders pursuant to Section 228 of the General Corporation
Law of the State of Delaware.

          (iv)  At any time when such voting right under this
Section 7(b) shall have vested in the holders of shares of
New Series A Preferred Stock entitled to vote thereon, and if
such right shall not already have been initially exercised,
an officer of the Corporation shall, upon the written request
of at least 25% of the holders of record of shares of the New
Series A Preferred Stock then outstanding, addressed to the
Treasurer of the Corporation, call a special meeting of
holders of shares of the New Series A Preferred Stock.  Such
meeting shall be held at the earliest practicable date upon
the notice required for annual meetings of stockholders at
the place for holding annual meetings of stockholders of the
Corporation or, if none, at a place designated by the
Treasurer of the Corporation.  If such meeting shall not be
called by the proper officers of the Corporation within 30
days after the personal service of such written request upon
the Treasurer of the Corporation, or within 30 days after
mailing the same within the United States, by registered
mail, addressed to the Treasurer of the Corporation at its
principal office (such mailing to be evidenced by the
registry receipt issued by the postal authorities), then the
holders of record of at least 25% of the shares of New Series
A Preferred Stock then outstanding may designate in writing
any person to call such meeting at the expense of the
Corporation, and such meeting may be called by such person so
designated upon the notice required for annual meetings of
stockholders and shall be held at the same place as is
elsewhere provided in this paragraph.  Any holder of shares

                           45

of New Series A Preferred Stock then outstanding that would
be entitled to vote at such meeting shall have access to the
stock books of the Corporation for the purpose of causing a
meeting of stockholders to be called pursuant to the
provisions of this paragraph.

          (v)  The directors elected pursuant to this Section
7(b) shall serve until such time as the full cumulative
dividends with respect to each share of New Series A
Preferred through the then most recent Dividend Payment Date
have been paid in full or until their respective successors
shall be elected and shall qualify.  Any director elected by
the holders of New Series A Preferred Stock may be removed
by, and shall not be removed otherwise than by, the vote of
the holders of a majority of the outstanding shares of the
New Series A Preferred Stock who were entitled to participate
in such election of directors, voting as a separate class, at
a meeting called for such purpose (or by written consent if
permitted under the terms of the Certificate of Incorporation
as permitted by law and the Certificate of Incorporation and
By-laws of the Corporation.  If the office of any director
elected by the holders of New Series A Preferred Stock,
voting as a class, becomes vacant by reason of death,
resignation, retirement, disqualification or removal from
office or otherwise, the remaining director elected by the
holders of New Series A Preferred Stock, voting as a class,
may choose a successor who shall hold office for the
unexpired term in respect of which such vacancy occurred.
Whenever the terms of office of the directors elected by the
holders of New Series A Preferred Stock, voting as a class,
shall so terminate and the special voting powers vested in
the holders of New Series A Preferred Stock shall have
expired, the number of directors shall be automatically
decreased by two irrespective of any increase made pursuant
to the provisions of this Section 7(b).

          8.  Rights Plans.  The Corporation shall not adopt
or maintain any shareholder rights plan which discriminates
in any way (other than the notice to be provided to holders
of New Series A Preferred Stock as described below) against
any holder of New Series A Preferred Stock as such (whether
by language or operation), including, without limitation,
restricting (i) the ability to convert into Common Stock
under the terms hereof and (ii) the ability to receive rights
under such plan with respect to Common Stock acquired by
conversion hereunder which rights are generally available to
holders of Common Stock.  The Corporation shall notify the
holders of the New Series A Preferred Stock at least five (5)
Business Days prior to (I) the date which under the terms of
any shareholder rights plan causes or triggers the rights

                           46

issued thereunder to be exercisable by any person and (II)
the date on which such rights (or the right to receive such
rights) terminate or expire, such notice in the case of
clause (I) to describe in reasonable detail the terms of such
rights and the manner of operation of the plan upon the
occurrence of such triggering event.

          9.  Notices.  Unless otherwise expressly specified
or permitted by the terms hereof, all notices, requests,
demands, consents and other communications hereunder shall be
in writing and shall be delivered by hand or by overnight
delivery service or shall be sent by telex or telecopy
(confirmed by registered, certified or overnight mail or
courier, postage and delivery charges prepaid), to the
following addresses:

          (a)  if to the holder of a share of New Series A
Preferred Stock, at the holder's address as set forth in the
stock register of the Corporation, or at such other address
as may have been furnished to the Corporation by the holder
in writing; or

          (b)  if to the Corporation, at 770 Cochituate Road,
Framingham, Massachusetts 01701, attention:  General Counsel,
or at such other address as may have been furnished in
writing by the Corporation to the holders of the shares of
New Series A Preferred Stock;

          (c)  if to the Transfer Agent or the transfer
office of the Corporation, at the office of the Corporation
listed in clause (b) above unless and until the Corporation
appoints a Transfer Agent for the New Series A Preferred
Stock and notifies the holders of the New Series A Preferred
Stock of the Transfer Agent's address for all communications
to the Transfer Agent or to the transfer office hereunder.

Whenever any notice is required to be given hereunder, such
notice shall be deemed given and such requirement satisfied
only when such notice is delivered or if sent by telex or
telecopier, when received, unless otherwise expressly
specified or permitted by the terms hereof, except that at
such time as any of the shares of the New Series A Preferred
Stock have been registered under the Securities Act of 1933,
as amended, then notice will also be deemed to have been
given upon the day which is two (2) days after the mailing by
first class mail of the notice when such notice has been
deposited for mailing with the United States Postal Service
(or its successor).



                           47

          IN WITNESS WHEREOF, The TJX Companies, Inc., has
caused this Certificate of Designations to be signed by its
Vice President - Finance and its Secretary this 12th day of
August, 1992.

                              THE TJX COMPANIES, INC.


                              By /s/ Steven R. Wishner
                                 Steven R. Wishner,
                                 Vice President -
                                 Finance


Attest: /s/ Jay H. Meltzer    
        Jay H. Meltzer,
        Secretary


































                           48

EXHIBIT (3i)(f)


         CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS
 OF $3.125 SERIES C CUMULATIVE CONVERTIBLE PREFERRED STOCK

                       $1.00 PAR VALUE PER SHARE

                                   of

                        THE TJX COMPANIES, INC.

                                              

                   Pursuant to Section 151(g) of the
                        General Corporation Law
                        of the State of Delaware

                                               


     We, Steven R. Wishner, Vice President - Finance, and Jay
H. Meltzer, Secretary, of The TJX Companies, Inc. (hereinafter
called the "Corporation"), a corporation organized and existing
under and by virtue of the provisions of the General
Corporation Law of the State of Delaware,

     DO HEREBY CERTIFY:

     FIRST:  The restated certificate of incorporation, as
amended (the "Certificate of Incorporation"), of the
corporation authorizes the issuance of 5,000,000 shares of
Preferred Stock, $1.00 par value per share ("Preferred Stock"),
in one or more series, and further authorizes the Board of
Directors from time to time to provide by resolution for the
issuance of shares of Preferred Stock in one or more series not
exceeding the aggregate number of shares of Preferred Stock
authorized by the Certificate of Incorporation and to determine
with respect to each such series, the voting powers, if any
(which voting powers if granted may be full or limited),
designations, preferences, the relative, participating,
optional or other rights, and the qualifications, limitations
and restrictions appertaining thereto.

     SECOND:  The Finance Committee of the Board of Directors
of the Corporation, pursuant to authority conferred on the
Finance Committee by the Board of Directors (which fixed the
voting rights with respect to the shares designated herein), at
a meeting duly called and held on August 19, 1992 did duly
adopt the following resolution authorizing the creation and
issuance of a series of said Preferred Stock to be known as
"$3.125 Series C Cumulative Convertible Preferred Stock," said
Series C Cumulative Convertible Preferred Stock to be
convertible into the common stock, $1.00 par value per share
(the "Common Stock"), of the Corporation:

     RESOLVED:  that the Finance Committee of the Board of
Directors,
pursuant to authority conferred on such Finance
Committee by the Board of Directors (which fixed the voting
rights with respect to the shares designated herein) by the
provisions of the Second Restated Certificate
of Incorporation, as amended (the "Certificate of Incorporation"),
of the Corporation, hereby authorizes the issuance of a series of
cumulative convertible Preferred Stock of the Corporation and
hereby fixes the voting powers, designations, preferences, the
relative, participating, optional and other rights, and the
qualifications, limitations and restrictions appertaining thereto
in addition to those set forth in said Certificate of
Incorporation, as follows:

1.   Designation and Number.  The designation of Convertible
Preferred Stock created by this resolution shall be $3.125 Series
C Cumulative Convertible Preferred Stock, $1.00 par value per
share, of The TJX Companies, Inc. (the "Corporation") (hereinafter
referred to as the "Series C Preferred Stock"), and the number of
shares constituting such series shall be 1,650,000, which number
may be increased or decreased (but not below the number of shares
of Series C Preferred Stock then outstanding) from time to time by
the Board of Directors.  The Series C Preferred Stock shall rank
prior to the Common Stock, prior to the Corporation's Series B
Junior Participating Preferred Stock (the "Junior Preferred
Stock"), and on a parity with the Corporation's New Series A
Cumulative Convertible Preferred Stock (the "Series A Preferred
Stock"), as to dividends and upon liquidation, dissolution and
winding up as provided in this Certificate of Designations.

     All shares of Series C Preferred Stock which shall have been
issued and reacquired in any manner by the Corporation (excluding,
until the Corporation elects to retire them, shares which are held
as treasury shares but including shares redeemed, shares purchased
and retired, shares converted pursuant to Section 5 hereof and
shares exchanged for any other security of the Corporation) shall
not be reissued and shall, upon the making of any necessary filing
with the Secretary of State of Delaware have the status of
authorized but unissued shares of the Corporation's Preferred
Stock, without designation as to series, and thereafter may be
issued, but not as shares of Series C Preferred Stock.

2.   Dividend Rights.

     (a)  General.  The holders of shares of Series C Preferred
Stock shall be entitled to receive, in preference to the holders
of shares of Common Stock, Junior Preferred Stock and any other
stock ranking as to dividends junior to the Series C Preferred
Stock, when and as declared by the Board of Directors, out of
funds legally available therefor, cumulative cash dividends,
accruing from and after the date of original issuance of the
Series C Preferred Stock at an annual rate of $3.125 per share,
and no more, as long as shares of Series C Preferred Stock remain
outstanding.  Dividends shall accrue and be payable quarterly in
arrears, on January 1, April 1, July 1 and October 1 in each year
commencing October 1, 1992 (each, a "Dividend Payment Date").
Each dividend will be payable to holders of record as they appear
on the stock books of the Corporation on the record date therefor,
not exceeding 60 days nor less than 10 days preceding the payment
date thereof, as shall be fixed by the Board of Directors.



                               2

Dividends in arrears may be declared and paid at any time, without
reference to any Dividend Payment Date, to holders of record on
such date, not exceeding 60 days preceding the payment date
thereof, as may be fixed by the Board of Directors of the
Corporation.  Dividends payable on the Series C
Preferred Stock (i) for any period less than a full dividend
period, shall be computed on the basis of a 360-day year
consisting of twelve 30-day months and (ii) for each full dividend
period, shall be computed by dividing the annual dividend rate by
four.  Dividends on shares of Series C Preferred Stock shall be
cumulative from the date of original issuance thereof whether or
not there shall be funds legally available for the payment
thereof.  Holders of shares of the Series C Preferred Stock shall
not be entitled to any dividend, whether payable in cash, property
or stock, in excess of full cumulative dividends (as defined in
Section 8) on such shares.  No interest or sum of money in lieu of
interest shall be payable in respect of any dividend payment or
payments which may be in arrears.

     (b)  Requirements for Dividends on Parity Preferred Stock.
Subject to Section 6(b) of the Certificate of Designations,
Preferences and Rights of the Series A Preferred Stock (the
"Series A Certificate") in effect as of August 13, 1992, if there
shall be outstanding shares of any other series of Preferred Stock
ranking on a parity with the Series C Preferred Stock as to
dividends, no dividends, except as described in the next sentence,
shall be declared or paid or set apart for payment on any such
other series for any period unless full cumulative dividends on
the Series C Preferred Stock through the most recent Dividend
Payment Date have been or contemporaneously are declared and paid
or declared and a sum sufficient for the payment thereof is set
apart for such payment.  Subject to Section 6(b) of the Series A
Certificate in effect as of August 13, 1992, if dividends on the
Series C Preferred Stock and on any other series of Preferred
Stock ranking on a parity as to dividends with the Series C
Preferred Stock are in arrears, all dividends declared upon shares
of the Series C Preferred Stock and all dividends declared upon
such other series shall be declared pro rata so that the amounts
of dividends per share declared on the Series C Preferred Stock
and such other series shall in all cases bear to each other the
same ratio that full cumulative dividends per share at the time on
the shares of Series C Preferred Stock and on such other series
bear to each other.

     (c)  Requirements for Dividends on Junior Stock.  The
Corporation shall not (i) declare or pay or set apart for payment
any dividends or distributions on any stock ranking as to
dividends junior to the Series C Preferred Stock (other than
dividends paid in shares of stock ranking junior to the Series C
Preferred Stock as to dividends) or (ii) make any purchase or
redemption of, or any sinking fund payment for the purchase or
redemption of, any stock ranking as to dividends or upon
liquidation, dissolution or winding up junior to the Series C
Preferred Stock (other than a purchase or redemption made by issue
or delivery of any stock ranking junior to the Series C Preferred



                               3

Stock as to dividends or upon liquidation, dissolution or winding
up) unless full cumulative dividends on all outstanding shares of
Series C Preferred Stock through the most recent Dividend Payment
Date prior to the date of payment of such dividend or
distribution, or effective date of such purchase, redemption or
sinking fund payment, shall have been paid in full or declared and
a sufficient sum set apart for payment thereof; provided, however,
that unless prohibited by the terms of any other outstanding
series of Preferred Stock, any moneys theretofore deposited in any
sinking fund with respect to any Preferred Stock of the
Corporation in compliance this Section 2(c) and the provisions of
such sinking fund may thereafter be applied to the purchase or
redemption of such Preferred Stock in accordance with the terms of
such sinking fund regardless of whether at the time of such
application full cumulative dividends on all outstanding shares of
Series C Preferred Stock through the most recent Dividend Payment
Date shall have been paid in full or declared and a sufficient sum
set apart for payment thereof.

3.   Liquidation Preferences.

     (a)  Priority.  In the event of any liquidation, dissolution
or winding up of the Corporation, whether voluntary or
involuntary, before any payment or distribution of the assets of
the Corporation (whether from capital or surplus) shall be made to
or set apart for the holders of any class or series of stock of
the Corporation ranking junior to the Series C Preferred Stock
upon liquidation, dissolution or winding up, the holders of the
shares of Series C Preferred Stock and the holders of each other
class or series of Preferred Stock ranking on a parity with Series
C Preferred Stock upon liquidation, dissolution or winding up
shall be entitled to receive liquidation payments according to the
following priorities:

     First,

          The holders of the shares of Series C Preferred Stock
shall receive $50 per share and the holders of shares of each such
other class or series of Preferred Stock shall receive the full
respective liquidation preferences (including any premiums) to
which they are entitled; and

     Second,

          The holders of shares of Series C Preferred Stock and
the holders of shares of each such other class or series of
Preferred Stock shall each receive an amount equal to full
cumulative dividends with respect to their respective shares
through and including the date of final distribution to such
holders, but such holders shall not be entitled to any further
payment.

     No payment (in either of the First step or Second step
provided above) on account of any liquidation, dissolution or
winding up of the Corporation shall be made to holders of any such



                               4

other class or series of Preferred Stock or to the holders of
Series C Preferred Stock unless there shall likewise be paid at
the same time to the holders of the Series C Preferred Stock and
the holders of each such other class or series of Preferred Stock
like proportionate amounts of the same payments (as to each of the
First step or the Second step above), such proportionate amounts
to be determined ratably in proportion to the full amounts to
which the holders of all outstanding shares of Series C Preferred
Stock and the holders of all outstanding shares of each such other
class or series of Preferred Stock are respectively entitled (in
either the First step or the Second step, as the case may be) with
respect to such distribution.

     For purposes of this Section 3, neither a consolidation or
merger of the Corporation with or into another corporation nor a
merger of any other corporation with or into the Corporation or a
sale or transfer of all or any part of the Corporation's assets
for cash, securities or other property will be deemed a
liquidation, dissolution or winding up of the Corporation.

     (b)  Junior Stock.  After payment shall have been made in
full to the holders of Series C Preferred Stock and to the holders
of each such other class or series of Preferred Stock as provided
in this Section 3 upon liquidation, dissolution or winding up of
the Corporation, any other series or class or classes of stock
ranking junior to the Series C Preferred Stock upon liquidation,
dissolution or winding up shall, subject to the respective terms
and provisions (if any) applying thereto, be entitled to receive
any and all assets remaining to be paid or distributed upon such
liquidation, dissolution or winding up, and the holders of Series
C Preferred Stock shall not be entitled to share therein.

4.   Redemption.

     (a)  General.  The Series C Preferred Stock may not be
redeemed by the Corporation prior to September 1, 1995.
Thereafter, the Corporation, at its option, in accordance with the
terms and provisions of this Section 4, may redeem any or all
shares of Series C Preferred Stock at the applicable redemption
price per share, expressed as a percentage of the $50 liquidation
preference thereof, set forth below (each such redemption price
resulting from the application of such percentages to such
liquidation preference, a "Redemption Price"), plus an amount
equal to full cumulative dividends thereon through and including
the date of redemption:

     Twelve-month period beginning           Percentage

     September 1, 1995                       104.375
     September 1, 1996                       103.750
     September 1, 1997                       103.125
     September 1, 1998                       102.500
     September 1, 1999                       101.875
     September 1, 2000                       101.250
     September 1, 2001                       100.625



                               5

     September 1, 2002 and thereafter        100.000%
If less than all the outstanding shares of Series C Preferred
Stock are to be redeemed, the shares to be redeemed shall be
selected pro rata as nearly as practicable or by lot, or by such
other method as the Board of Directors may determine to be fair
and appropriate.

     (b)  Notice of Redemption.  The Corporation will provide
notice of any redemption of shares of Series C Preferred Stock to
holders of record of the Series C Preferred Stock to be redeemed
not less than 30 nor more than 60 days prior to the date fixed for
such redemption.  Such notice shall be provided by first-class
mail postage prepaid, to each holder of record of the Series C
Preferred Stock to be redeemed, at such holder's address as it
appears on the stock register of the Corporation. Each such mailed
notice shall state, as appropriate, the following:

          (i)  the redemption date;

          (ii)  the number of shares of Series C Preferred Stock
to be redeemed and, if less than all the shares held by any holder
are to  be redeemed, the number of such shares to be redeemed from
such holder;

          (iii)  the Redemption Price;

          (iv)  the place or places where certificates for such
shares are to be surrendered for redemption;

          (v)  the amount of full cumulative dividends per share
of Series C Preferred Stock to be redeemed through and including
such redemption date, and that dividends on shares of Series C
Preferred Stock to be redeemed will cease to accrue on such
redemption date unless the Corporation shall default in payment of
the Redemption Price plus such full cumulative dividends thereon;

          (vi)  the name and location of any bank or trust company
with which the Corporation will deposit redemption funds pursuant
to Section 4(d) below;

          (vii)  the then effective Conversion Price (as
determined under Section 5); and

          (viii)  that the right of holders to convert shares of
Series C Preferred Stock to be redeemed will terminate at the
close of business on the business day (as defined in Section 8)
next preceding the date fixed for redemption (unless the
Corporation shall default in the payment of the Redemption Price
and such full cumulative dividends thereon).

     (c)  Mechanics of Redemption.  Upon surrender in accordance
with the aforesaid notice of the certificate for any shares so
redeemed (duly endorsed or accompanied by appropriate instruments
of transfer), the holders of record of such shares shall be



                               6

entitled to receive, out of funds legally available therefor, the
Redemption Price plus full cumulative dividends thereon through
and including such redemption date, without interest.  In case
fewer than all the shares represented by any such certificate are
redeemed, a new certificate representing the unredeemed shares
shall be issued without cost to the holder thereof.

     (d)  Redemption Funds.  On or prior to the date of any
redemption being made pursuant to this Section 4, the Corporation
shall deposit for the benefit of the holders of shares of Series C
Preferred Stock to be redeemed the funds necessary for such
redemption with a bank or trust company in the City of New York or
in the City of Boston, in either case having a capital and surplus
of at least $100,000,000, with instructions to such bank or trust
company to pay the full redemption amounts as provided herein to
the holders of shares of Series C Preferred Stock upon surrender
of certificates for such shares; provided, however, that the
making of such deposit shall not release the Corporation from any
of its obligations hereunder.  Any moneys so deposited by the
Corporation and unclaimed at the end of one year from the date
designated for such redemption shall revert to the general funds
of the Corporation and, upon demand, such bank or trust company
shall pay over to the Corporation such unclaimed amounts and
thereupon such bank or trust company shall be relieved of all
responsibility in respect thereof and any holder of shares of
Series C Preferred Stock so redeemed shall look only to the
Corporation for the payment of the full redemption amounts as
provided herein.  Notwithstanding the foregoing, to the extent
that the Corporation is required under the abandoned property laws
of any jurisdiction to escheat any such redemption amounts, the
Corporation shall be absolved of any further obligation or
liability to the full extent provided by any such laws.  In the
event that moneys are deposited pursuant to this Section 4(d) in
respect of shares of Series C Preferred Stock that are converted
in accordance with the provisions of Section 5, such moneys shall,
upon such conversion, revert to the general funds of the
Corporation and, upon demand, such bank or trust company shall pay
over to the Corporation such moneys.  Any interest accrued on
funds deposited pursuant to this Section 4(d) shall be paid from
time to time to the Corporation for its own account.

     (e)  Rights After Redemption.  Notice of redemption having
been given as aforesaid, upon the deposit pursuant to Section 4(d)
of the full redemption amounts as provided herein in respect of
all shares of Series C Preferred Stock then to be redeemed,
notwithstanding that any certificates for such shares shall not
have been surrendered in accordance with Section 4(c), from and
after the date of redemption designated in the notice of
redemption (i) the shares represented thereby shall no longer be
deemed outstanding, (ii) the rights to receive dividends thereon
shall cease to accrue, and (iii) all rights of the holders of such
shares of Series C Preferred Stock shall cease and terminate,
excepting only the right to receive the full redemption amounts as
provided herein without interest.  If the funds deposited are not
sufficient for redemption of the shares of the Series C Preferred



                               7

Stock that were to be redeemed, then the certificates evidencing
such shares shall be deemed not to be surrendered, such shares
shall remain outstanding and the right of holders of shares of
Series C Preferred Stock shall continue to be only those of a
holder of shares of the Series C Preferred Stock.

     (f)  Restrictions on Redemption and Purchase.  Any provision
of this Section 4 to the contrary notwithstanding, in the event
that any quarterly dividend payable on the Series C Preferred
Stock shall be in arrears and until all such dividends in arrears
shall have been paid or declared and set apart for payment, (i)
the Corporation shall not redeem any shares of Series C Preferred
Stock unless all outstanding shares of Series C Preferred Stock
are simultaneously redeemed and (ii) shall not purchase or
otherwise acquire any shares of Series C Preferred Stock except in
accordance with a purchase or exchange offer made by the
Corporation on the same terms to all holders of record of Series C
Preferred Stock.

5.   Conversion.

     (a)  General.  The holders of shares of Series C Preferred
Stock shall have the right, at each holder's option, at any time,
in whole or in part, to convert all or a portion of such holder's
shares into a number of fully paid and nonassessable whole shares
of the Corporation's Common Stock as is equal to the aggregate
liquidation preference of the shares of Series C Preferred Stock
surrendered for conversion divided by a conversion price per share
of Common Stock of $25.9375 (as adjusted from time to time, the
"Conversion Price").  The Conversion Price shall be subject to
adjustment from time to time as hereinafter provided.

     No payment or adjustment shall be made on account of any
accrued and unpaid dividends on shares of Series C Preferred Stock
surrendered for conversion prior to the close of business on the
record date for the determination of stockholders entitled to such
dividends.

     Holders of shares of Series C Preferred Stock at the close of
business on a dividend record date will be entitled to receive the
dividend payable on such shares on the corresponding Dividend
Payment Date notwithstanding the conversion of such shares
following such dividend record date and prior to such Dividend
Payment Date.  However, shares of Series C Preferred Stock
surrendered for conversion during the period between the close of
business on any dividend record date and the opening of business
on the corresponding Dividend Payment Date (except shares
converted after the issuance of a notice of redemption with
respect to a redemption date during such period) must be
accompanied by payment to the Corporation of an amount equal to
the dividend payable on such shares on such Dividend Payment Date.
A holder of shares of Series C Preferred Stock on a dividend
record date who (or whose transferee) tenders any such shares for
conversion into shares of Common Stock on the corresponding
Dividend Payment Date will receive the dividend payable by the



                               8

Corporation on such shares of Series C Preferred Stock on such
Dividend Payment Date, and the converting holder need not include
payment of the amount of such dividend upon surrender of shares of
Series C Preferred Stock for conversion.  Except as provided in
this paragraph (a), the Corporation will make no payment or
allowance for unpaid dividends, whether or not in arrears, on
converted shares or for dividends on the shares of Common Stock
issued upon such conversion.

     If any shares of Series C Preferred Stock shall be called for
redemption, the right to convert the shares designated for
redemption shall terminate at the close of business on the
business day next preceding the date fixed for redemption unless
the Corporation defaults in the payment of the Redemption Price
plus all accrued and unpaid dividends.  In the event of default in
the payment of the Redemption Price, plus all accrued but unpaid
dividends, the right to convert the shares designated for
redemption shall terminate at the close of business on the
business day next preceding the date that such default is cured.

     The shares of Common Stock issuable upon conversion of the
shares of Series C Preferred Stock, when the same shall be issued
in accordance with the terms hereof, are hereby declared to be and
shall be fully paid and nonassessable shares of Common Stock in
the hands of the holders thereof.

     (b)  Mechanics of Conversion.  Conversion of the Series C
Preferred Stock may be effected by the surrender to the Transfer
Agent (as defined in Section 8), together with any payment to the
Corporation required by Section 5(a), of the certificate or
certificates for such Series C Preferred Stock to be converted
accompanied by a written notice stating that such holder elects to
convert all or a specified whole number of such shares in
accordance with the provisions hereof and specifying the name or
names in which such holder wishes the certificate or certificates
for shares of Common Stock be issued.  If more than one stock
certificate for Series C Preferred Stock shall be surrendered for
conversion at one time by the same holder, the number of full
shares of Common Stock issuable upon conversion thereof shall be
computed on the basis of the aggregate number of shares
represented by all the certificates so surrendered.  In case such
notice shall specify a name or names other than that of such
holder, such notice shall be accompanied by payment of all
transfer taxes payable upon the issuance of shares of Common Stock
in such name or names.  Other than such taxes, the Corporation
will pay any and all issue and other taxes (other than taxes based
on income) that may be payable in respect of any issue or delivery
of shares of Common Stock on conversion of Series C Preferred
Stock.  As promptly as practicable, and in any event within five
business days after the surrender of such certificate or
certificates and the receipt of such notice relating thereto and,
if applicable, payment of all transfer taxes required to be paid
by the holder hereunder (or the demonstration to the satisfaction
of the Corporation that any such taxes have been paid) and any
payment to the Corporation required by Section 5(a), the



                               9

Corporation shall deliver or cause to be delivered (i)
certificates representing the number of validly issued, fully paid
and nonassessable full shares of Common Stock to which the holder
of shares of Series C Preferred Stock being converted shall be
entitled, (ii) any cash owing in lieu of a fractional share of
Common Stock, determined in accordance with Section 5(d) below,
and (iii) if less than the full number of shares of Series C
Preferred Stock evidenced by the surrendered certificate or
certificates is being converted, a new certificate or
certificates, of like tenor, for the number of shares evidenced by
such surrendered certificate or certificates less the number of
shares being converted.  Such conversion shall be deemed to have
been made immediately prior to the close of business on the date
of such surrender of the certificate or certificates representing
the shares of Series C Preferred Stock to be converted and the
making of any payments required therewith.  Upon such conversion,
except as provided in Section 5(a), the rights of the holder
thereof as to the shares being converted shall cease except for
the right to receive shares of Common Stock (or such other
consideration as provided herein) in accordance herewith, and the
person entitled to receive the shares of Common Stock shall be
treated for all purposes as having become the record holder of
such shares of Common Stock at such time.  The Corporation shall
not be required to convert, and no surrender of shares of Series C
Preferred Stock shall be effective for that purpose, while the
transfer books of the Corporation for the Common Stock are closed
for any purposes (but not for any period in excess of 15 days),
but the surrender of shares of Series C Preferred Stock for
conversion during any period while such books are so closed shall
become effective for conversion immediately upon the reopening of
such books, as if the conversion had been made on the date such
shares of Series C Preferred Stock were surrendered, and at the
Conversion Price in effect at the date of such surrender.

     (c)  Adjustment to Conversion Price.  The Conversion Price
shall be adjusted from time to time as follows:

          (i)  In case the Corporation shall hereafter pay a
     dividend or make a distribution to all holders of the
     outstanding Common Stock in shares of Common Stock, the
     Conversion Price in effect at the opening of business on the
     date following the Record Date (as defined in Section 8) for
     such dividend or other distribution shall be reduced by
     multiplying such Conversion Price by a fraction of which the
     numerator shall be the number of shares of Common Stock
     outstanding at the close of business on such Record Date and
     the denominator shall be the sum of such number of shares and
     the total number of shares constituting such dividend or
     other distribution, such reduction to become effective
     immediately after the opening of business on the day
     following such Record Date.  The Corporation will not pay any
     dividend or make any distribution on shares of      Common
     Stock held in the treasury of the Corporation.





                               10

          (ii)  In case the Corporation shall hereafter issue rights or
 warrants to all holders of its outstanding shares
     of Common Stock entitling them (for a period expiring within
     45 days after the Record Date fixed for distribution of such
     rights or warrants) to subscribe for or purchase shares of
     Common Stock at a price per share less than the Current
     Market Price (as defined in Section 8) on such Record Date,
     the Conversion Price shall be adjusted so that the same shall
     equal the price determined by multiplying the Conversion
     Price in effect at the close of business on such Record Date
     by a fraction of which the numerator shall be the number of
     shares of Common Stock outstanding at the close of business
     on such Record Date plus the number of shares which the
     aggregate offering price of the total number of shares so
     offered would purchase at such Current Market Price, and of
     which the denominator shall be the number of shares of Common
     Stock outstanding on such Record Date plus the total number
     of additional shares of Common Stock offered for subscription
     or purchase.  Such adjustment shall become effective
     immediately after the opening of business on the day
     following the Record Date for distribution of such rights or
     warrants.  To the extent that shares of Common Stock are not
     delivered after the expiration of such rights or warrants,
     the Conversion Price shall be readjusted to the Conversion
     Price which would then be in effect had the adjustments made
     in respect of the issuance of such rights or warrants been
     made on the basis of delivery of only the number of shares of
     Common Stock actually delivered.

          (iii)  In case outstanding shares of Common Stock shall
     be subdivided into a greater number of shares of Common
     Stock, the Conversion Price in effect at the opening of
     business on the day following the Record Date for such
     subdivision shall be proportionately reduced, and conversely,
     in case outstanding shares of Common Stock shall be combined
     into a smaller number of shares of Common Stock, the
     Conversion Price in effect at the opening of business on the
     day following the Record Date for such combination shall be
     proportionately increased, such reduction or increase, as the
     case may be, to become effective immediately after the
     opening     of business on the day following the applicable
     Record Date.

          (iv)  Subject to the last sentence of this Section
     5(c)(iv), in case the Corporation shall, by dividend or
     otherwise, distribute to all holders of its Common Stock
     shares of any class of capital stock (other than a dividend
     or distribution to which Section 5(c)(i) applies) or
     evidences of its indebtedness or assets (including
     securities, but excluding any dividend or distribution to
     which Section 5(c)(ii) applies, and excluding any dividend or
     distribution (x) in connection with the liquidation,
     dissolution or winding up of the Corporation, whether
     voluntary or involuntary or (y) paid exclusively in cash)
     (any of the foregoing being hereinafter in this Section



                               11

     5(c)(iv) called the "Securities"), then, in each such case,
unless the Corporation elects to reserve such Securities for
     distribution to the holders of the Series C Preferred Stock
     upon the conversion thereof so that any such holder
     converting such shares will receive upon such conversion, in
     addition to the shares of the Common Stock to which such
     holder is entitled, the amount and kind of such Securities
     which such holder would have received if such holder had,
     immediately prior to the Record Date for the distribution of
     the Securities, converted such shares of Series C Preferred
     Stock into Common Stock, the Conversion Price shall be
     reduced so that the same shall equal the price determined by
     multiplying the Conversion Price in effect at the close of
     business on the Record Date for such distribution by a
     fraction of which the numerator shall be the Current Market
     Price of the Common Stock on such Record Date less the fair
     market value (as defined in Section 8, as determined by the
     Board of Directors, whose determination shall be conclusive
     and described in a resolution of the Board of Directors), on
     such Record Date, of the portion of the Securities so
     distributed applicable to one share of Common Stock and the
     denominator shall be such Current Market Price per share of
     the Common Stock, such reduction to become effective
     immediately prior to the opening of business on the day
     following the Record Date; provided, however, that in the
     event the then fair  market value (as so determined) of the
     portion of the Securities so distributed applicable to one
     share of Common Stock is equal to or greater than the Current
     Market Price of the Common Stock on such Record Date, in lieu
     of the foregoing adjustment, adequate provision shall be made
     so that each holder of shares of Series C Preferred Stock
     shall have the right to receive upon conversion thereof the
     amount and kind of Securities such holder would have received
     had he converted such shares on such Record Date.  If the
     Board of Directors determines the fair market value of any
     distribution for purposes of this Section 5(c)(iv) by
     reference to the actual or when issued trading market for any
     securities comprising a distribution of Securities, it must
     in doing so consider the prices in such market over the same
     period used in computing the Current Market Price of the
     Common Stock.

          The occurrence of a Distribution Date (as defined in the
     Rights Agreement dated as of April 26, 1988, between the
     Corporation and State Street Bank and Trust Company, as
     Rights Agent, as may be amended from time to time, and any
     successor rights agreement (the "Rights Agreement")), or the
     occurrence of any other event as a result of which holders of
     shares of Series C Preferred Stock converting such shares
     into Common Stock hereunder will not be entitled to receive
     rights issued pursuant to the Rights Agreement (the "Rights")
     in the same amount and manner as if such holders had
     converted such shares immediately prior to the occurrence of
     such event, shall be deemed a distribution of Rights for the
     purposes of conversion adjustments pursuant to this Section



                               12

     5(c)(iv).  In lieu of making any adjustment to the Conversion
Price under this Section 5(c)(iv) as a result of such a
     distribution of Rights, the Corporation may, at its option,
     amend such Rights Agreement to provide that Rights shall be
     issuable in the same amount and manner upon conversion of the
     Series C Preferred Stock without regard to whether the shares
     of Common Stock issuable upon conversion of the Series C
     Preferred Stock were issued before or after such Distribution
     Date or other event.

          (v)  In case the Corporation shall, by dividend or
     otherwise, at any time distribute to all holders of its
     Common Stock cash (excluding (x) any quarterly cash dividend
     on the Common Stock to the extent the aggregate cash dividend
     per share of Common Stock in any fiscal quarter does not
     exceed the greater of (A) the amount per share of Common
     Stock of the next preceding quarterly cash dividend on the
     Common Stock to the extent such preceding quarterly dividend
     did not require any adjustment of the Conversion Price
     pursuant to this Section 5(c)(v) (as adjusted to reflect
     subdivisions or combinations of the Common Stock), and (B)
     3.75% of the Current Market Price of the Common Stock on the
     Trading Day (as defined in Section 8) next preceding the date
     of declaration of such dividend and (y) any dividend or
     distribution in connection with the liquidation, dissolution
     or winding up of the Corporation, whether voluntary or
     involuntary), then, in each such case, unless the Corporation
     elects to reserve such an amount of cash for distribution to
     the holders of the Series C Preferred Stock upon the
     conversion of the shares of Series C Preferred Stock so that
     any such holder converting such shares will receive upon such
     conversion, in addition to the shares of the Common Stock to
     which such holder is entitled, the amount of cash which such
     holder would have received if such holder had, immediately
     prior to the Record Date for such distribution of cash,
     converted its shares of Series C Preferred Stock into Common
     Stock, the Conversion Price shall be reduced so that the same
     shall equal the price determined by multiplying the
     Conversion Price in effect at the close of business on such
     Record Date by a fraction of which the numerator shall be the
     Current Market Price of the Common Stock on such Record Date
     less the amount of cash so distributed (to the extent not
     excluded as provided above) applicable to one share of Common
     Stock and the     denominator shall be such Current Market
     Price of the Common Stock,     such reduction to become
     effective immediately prior to the opening     of business on
     the day following such Record Date; provided,     however,
     that in the event the portion of the cash so distributed
     applicable to one share of Common Stock is equal to or
     greater than     the Current Market Price of the Common Stock
     on such Record Date, in lieu of the foregoing adjustment,
     adequate provision shall be made so that each holder of
     shares of Series C Preferred Stock shall thereafter have the
     right to receive upon conversion the amount of cash such




                               13

     holder would have received had he converted each share of
     Series C Preferred Stock on such Record Date.

          (vi)  In case of the consummation of a tender or
     exchange     offer made by the Corporation or any subsidiary
     of the Corporation     for all or any portion of the Common
     Stock that involves the payment by the Corporation or such
     subsidiary of consideration per share of Common Stock having
     a fair market value (as determined by the Board of Directors,
     whose determination shall be conclusive and described in a
     resolution of the Board of Directors) at the last time (the
     "Expiration Time") tenders or exchanges may be made pursuant
     to such tender or exchange offer (as it shall have been
     amended) that exceeds the Current Market Price of the Common
     Stock on the Trading Day next succeeding the Expiration Time,
     the Conversion Price shall be reduced so that the same shall
     equal the price determined by multiplying the Conversion
     Price in effect immediately prior to the Expiration Time by a
     fraction of which the numerator shall be the number of shares
     of Common Stock outstanding (including any tendered or
     exchanged shares) on the Expiration Time multiplied by the
     Current Market Price of the Common Stock on the Trading Day
     next succeeding the Expiration Time and the denominator shall
     be the sum of (x) the fair market value (determined as
     aforesaid) of the aggregate consideration payable to
     stockholders based on the acceptance (up to any maximum
     specified in the terms of the tender or exchange offer) of
     all shares validly tendered or exchanged and not withdrawn as
     of the Expiration Time (the shares deemed so accepted, up to
     any such maximum, being referred to as the "Purchased
     Shares") and (y) the product of the number of shares of
     Common Stock outstanding (less any Purchased Shares) on the
     Expiration Time and the Current Market Price of the Common
     Stock on the Trading Day next succeeding the Expiration Time,
     such reduction to become effective immediately prior to the
     opening of business on the day following the Expiration Time.

          (vii)  The Corporation may make such reductions in the
     Conversion Price, in addition to those required by this
     Section 5(c), as the Board of Directors considers to be
     advisable to avoid or diminish any income tax to holders of
     Common Stock or rights to purchase Common Stock resulting
     from any dividend or distribution of stock (or rights to
     acquire stock) or from any event treated as such for income
     tax purposes.  To the extent permitted by applicable law, the
     Corporation from time to time may reduce the Conversion Price
     by any amount for any period of time if the period is at
     least 20 days, the reduction is irrevocable during the period
     and the Board of Directors shall have made a determination
     that such reduction would be in the best interests of the
     Corporation, which determination shall be conclusive.
     Whenever the Conversion Price is reduced pursuant to the
     preceding sentence, the Corporation shall mail to holders of
     record of the Series C Preferred Stock a notice of the
     reduction at least 15 days prior to the date the reduced



                               14

     Conversion Price takes effect, and such notice shall state
     the reduced Conversion Price and the period it will be in
     effect.

          (viii)  No adjustment in the Conversion Price shall be
     required unless such adjustment would require an increase or
     decrease of at least 1% in the Conversion Price; provided,
     however, that any adjustments which by reason of this Section
     5(c)(viii) are not required to be made shall be carried
     forward and taken into account in determining whether any
     subsequent adjustment shall be required.

          (ix)  Notwithstanding any other provision of this
     Section 5, no adjustment to the Conversion Price shall reduce
     the Conversion Price below the then par value per share of
     the Common Stock, and any such purported adjustment shall
     instead reduce the Conversion Price to such par value.  The
     Corporation hereby covenants not to take any action (1) to
     increase the par value per share of the Common Stock or (2)
     that would or does result in any adjustment in the Conversion
     Price that, if made without giving effect to the previous
     sentence, would cause the Conversion Price to be less than
     the then par value per share of the Common Stock, provided,
     however, that the covenant in this sentence shall be
     suspended if within 10 days of determining in good faith that
     such action would result in such adjustment (but not later
     than the business day next following the effectiveness of
     such adjustment), the Corporation gives notice of redemption
     of all outstanding shares of the Series C Preferred Stock,
     and effects the redemption referred to in such notice on the
     redemption date referred to therein in compliance with
     Section 4, but the covenant in this sentence shall be
     retroactively reinstated if such notice and redemption does
     not occur.

          (x)  Wherever the Conversion Price is adjusted as herein
          provided:
               (1)  the Corporation shall compute the adjusted
          Conversion Price and shall prepare a certificate signed
          by the Treasurer or an Assistant Treasurer of the
          Corporation setting forth the adjusted Conversion Price
          and showing in reasonable detail the facts upon which
          such adjustment is based, and such certificate shall
          forthwith be filed with the Transfer Agent; and

               (2)  a notice stating the Conversion Price has been
          adjusted and setting forth the adjusted Conversion Price
          shall as soon as practicable be mailed by the
          Corporation to all record holders of shares of Series C
          Preferred Stock at their last addresses as they shall
          appear upon the stock transfer books of the Corporation.

          (xi)  In any case in which this Section 5(c) provides
     that an adjustment shall become effective immediately after a
     Record Date for an event, the Corporation may defer until the



                               15

     occurrence of such event (y) issuing to the holder of any
     share of Series C Preferred Stock converted after such Record
     Date and before the occurrence of such event the additional
     shares of Common Stock issuable upon such conversion by
     reason of the adjustment required by such event over and
     above the Common Stock issuable upon such conversion before
     giving effect to such adjustment and (z) paying to such
     holder any amount in cash in lieu of any fractional share of
     Common Stock pursuant to Section 5(d).

     (d)  No Fractional Shares.  No fractional shares or scrip
representing fractional shares of Common Stock shall be issued
upon conversion of Series C Preferred Stock.  Instead of any
fractional share of Common Stock that would otherwise be issuable
upon conversion of any shares of Series C Preferred Stock, the
Corporation shall pay a cash adjustment in respect of such
fractional interest in an amount equal to the same fraction of the
Closing Price (as defined in Section 8) of a share of Common Stock
(or, if there is no such Closing Price, the fair market value of a
share of Common Stock, as determined or prescribed by the Board of
Directors) at the close of business on the Trading Day immediately
preceding the date of conversion.

     (e)  Reclassification, Consolidation, Merger or Sale of
Assets.  In the event that the Corporation shall be a party to any
transaction (including without limitation any (i) recapitalization
or reclassification of the Common Stock (other than a change in
par value, or from par value to no par value, or from no par value
to par value, or as a result of a subdivision or combination of
the Common Stock), (ii) any consolidation or merger of the
Corporation with or into any other person or any merger of another
person into the Corporation (other than a merger which does not
result in a reclassification, conversion, exchange or cancellation
of outstanding shares of Common Stock of the Corporation), (iii)
any sale or transfer of all or substantially all of the assets of
the Corporation, or (iv) any compulsory share exchange) pursuant
to which the Common Stock shall be exchanged for, converted into,
acquired for or constitute solely the right to receive other
securities, cash or other property, then appropriate provision
shall be made as part of the terms of such transaction whereby (1)
in the case of any such transaction not constituting a Common
Stock Fundamental Change (as defined in Section 5(i)) and subject
to funds being legally available therefor at the time of such
conversion, the holder of each share of Series C Preferred Stock
then outstanding shall thereafter have the right to convert such
share only into the kind and amount of securities, cash and other
property receivable upon such recapitalization, reclassification,
consolidation, merger, sale, transfer or share exchange by a
holder of the number of shares of Common Stock into which such
share of Series C Preferred Stock might have been converted
immediately prior to such transaction, after giving effect, in the
case of any Non-Stock Fundamental Change, to any adjustment in the
Conversion Price required by the provisions of Section 5(h), and
(2) in the case of a Common Stock Fundamental Change, the holder
of each share of Series C Preferred Stock then outstanding shall



                               16

thereafter have the right to convert such share only into common
stock of the kind received by holders of Common Stock as a result
of such Common Stock Fundamental Change in an amount determined
pursuant to the provisions of Section 5(h).  The Corporation or
the person formed by such consolidation or resulting from such
merger or which acquired such assets or which acquired the
Corporation's shares, as the case may be, shall make provisions in
its certificate or articles of incorporation or other constituent
document to establish such right.  Such certificate or articles of
incorporation or other constituent document shall provide for
adjustments which, for events subsequent to the effective date of
such certificate or articles of incorporation or other constituent
document, shall be nearly equivalent as may be practicable to the
adjustments provided for in this Section 5.  The above provisions
shall similarly apply to successive transactions of the type
described in this Section 5(e).

     (f)  Reservation of Shares; Transfer Taxes; Etc.  The
Corporation shall at all times reserve and keep available, out of
its authorized and unissued stock, solely for the purpose of
effecting the conversion of the Series C Preferred Stock, such
number of shares of its Common Stock free of preemptive rights as
shall from time to time be sufficient to effect the conversion of
all shares of Series C Preferred Stock from time to time
outstanding.  The Corporation shall from time to time, in
accordance with the laws of the State of Delaware, use its best
efforts to increase the authorized number of shares of Common
Stock if at any time the number of shares of authorized and
unissued Common Stock shall not be sufficient to permit the
conversion of all the then outstanding shares of Series C
Preferred Stock.

     If any shares of Common Stock required to be reserved for
purposes of conversion of the Series C Preferred Stock hereunder
require registration with or approval of any governmental
authority under any Federal or State law before such shares may be
issued upon conversion, the Corporation will in good faith and as
expeditiously as possible endeavor to cause such shares to be duly
registered or approved, as the case may be.  If the Common Stock
is listed on the New York Stock Exchange or any other national
securities exchange, the Corporation will, in good faith and as
expeditiously as possible, endeavor, if permitted by the rules of
such exchange, to list and keep listed on such exchange, upon
official notice of issuance, all shares of Common Stock issuable
upon conversion of the Series C Preferred Stock.

     (g)  Prior Notice of Certain Events.  In case:

          (i)  the Corporation shall (1) declare any dividend (or
     any other distribution) on its Common Stock, other than (A) a
     dividend payable in shares of Common Stock or (B) a dividend
     payable solely in cash for which no adjustment to the
     Conversion Price is required by Section 5(v) hereof or (2)
     declare or authorize a redemption or repurchase of in excess
     of 10% of the then outstanding shares of Common Stock; or



                               17

          (ii)  the Corporation shall authorize the granting to
     all holders of Common Stock of rights or warrants to
     subscribe for or purchase any shares of stock of any class or
     of any other rights or warrants (other than Rights); or

          (iii)  of any reclassification of Common Stock (other
     than a subdivision or combination of the outstanding Common
     Stock, or a change in par value, or from par value to no par
     value, or from no par value to par value), or of any
     consolidation or merger to which the Corporation is a party
     and for which approval of any stockholders of the Corporation
     shall be required, or of the sale or transfer of all or
     substantially all of the assets of the Corporation or of any
     compulsory share exchange where the Common Stock is converted
     into other securities, cash or other property; or

          (iv)  of the voluntary or involuntary liquidation,
     dissolution or winding up of the Corporation;

then the Corporation shall cause to be filed with the Transfer
Agent, and shall cause to be mailed to the holders of record of
the Series C Preferred Stock, at their last addresses as they
shall appear upon the stock transfer books of the Corporation, at
least 15 days prior to the applicable record date hereinafter
specified, a notice stating (x) the date on which a record (if
any) is to be taken for the purpose of such dividend,
distribution, redemption, repurchase or granting of rights or
warrants or, if a record is not to be taken, the date as of which
the holders of Common Stock of record to be entitled to such
dividend, distribution, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer, share exchange,
liquidation, dissolution or winding up is expected to become
effective, and the date as of which it is expected that holders of
Common Stock of record shall be entitled to exchange their shares
of Common Stock for securities or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer,
share exchange, liquidation, dissolution or winding up.  No
failure to mail such notice or any defect therein or in the
mailing thereof shall affect the validity of the corporate action
required to be specified in such notice.

     (h)  Adjustments in Case of Fundamental Changes.
Notwithstanding any other provision in this Section 5 to the
contrary, if any Fundamental Change (as defined in Section 5(i))
occurs, then the Conversion Price in effect will be adjusted
immediately after such Fundamental Change (which for purposes of
such adjustment shall be deemed to occur on the earlier of the
occurrence of such Fundamental Change and the date, if any, fixed
for determination of stockholders entitled to receive the cash,
securities, property or other assets distributable in such
Fundamental Change to holders of the Common Stock) as described
below:




                               18

          (i)  In the case of a Non-Stock Fundamental Change, the
     Conversion Price immediately following such Non-Stock
     Fundamental Change shall be the lower of (A) the Conversion
     Price in effect immediately prior to such Non-Stock
     Fundamental Change, but after giving effect to any other
     prior adjustments effected pursuant to this Section 5, and
     (B) the product of (1) the greater of the Applicable Price
     (as defined in Section 5(i)) or the then applicable Reference
     Market Price (as defined in Section 5(i)) and (2) a fraction,
     the numerator of which is $50 and the denominator of which is
     (x) the Redemption Price applicable on the date of such Non-
     Stock Fundamental Change (or, for the period commencing on
     August 18, 1992 and ending on August 31, 1993 and the 12-
     month periods commencing September 1, 1993 and 1994, the
     product of 106.250%, 105.625% and 105.000%, respectively,
     times $50), plus (y) an amount equal to full cumulative
     dividends thereon through but excluding the date of such Non-
     Stock Fundamental Change.

          (ii)  In the case of a Common Stock Fundamental Change,
     the Conversion Price immediately following such Common Stock
     Fundamental Change shall be the Conversion Price in effect
     immediately prior to such Common Stock Fundamental Change,
     but after giving effect to any other prior adjustments
     effected pursuant to this Section 5, multiplied by a
     fraction, the numerator of which is the Purchaser Stock Price
     (as defined in Section 5(i)) and the denominator of which is
     the Applicable Price; provided, however, that in the event of
     a Common Stock Fundamental Change in which (A) 100% of the
     value of the consideration received by a holder of Common
     Stock is common stock of the successor, acquiror or other
     third party (and cash, if any, paid with respect to any
     fractional interests in such common stock resulting from such
     Common Stock Fundamental Change) and (B) all of the Common
     Stock shall have been exchanged for, converted into or
     acquired for such common stock (and any cash paid with
     respect to fractional interests) of the successor, acquiror
     or other third party, the Conversion Price immediately
     following such Common Stock Fundamental Change shall be the
     Conversion Price in effect immediately prior to such Common
     Stock Fundamental Change multiplied by a fraction, the
     numerator of which is one (1) and the denominator of which is
     the number of shares of common stock of the successor,
     acquiror, or other third party received by a holder of one
     share of Common Stock as a result of such Common Stock
     Fundamental Change.

     (i)  Definitions.  The following definitions shall apply to
terms used in this Section 5:

          (1)  "Applicable Price" shall mean (i) in the event of a
     Non- Stock Fundamental Change in which the holders of the
     Common Stock receive only cash, the amount of cash received
     by the holder of one share of Common Stock and (ii) in the
     event of any other Non-Stock Fundamental Change or any Common



                               19

     Stock Fundamental Change, the Current Market Price on the
     date fixed for the determination of the holders of Common
     Stock entitled to receive cash, securities, property or other
     assets in connection with such Non-Stock Fundamental Change
     or Common Stock Fundamental Change, or, if there is no such
     date, as of the date upon which the holders of the Common
     Stock shall have the right to receive such cash, securities,
     property or other assets.

          (2)  "Common Stock Fundamental Change" shall mean any
     Fundamental Change in which more than 50% by value (as
     determined in good faith by the Board of Directors of the
     Corporation) of the consideration received by the holders of
     Common Stock pursuant to such transaction consists of common
     stock that, for the consecutive 10 Trading Days immediately
     prior to such Fundamental Change, has been admitted for
     listing or admitted for listing subject to notice of issuance
     on a national securities exchange or quoted on the National
     Market System of the National Association of Securities
     Dealers Automated Quotations System; provided, however, that
     a Fundamental Change shall not be a Common Stock Fundamental
     Change unless either (i) the Corporation continues to exist
     after the occurrence of such Fundamental Change and the
     outstanding shares of Series C Preferred Stock continue to
     exist as outstanding shares of Series C Preferred Stock, or
     (ii) not later than the occurrence of such Fundamental
     Change, the outstanding shares of Series C Preferred Stock
     are converted into or exchanged for shares of convertible
     preferred stock of a corporation succeeding directly or
     indirectly to the business of the Corporation, which
     convertible preferred stock has powers, preferences and
     relative, participating, optional or other rights, and
     qualifications, limitations and restrictions substantially
     similar to those of the Series C Preferred Stock.

          (3)  "Fundamental Change" shall mean the occurrence of
     any transaction or event or series of transactions or events
     pursuant to which all or substantially all of the Common
     Stock shall be exchanged for, converted into, acquired for or
     constitute solely the right to receive cash, securities,
     property or other assets (whether by means of an exchange
     offer, liquidation, tender offer, consolidation, merger,
     combination, reclassification, recapitalization or
     otherwise); provided, however, in the case of any series of
     transactions or events, for purposes of adjustment of the
     Conversion Price, such Fundamental Change shall be deemed to
     have occurred when substantially all of the Common Stock of
     the Corporation shall be exchanged for, converted into, or
     acquired for or constitute solely the right to receive cash,
     securities, property or other assets, but the adjustment
     shall be based upon the consideration which the holders of
     Common Stock received in such transactions or event as a
     result of which more than 50% of the Common Stock of the
     Corporation shall have been exchanged for, converted into, or
     acquired for or constitute solely the right to receive cash,



                               20

     securities, property or other assets; provided, further, that
     such term does not include (i) any such transactions or event
     in which the Corporation and/or any of its subsidiaries are
     the issuers of all the cash, securities, property or other
     assets exchanged, acquired or otherwise issued in such
     transaction or event, or (ii) any such transaction or event
     in which the holders of Common Stock receive securities of an
     issuer other than the Corporation if, immediately following
     such transaction or event, such holders hold a majority of
     the securities having the power to vote normally in the
     election of directors of such other issuer outstanding
     immediately following such transaction or other event.

          (4)  "Non-Stock Fundamental Change" shall mean any
     Fundamental Change other than a Common Stock Fundamental
     Change.

          (5)  "Purchaser Stock Price" shall mean, with respect to
     any Common Stock Fundamental Change, the average of the
     Closing Prices for one share of the common stock received in
     such Common Stock Fundamental Change during the 10 Trading
     Days immediately prior to the date fixed for the
     determination of the holders of Common Stock entitled to
     receive such common stock, or if there is no such date,
     the date upon which the holders of the Common Stock shall
     have the right to receive such common stock.

          (6)  "Reference Market Price" shall initially mean
     $13.8333 (which is an amount equal to 66 2/3% of the Closing
     Price for the Common Stock on August 13, 1992), and in the
     event of any adjustment to the Conversion Price other than as
     a result of a Fundamental Change, the Reference Market Price
     shall also be adjusted so that the ratio of the Reference
     Market Price to the Conversion Price after giving effect to
     any such adjustment shall always be the same as the ratio of
     the initial Reference Market Price to the initial Conversion
     Price set forth in Section 5(a) above.

     (j)  Dividend or Interest Reinvestment Plans; Other.
Notwithstanding the foregoing provisions, the issuance of any
shares of Common Stock pursuant to any plan providing for the
reinvestment of dividends or interest payable on securities of the
Corporation and the investment of additional optional amounts in
shares of Common Stock under any such plan, and the issuance of
any shares of Common Stock or options or rights to purchase such
shares pursuant to any employee benefit plan or program of the
Corporation, or pursuant to any option, warrant, right or
exercisable, exchangeable or convertible security outstanding as
of the date the Series C Preferred Stock was first designated
(except as expressly provided in Section 5(c)(iv) with respect to
certain events under the Rights Agreement), shall not be deemed to
constitute an issuance of Common Stock or exercisable,
exchangeable or convertible securities by the Corporation to which
any of the adjustment provisions described above applies.  There
shall be no adjustment of the Conversion Price in case of the



                               21

issuance of any stock (or securities convertible into or
exchangeable for stock) of the Corporation except as described in
this Section 5.  Except as expressly set forth in this Section 5,
if any action would require adjustment of the Conversion Price
pursuant to more than one of the provisions described above, only
one adjustment shall be made and such adjustment shall be the
amount of adjustment which has the highest absolute value.

     (k)  For purposes of this Section 5, the number of shares of
Common Stock at any time outstanding shall not include any shares
of Common Stock then owned or held by or for the account of the
Corporation.

6.  Voting Rights.  Other than as required by applicable law, the
Series C Preferred Stock shall not have any voting powers either
general or special except that:

     (a)  Unless a greater vote or consent shall then be required
by law, the affirmative vote or consent of two-thirds of the votes
to which the holders of the outstanding shares of the Series C
Preferred Stock, and each other series of Preferred Stock of the
Corporation similarly affected, if any, voting together as a
single class, are entitled shall be necessary for authorizing,
effecting or validating the amendment, alteration or repeal of any
of the provisions of the Certificate of Incorporation or of any
amendment or supplement thereto (including any Certificate of
Designations, Preferences and Rights or any similar document
relating to any series of Preferred Stock) of the Corporation,
which would materially and adversely affect the preferences,
rights, powers or privileges, qualification, limitations and
restrictions of the Series C Preferred Stock and any such other
series of Preferred Stock; provided, however, that the creation,
issuance or increase in the amount of authorized shares of any
series of Preferred Stock ranking on a parity with or junior to
the Series C Preferred Stock as to the payment of dividends or
upon liquidation, dissolution or winding up will not be deemed to
materially and adversely affect such rights, powers or privileges,
qualification, limitations and restrictions of the Series C
Preferred Stock.

     (b)  Unless the vote or consent of the holders of a greater
number of shares shall then be required by law, the affirmative
vote or consent of two-thirds of the votes to which the holders of
the outstanding shares of the Series C Preferred Stock, and all
other series of Preferred Stock of the Corporation ranking on
parity with shares of the Series C Preferred Stock (either as to
dividends or upon liquidation, dissolution or winding up) as to
which like voting rights have been conferred, voting together as a
single class, are entitled shall be necessary to create, authorize
or issue, or reclassify any authorized stock of the Corporation
into, or create, authorize or issue any obligation or security
convertible into or evidencing a right to purchase, any shares of
any class or series of stock of the Corporation ranking prior to
the Series C Preferred Stock or ranking prior to any other class
or series of Preferred Stock of the Corporation which ranks on a



                               22

parity with the Series C Preferred Stock as to dividends or upon
liquidation, dissolution or winding up.

     (c)  Whenever, at any time or times, dividends payable on the
shares of Series C Preferred Stock shall be in arrears in an
amount equal to at least six full quarterly dividends on shares of
the Series C Preferred Stock at the time outstanding, the holders
of the outstanding shares of Series C Preferred Stock shall have
the exclusive right, voting together as a class with holders of
shares of any one or more other series of Preferred Stock (other
than the Series A Preferred Stock) ranking on a parity with the
Series C Preferred Stock (either as to dividends or upon
liquidation, dissolution or winding up) upon which like voting
rights have been conferred and are then exercisable, to elect two
(2) directors of the Corporation for one-year terms at the
Corporation's next annual meeting of stockholders and at each
subsequent annual meeting of stockholders.  If the right to elect
directors shall have accrued to the holders of the Series C
Preferred Stock more than 90 days prior to the date established
for the next annual meeting of stockholders, the President of the
Corporation shall, within 20 days after delivery to the
Corporation at its principal office of a written request for a
special meeting signed by the holders of at least 10% of all
outstanding shares of the Series C Preferred Stock, call a special
meeting of the holders of Series C Preferred Stock to be held
within 60 days after the delivery of such request for the purpose
of electing such additional directors.  Upon the vesting of such
right of the holders of Series C Preferred Stock, the maximum
authorized number of members of the Board of Directors shall
automatically be increased by two and the two vacancies so created
shall be filled by vote of the holders of the outstanding shares
of Series C Preferred Stock (either alone or together with the
holders of shares of any one or more other such series of
Preferred Stock entitled to vote in such election) as set forth
above. The right of the holders of Series C Preferred Stock to
elect members of the Board of Directors of the Corporation as
aforesaid shall continue until such time as all dividends in
arrears on the Series C Preferred Stock shall have been paid in
full or declared and set apart for payment, at which time such
right shall terminate, except as herein or by law expressly
provided, subject to revesting in the event of each and every
subsequent default of the character above described.

     (d)  Upon termination of such special voting rights
attributable to all holders of the Series C Preferred Stock and
any other such series of Preferred Stock ranking on a parity with
the Series C Preferred Stock as to dividends or upon liquidation,
dissolution or winding up and upon which like voting rights have
been conferred and are exercisable, the term of office of each
director elected by the holders of shares of Series C Preferred
Stock and such parity Preferred Stock (a "Preferred Stock
Director") pursuant to such special voting rights shall
immediately terminate and the number of directors constituting the
entire Board of Directors shall be reduced by the number of
Preferred Stock Directors.  Any Preferred Stock Director may be



                               23

removed by, and shall not be removed otherwise than by, a majority
of the votes to which the holders of the outstanding shares of
Series C Preferred Stock and all other such series of Preferred
Stock ranking on a parity with the Series C Preferred Stock with
respect to dividends who were entitled to participate in such
Preferred Stock Director's election, voting as a single class, are
entitled.  If the office of any Preferred Stock Director becomes
vacant by reason of death, resignation, retirement,
disqualification, removal from office, or otherwise, the remaining
Preferred Stock Director may choose a successor who shall hold
office for the unexpired term in respect of which such vacancy
occurred.

     (e)  In connection with any right to vote, each holder of
Series C Preferred Stock shall be entitled to one vote for each
share held (the holders of shares of any other series of Preferred
Stock being entitled to such number of votes, if any, for each
share of stock held as may be granted to them).

7.  Ranking.  The Common Stock and Series B Participating
Preferred Stock shall rank junior to the Series C Preferred Stock,
and the Series A Preferred Stock shall rank on a parity with the
Preferred Stock, as to dividends and upon liquidation, dissolution
or winding up, in each case as described in Section 2 or 3,
respectively.  Any other class or series of stock of the
Corporation shall be deemed to rank:

     (a)  prior to the Series C Preferred Stock, as to dividends
or upon liquidation, dissolution or winding up as described in
Section 3, respectively, if the holders of such class shall be
entitled to the receipt of dividends or of amounts distributable
upon such a liquidation, dissolution or winding up, as the case
may be, in preference or priority to the holders of the Series C
Preferred Stock;

     (b)  on a parity with the Series C Preferred Stock, as to
dividends or upon liquidation, dissolution or winding up as
described in Section 3, respectively, whether or not the dividend
rates, dividend payment dates or redemption or liquidation prices
per share thereof be different from those of the Series C
Preferred Stock, if the holders of such class of stock and the
Series C Preferred Stock shall be entitled to the receipt of
dividends or of amounts distributable upon such a liquidation,
dissolution or winding up, as the case may be, in proportion to
their respective amounts of accrued and unpaid dividends per share
or liquidation prices, without preference or priority one over the
other; and

     (c)  junior to the Series C Preferred Stock, as to dividends
or upon liquidation, dissolution or winding up as described in
Section 3, respectively, if the holders of Series C Preferred
Stock shall be entitled to receipt of dividends or of amounts
distributable upon such a liquidation, dissolution or winding up,
as the case may be, in preference or priority to the holders of
shares of such stock.



                               24

8.  Definitions.  For purposes of this Certificate of
Designations, Preferences and Rights of Series C Preferred Stock,
the following terms shall have the meanings indicated:

     (a)  "business day" shall mean any day other than a Saturday,
Sunday, or a day on which banking institutions in the State of New
York or The Commonwealth of Massachusetts are authorized or
obligated by law or executive order to close or a day which is or
is declared a national or New York or Massachusetts state holiday;

     (b)  "Closing Price" with respect to any securities on any
day shall mean the closing sale price regular way on such day or,
in case no such sale takes place on such day, the average of the
reported closing bid and asked prices, regular way, in each case
on the New York Stock Exchange, or, if such security is not listed
or admitted to trading on such Exchange, on the principal national
securities exchange or quotation system on which such security is
quoted or listed or admitted to trading, or, if not quoted or
listed or admitted to trading on any national securities exchange
or quotation system, the average of the closing bid and asked
prices of such security on the over-the-counter market on the day
in question as reported by the National Quotation Bureau
Incorporated, or a similarly generally accepted reporting service,
or if not so available, in such manner as furnished by any New
York Stock Exchange member firm selected from time to time by the
Board of Directors for that purpose or a price determined in good
faith by the Board of Directors.

     (c)  "Current Market Price" shall mean, for purposes of any
computation under Section 5(c)(vi), the average of the daily
Closing Prices per share of Common Stock on the day in question
and the next two succeeding Trading Days, and for purposes of any
other computation hereunder, the average of the daily Closing
Prices per share of Common Stock for the ten consecutive Trading
Days immediately prior to the date in question; provided, however,
that (1) if the "ex" date (as hereinafter defined) for any event
(other than the issuance, distribution or Fundamental Change
requiring such computation) that requires an adjustment to the
Conversion Price occurs during the applicable measurement period,
for purposes of such computation the Closing Price for each
Trading Day prior to the "ex" date for such other event shall be
adjusted by multiplying such Closing Price by the same fraction by
which the Conversion Price is so required to be adjusted as a
result of such other event, (2) if the "ex" date for any event
(other than the issuance, distribution or Fundamental Change
requiring such computation) that requires an adjustment to the
Conversion Price occurs on or after the "ex" date for the
issuance, distribution or Fundamental Change requiring such
computation and on or prior to the day in question, for purposes
of such computation the Closing Price for each Trading Day on and
after the "ex" date for such other event shall be adjusted by
multiplying such Closing Price by the reciprocal of the fraction
by which the Conversion Price is so required to be adjusted as a
result of such other event, and (3) if the "ex" date for the



                               25

issuance, distribution or Fundamental Change requiring such
computation is on or prior to the day in question, for purposes of
such computation, after taking into account any adjustment
required pursuant to clause (1) or (2) of this proviso, the
Closing Price for each Trading Day on or after such "ex" date
shall be adjusted by adding thereto the amount of any cash and the
fair market value (as determined by the Board of Directors in a
manner consistent with any determination of such value for
purposes of paragraph (iv) or (vi) of this Section 5(c), whose
determination shall be conclusive and described in a resolution of
the Board of Directors) of the evidences of indebtedness, shares
of capital stock or assets being distributed applicable to one
share of Common Stock as of the close of business on the day
before such "ex" date.  For purposes of this paragraph, the term
"ex" date, (1) when used with respect to any issuance or
distribution, means the first date on which the Common Stock
trades regular way on the relevant exchange or in the relevant
market from which the Closing Price was obtained without the right
to receive such issuance or distribution, (2) when used with
respect to any subdivision or combination of shares of Common
Stock, means the first date on which the Common Stock trades
regular way on such exchange or in such market after the time at
which such subdivision or combination becomes effective, and (3)
when used with respect to any tender or exchange offer means the
first date on which the Common Stock trades regular way on such
exchange or in such market after the Expiration Time of such
offer.

       (d)  "fair market value" shall mean the amount which a
willing buyer would pay a willing seller in an arm's length
transaction.

     (e)  "full cumulative dividends" shall mean, with respect to
the Series C Preferred Stock, or any other capital stock of the
Corporation, as of any date the amount of accumulated, accrued and
unpaid dividends payable on such shares of Series C Preferred
Stock, or other capital stock, as the case may be, whether or not
earned or declared and whether or not there shall be funds legally
available for the payment thereof.

     (f)  "Record Date" shall mean, with respect to any dividend,
distribution or other transaction or event in which the holders of
Common Stock have the right to receive any cash, securities or
other property or in which the Common Stock (or other applicable
security) is exchanged or converted into any combination of cash,
securities or other property, the date fixed for determination of
stockholders entitled to receive such cash, securities of other
property (whether such dated is fixed by the Board of Directors or
by statute, contract or otherwise), and with respect to any
subdivision or combination of the Common Stock, the effective date
of such subdivision or combination.

     (g)  "Trading Day" shall mean (x) if the applicable security
is listed or admitted for trading on the New York Stock Exchange
or another national securities exchange, a day on which the New



                               26

York Stock Exchange or another national securities exchange is
open for business or (y) if the applicable security is quoted on
the National Market System of the National Association of
Securities Dealers Automated Quotation System, a day on which
trades may be made on such National Market System or (z) if the
applicable security is not so listed, admitted for trading or
quoted, any day other than a Saturday or Sunday or a day on which
banking institutions in the State of New York are authorized or
obligated by law or executive order to close.

     (h)  "Transfer Agent" shall mean State Street Bank and Trust
Company, or any other national or state bank or trust company
having combined capital and surplus of at least $100,000,000 and
designated by the Corporation as the transfer agent and/or
registrar of the Series C Preferred Stock, or if no such
designation is made, the Corporation.










































                               27


IN WITNESS WHEREOF, The TJX Companies, Inc., has caused this
Certificate
of Designation to be signed by its Vice President - Finance and
its
Secretary this 19th day of August, 1992.

                              THE TJX COMPANIES, INC.


                              By:  /s/ STEVEN R. WISHNER
                                   Steven R. Wishner
                                   Vice President - Finance


Attest:   /s/ JAY H. MELTZER
          Jay H. Meltzer
          Secretary







































                               28

EXHIBIT (3ii)
                                     [As amended through 8/24/89]


                     THE TJX COMPANIES, INC.

                                        

                             BY-LAWS

                                        


                            ARTICLE I
                                
                  Certificate of Incorporation

     The name, location of the principal office or place of
business in the State of Delaware, and the nature of the business
or objects or purposes of the corporation shall be as set forth
in its certificate of incorporation.  These by-laws, the powers
of the corporation and of its directors and stockholders, and all
matters concerning the management of the business and conduct of
the affairs of the corporation shall be subject to such
provisions in regard thereto, if any, as are set forth in the
certificate of incorporation; and the certificate of
incorporation is hereby made a part of these by-laws.  In these
by-laws, references to the certificate of incorporation mean the
provisions of the certificate of incorporation (as that term is
defined in the General Corporation Law of the State of Delaware)
of the corporation as from time to time in effect, and references
to these by-laws or to any requirement or provision of law mean
these by-laws or such requirement or provision of law as from
time to time in effect.


                           ARTICLE II
                                
                 Annual Meeting of Stockholders

     The annual meeting of stockholders shall be held either (i)
at 11:00 a.m. on the first Tuesday in June in each year, unless
that day be a legal holiday at the place where the meeting is to
be held, in which case the meeting shall be held at the same hour
on the next succeeding day not a legal holiday, or (ii) at such
other date and time as shall be designated from time to time by
the board of directors and stated in the notice of the meeting,
at which the stockholders shall elect a board of directors and
transact such other business as may be required by law or these
by-laws or as may properly come before the meeting.
                           ARTICLE III
                                
                Special Meetings of Stockholders

     Except as otherwise required by law and or as fixed pursuant
to the provisions of Article FOURTH of the certificate of
incorporation relating to the rights of the holders of any class
or series of stock having a preference over the Common Stock as
to dividends or upon liquidation, special meetings of the
stockholders may be called only by the chairman of the board, the
president, or the board of directors pursuant to a resolution
approved by a majority of the entire board of directors.  Such
call shall state the time, place and purposes of the meeting.


                           ARTICLE IV
                                
                 Place of Stockholders' Meetings

     The annual meeting of the stockholders, for the annual
election of directors and other purposes, shall be held at such
place within or without the State of Delaware as the board of
directors shall fix for such meeting.  Adjourned meetings of the
stockholders shall be held at such places and at such times as
the board of directors shall fix.  Special meetings of the
stockholders, and adjourned special meetings of the stockholders,
shall be held at such places within or without the State of
Delaware and such time as the board of directors shall fix.


                            ARTICLE V
                                
                Notice of Stockholders' Meetings

     Except as may be otherwise required by law, by the
certificate of incorporation or by other provisions of these by-
laws, and subject to the provisions of Article XXII, a written
notice of each meeting of stockholders, stating the place, day
and hour thereof and the purposes for which the meeting is
called, shall be given, at least ten days before the meeting, to
each stockholder entitled to vote thereat, by leaving such notice
with him or at his residence or usual place of business, or by
mailing it, postage prepaid, addressed to such stockholder at his
address as it appears upon the books of the corporation.  Such
notice shall be given by the secretary, or in case of the death,
absence, incapacity or refusal of the secretary, by some other
officer or by a person designated by the board of directors.
                           ARTICLE VI
                                
                Quorum and Action of Stockholders

     Any action required or permitted to be taken by the
stockholders of the corporation must be effected at a duly called
annual or special meeting of such holders and may not be effected
by any consent in writing by such holders.

     At any meeting of the stockholders, a quorum for the
election of directors or for the consideration of any question
shall consist of a majority of the stock issued and outstanding;
except in any case where a larger quorum is required by law, by
the certificate of incorporation or by these by-laws.  Stock
owned by the corporation, if any, shall not be deemed outstanding
for this purpose.  In any case any meeting may be adjourned from
time to time by a majority of the votes properly cast upon the
question, whether or not a quorum is present, and the meeting may
be held as adjourned without further notice.

     When a quorum for the election of any director is present at
any meeting, a plurality of the votes properly cast for election
to such office shall elect to such office.  When a quorum for the
consideration of a question is present at any meeting, a majority
of the votes properly cast upon the question shall decide the
question; except in any case where a larger vote is required by
law, by the certificate of incorporation or by these by-laws.


                           ARTICLE VII
                                
                       Proxies and Voting

     Except as otherwise provided in the certificate of
incorporation, and subject to the provisions of Article XXV, each
stockholder shall at every meeting of the stockholders be
entitled to one vote in person or by proxy for each share of the
capital stock held by such stockholder, but no proxy shall be
voted on after three years from its date, unless the proxy
provides for a longer period; and except where the transfer books
of the corporation shall have been closed or a date shall have
been fixed as a record date for the determination of the
stockholders entitled to vote, as provided in Article XXV, no
share of stock shall be voted on at any election for directors
which has been transferred on the books of the corporation within
twenty days next preceding such election of directors.  Shares of
the capital stock of the corporation belonging to the corporation
shall not be voted upon directly or indirectly.

     Persons holding stock in a fiduciary capacity shall be
entitled to vote the shares so held, or to give any consent
permitted by law, and persons whose stock is pledged shall be
entitled to vote, or to give any consent permitted by law, unless
in the transfer by the pledgor on the books of the corporation he
shall have expressly empowered the pledgee to vote thereon, in
which case only the pledgee or his proxy may represent said stock
and vote thereon or give any such consent.

     The secretary shall prepare and make, at least ten days
before every election of directors, a complete list of the
stockholders entitled to vote at said election, arranged in
alphabetical order, and showing the address of each stockholder
and the number of shares registered in the name of each
stockholder.  Such list shall be open to the examination of any
stockholder during ordinary business hours, at the place where
said election is to be held, for said ten days, and shall be
produced and kept at the time and place of election during the
whole time thereof, and subject to the inspection of any
stockholder who may be present.  The original or duplicate stock
ledger shall be the only evidence as to who are stockholders
entitled to examine such list or to vote in person or by proxy at
such election.


                          ARTICLE VIII
                                
                             OMITTED
                                
                                
                           ARTICLE IX

                       Board of Directors
                                
     The whole board of directors shall consist of not less than
three nor more than fifteen directors.  Within such limits the
whole number of directors shall be fixed from time to time,
subject to the provisions of Article XXI hereof, by action of the
board of directors.

     Except as otherwise fixed pursuant to the provisions of
Article FOURTH of the certificate of incorporation relating to
the rights of the holders of any class or series of stock having
a preference over the Common Stock as to dividends or upon
liquidation to elect additional directors under specified
circumstances, the number of directors of the corporation shall
be fixed from time to time by or pursuant to these by-laws.  The
directors, other than those who may be elected by the holders of
any class or series of stock having preference over the Common
Stock as to dividends or upon liquidation, shall be classified,
with respect to the time for which they severally hold office,
into three classes, designated Class I, Class II and Class III,
as nearly equal in number as possible, with the term of office of
one Class expiring each year.  At the annual meeting of
stockholders in 1985, directors of Class I shall be elected to
hold office for a term expiring at the next succeeding annual
meeting, directors of Class II shall be elected to hold office
for a term expiring at the second succeeding annual meeting and
directors of Class III shall be elected to hold office for a term
expiring at the third succeeding annual meeting, with the members
of each Class to hold office until their successors are elected
and qualified.  At each subsequent annual meeting of the
stockholders of the Corporation, the successors to the Class of
directors whose term expires at such meeting shall be elected to
hold office for a term expiring at the annual meeting of
stockholders held in the third year following the year of their
election.

     References in these by-laws to the whole board of directors
mean the whole number fixed as herein or in the certificate of
incorporation provided, irrespective of the number at the time in
office.

     Each newly created directorship resulting from any increase
in the number of directors may be filled only as provided in
Article XXI for the filling of a vacancy in the office of a
director.

     No director need be a stockholder.

     Except as otherwise fixed pursuant to the provisions of
Article FOURTH of the certificate of incorporation relating to
the rights of holders of any class or series of stock having a
preference over the Common Stock as to dividends or upon
liquidation, nominations for the election of directors may be
made by the board of directors or a committee appointed by the
board of directors or by any stockholder entitled to vote in the
election of directors generally.  However, any stockholder
entitled to vote in the election of directors generally may
nominate one or more persons for election as directors at a
meeting only if written notice of such stockholder's intent to
make such nomination or nominations has been personally delivered
to or otherwise received by the secretary of the corporation not
later than (i) with respect to an election to be held at an
annual meeting of stockholders, ninety days prior to the
anniversary date of the immediately preceding annual meeting, and
(ii) with respect to an election to be held at a special meeting
of stockholders for the election of directors, the close of
business on the tenth day following the date on which notice of
such meeting is first given to stockholders.  Each such notice
shall set forth:  (a) the name and address of the stockholder who
intends to make the nomination and of the person or persons to be
nominated; (b) a representation that the stockholder is a holder
of record of stock of the corporation entitled to vote at such
meeting and intends to appear in person or by proxy at the
meeting to nominate the person or persons specified in the
notice; (c) a description of all arrangements or understandings
between the stockholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the
nomination or nominations are to be made by the stockholder;
(d) such other information regarding each nominee proposed by
such stockholder as would be required to be included in a proxy
statement filed pursuant to the proxy rules of the Securities and
Exchange Commission; and (e) the consent of each nominee to serve
as a director of the corporation if so elected.  The presiding
officer of the meeting may refuse to acknowledge the nomination
of any person not made in compliance with the foregoing
procedure.


                            ARTICLE X
                                
                Powers of the Board of Directors

     The board of directors shall have and may exercise all the
powers of the corporation; except such as are conferred upon the
stockholders by law, by the certificate of incorporation or by
these by-laws.


                           ARTICLE XI
                                
                           Committees
                                
     The board of directors may at any time and from time to
time, by resolution adopted by a majority of the whole board,
designate, change the membership of or terminate the existence of
any committee or committees, including if desired any executive
committee, each committee to consist of two or more of the
directors of the corporation.  Each such committee shall have
such name as may be determined from time to time by resolution
adopted by a majority of the whole board of directors and shall
have and may exercise such powers of the board of directors in
the management of the business and affairs of the corporation,
including power to authorize the seal of the corporation to be
affixed to all papers which may require it, as may be determined
from time to time by resolution adopted by a majority of the
whole board.  All minutes of proceedings of committees shall be
available to the board of directors on its request.

     In the absence or disqualification of any member of such
committee or committees the member or members thereof present at
any meeting and not disqualified from voting, whether or not he
or they constitute a quorum, may unanimously appoint another
member of the board of directors to act at the meeting in place
of such absent or disqualified member.
                           ARTICLE XII
                                
               Meetings of the Board of Directors

     Regular meetings of the board of directors may be held
without call or formal notice at such places either within or
without the State of Delaware and at such times as the board may
from time to time determine.  A regular meeting of the board of
directors may be held without call or formal notice immediately
after and at the same place as the annual meeting of the
stockholders.

     Special meetings of the board of directors may be held at
any time and at any place either within or without the State of
Delaware when called by the chairman of the board (if any), the
president, the treasurer or two or more directors, reasonable
notice thereof being given to each director by the secretary, or
in the case of the death, absence, incapacity or refusal of the
secretary, by the officer or directors calling the meeting, or
without call or formal notice if each director then in office is
either present or waives notice as provided in Article XXII.  In
any case it shall be deemed sufficient notice to a director to
send notice by mail at least forty-eight hours or by telegram at
least twenty-four hours before the meeting addressed to him at
his usual or last known business or residence address or to give
notice to him in person either by telephone or by handing him a
written notice at least twenty-four hours before the meeting.


                          ARTICLE XIII
                                
                 Quorum and Action of Directors

     At any meeting of the board of directors, except in any case
where a larger quorum or the vote of a larger number of directors
is required by law, by the certificate of incorporation or by
these by-laws, a quorum for any election or for the consideration
of any question shall consist of a majority of the directors then
in office, but in any case not less than two directors; but any
meeting may be adjourned from time to time by a majority of the
votes cast upon the question, whether or not a quorum is present,
and the meeting may be held as adjourned without further notice.
When a quorum is present at any meeting, the votes of a majority
of the directors present and voting shall be requisite and
sufficient for election to any office, and a majority of the
directors present and voting shall decide any question brought
before such meeting, except in any case where a larger vote is
required by law, by the certificate of incorporation or by these
by-laws.
                           ARTICLE XIV
                                
               Consent by Directors or Committees

     To the extent permitted by law, whenever a vote or
resolution at a meeting of the board of directors or of any
committee thereof is required or permitted to be taken in
connection with any corporate action by any provision of law or
of the certificate of incorporation or of these by-laws, such
meeting and such vote or resolution may be dispensed with and
such corporate action may be taken without such meeting, vote or
resolution, if a written consent to such corporate action is
signed by all members of the board or of such committee, as the
case may be, and such written consent if filed with the minutes
of the proceedings of the board or of such committee.


                           ARTICLE XV
                                
     The officers of the corporation shall be a chairman of the
board, a president, a treasurer, a secretary, and such other
officers, if any, as the board of directors may in its discretion
elect.  The chairman of the board and the president shall be
chosen from among the directors.  The board of directors may
delegate to the chief executive officer the authority to appoint
assistant vice presidents, assistant treasurers, assistant
secretaries and such agents, if any, as he may in his discretion
determine to appoint.  So far as is permitted by law any two or
more offices may be held by the same person.  The chief executive
officer may appoint such officers of the divisions of the
corporation as he in his discretion shall determine, the officers
of divisions not being officers of the corporation.  Officers of
the divisions may also be appointed officers of the corporation
by the board of directors or by the chief executive officer as
above provided.

     Subject to law, to the certificate of incorporation and to
the other provisions of these by-laws, each officer elected by
the board of directors or appointed by the chief executive
officer shall have, in addition to the duties and powers herein
set forth, such duties and powers as are commonly incident to his
office and such duties and powers as the board of directors or
the chief executive officer may from time to time designate.

     Officers elected by the board of directors shall be elected
annually at its first meeting following the annual meeting of the
stockholders.  Officers appointed by the chief executive officer
shall be appointed annually by the chief executive officer on the
day of the annual meeting of the stockholders.  Additional
officers may be elected by the board of directors or appointed by
the chief executive officer at any time.

     Each officer elected by the board of directors shall hold
office until the first meeting of the board of directors
following the next annual meeting of the stockholders and until
his successor is elected or appointed and qualified, or until he
sooner dies, resigns, is removed or replaced or becomes
disqualified.  Each officer and agent appointed by the chief
executive officer shall retain his authority at the pleasure of
the chief executive officer.


                           ARTICLE XVI
                                
               Chairman of the Board of Directors

     The chairman of the board shall participate in matters of
planning and policy, both financial and operational.  The
chairman shall preside at all meetings of the stockholders and of
the board of directors at which he is present, except that in the
absence of the chairman, or at the request of the chairman, the
president shall preside.  The chairman shall have such other
duties and powers as may be designated from time to time by the
board of directors.


                          ARTICLE XVII
                                
                            President

     The president shall be the chief executive officer of the
corporation with ultimate responsibility for the corporation's
planning and operations, both financial and operational subject
to the policies and direction of the board of directors.


                          ARTICLE XVIII
                                
                     Chief Financial Officer

     The chief financial officer is responsible for execution of
all financial policies, plans, procedures and controls of the
corporation, and the maintenance of books and records with
respect thereto, including accounting and treasury functions,
internal audit, budgets, borrowings, securities offerings,
investments, tax reporting and financial reporting all subject to
the control of the board of directors, the president and the
chairman of the board.  The chief financial officer shall have
such other duties and powers as may be designated from time to
time by the board of directors, the president or the chairman.
                           ARTICLE XIX
                                
                     Secretary and Treasurer

     The secretary shall record all the proceedings of the
meetings of the stockholders and the board of directors, in a
book or books to be kept for that purpose, and in his absence
from any such meeting a temporary secretary shall be chosen who
shall record the proceedings thereof.

     The secretary shall have charge of the stock ledger (which
may, however, be kept by any transfer agent or agents of the
corporation), an original or duplicate of which shall at all
times during the usual hours for business be open to the
examination of every stockholder at the principal office of the
corporation.  The secretary shall have such other duties and
powers as may be designated from time to time by the board of
directors or by the chief executive officer.

     The treasurer shall be in charge of the funds and valuable
papers of the corporation and shall have such other duties and
powers as may be designated from time to time by the board of
directors, by the chief executive officer or by the chief
financial officer.


                           ARTICLE XX
                                
                    Resignations and Removals

     Any director or officer may resign at any time by delivering
his resignation in writing to the president or the secretary or
to a meeting of the board of directors, and such resignation
shall take effect at the time stated therein, or if no time be so
stated then upon its delivery, and without the necessity of its
being accepted unless the resignation shall so state.  Except as
otherwise fixed pursuant to the provisions of Article FOURTH of
the certificate of incorporation relating to the rights of the
holders of any class or series of stock having a preference over
the Common Stock as to dividends or upon liquidation to elect
directors under specified circumstances, any director may be
removed from office, without cause, only by the affirmative vote
of the holders of 66 2/3% of the combined voting power of the
then outstanding shares of stock entitled to vote generally in
the election of directors, voting together as a single class.
The board of directors may at any time, by vote of a majority of
the directors present and voting, terminate or modify the
authority of any agent.
                           ARTICLE XXI
                                
                            Vacancies

     Except as otherwise fixed pursuant to the provisions of
Article FOURTH of the certificate of incorporation relating to
the rights of the holders of any class or series of stock having
a preference over the Common Stock as to dividends or upon
liquidation to elect directors under specified circumstances,
newly created directorships resulting from any increase in the
number of directors and any vacancies on the board of directors
resulting from death, resignation, disqualification, removal or
other cause shall be filled solely by the affirmative vote of a
majority of the remaining directors then in office, even though
less than a quorum of the board of directors, or by a sole
remaining director.  Any director elected in accordance with the
preceding sentence shall hold office for the remainder of the
full term of the Class of directors in which the new directorship
was created or the vacancy occurred and until such director's
successor shall have been elected and qualified.  No decrease in
the number of directors constituting the board of directors shall
shorten the term of any incumbent director.  If the office of any
officer becomes vacant, by reason of death, resignation, removal
or disqualification, a successor may be elected or appointed by
the board of directors by vote of a majority of the directors
present and voting.  Each such successor officer shall hold
office for the unexpired term, and until his successor shall be
elected or appointed and qualified, or until he sooner dies,
resigns, is removed or replaced or becomes disqualified.  The
board of directors shall have and may exercise all its powers
notwithstanding the existence of one or more vacancies in the
whole board, subject to any requirements of law or of the
certificate of incorporation or of these by-laws as to the number
of directors required for a quorum or for any vote, resolution or
other action.


                          ARTICLE XXII
                                
                        Waiver of Notice

     Whenever any notice is required to be given by law or under
the provisions of the certificate of incorporation or of these
by-laws, a waiver thereof in writing, signed by the person or
persons entitled to such notice, whether before or after the time
stated therein or otherwise fixed for the meeting or other event
for which notice is waived, shall be deemed equivalent to such
notice.
                          ARTICLE XXIII
                                
                      Certificates of Stock

     Every holder of stock in the corporation shall be entitled
to have a certificate, signed by, or in the name of the
corporation by, the president or a vice president and by the
treasurer or an assistant treasurer or the secretary or an
assistant secretary of the corporation, certifying the number of
shares owned by him in the corporation; provided, however, that
where such certificate is signed (1) by a transfer agent or an
assistant transfer agent or (2) by a transfer clerk acting on
behalf of the corporation and a registrar, the signature of the
president, vice president, treasurer, assistant treasurer,
secretary or assistant secretary may be facsimile.  In case any
officer or officers who shall have signed or whose facsimile
signature or signatures shall have been used on, any such
certificate or certificates shall cease to be such officer or
officers of the corporation, whether because of death,
resignation or otherwise, before such certificate or certificates
shall have been delivered by the corporation, such certificate or
certificates may nevertheless be adopted by the corporation and
be issued and delivered as though the person or persons who
signed such certificate or certificates or whose facsimile
signature or signatures have been used thereon had not ceased to
be such officer or officers of the corporation, and any such
issue and delivery shall be regarded as an adoption by the
corporation of such certificate or certificates.  Certificates of
stock shall be in such form as shall, in conformity to law, be
prescribed from time to time by the board of directors.


                          ARTICLE XXIV
                                
                   Transfer of Shares of Stock

     Subject to applicable restrictions upon transfer, if any,
title to a certificate of stock and to the shares represented
thereby shall be transferred only by delivery of the certificate
properly endorsed, or by delivery of the certificate accompanied
by a written assignment of the same, or a written power of
attorney to sell, assign or transfer the same or the shares
represented thereby, properly executed; but the person registered
on the books of the corporation as the owner of shares shall have
the exclusive right to receive the dividends thereon and, except
as provided in Article VII with respect to stock which has been
pledged, to vote thereon as such owner or to give any consent
permitted by law, and shall be held liable for such calls and
assessments, if any, as may lawfully be made thereon, and except
only as may be required by law, may in all respects be treated by
the corporation as the exclusive owner thereof.  It shall be the
duty of each stockholder to notify the corporation of his post
office address.


                           ARTICLE XXV
                                
                   Transfer Books; Record Date

     The board of directors shall have power to close the stock
transfer books of the corporation for a period not exceeding
fifty days preceding the date of any meeting of stockholders or
the date for payment of any dividend or the date for the
allotment of rights or the date when any change or conversion or
exchange of capital stock shall go into effect or for a period of
not exceeding fifty days in connection with obtaining the consent
of stockholders for any purpose; provided, however, that in lieu
of closing the stock transfer books as aforesaid, the board of
directors may fix in advance a date, not exceeding fifty days
preceding the date of any meeting of stockholders, or any other
of the above mentioned events, or a date in connection with
obtaining such consent, as a record date for the determination of
the stockholders entitled to notice of, and to vote at, any such
meeting and any adjournment thereof, or entitled to receive
payment of any such dividend, or to any such allotment of rights,
or to exercise the rights in respect of any such change,
conversion or exchange of capital stock, or to give such consent,
and in such case such stockholders and only such stockholders as
shall be stockholders of record on the date so fixed shall be
entitled to such notice of, and to vote at, such meeting and any
adjournment thereof, or to receive payment of such dividend, or
to receive such allotment of rights, or to exercise such rights,
or to give such consent, as the case may be, notwithstanding any
transfer of any stock on the books of the corporation after any
such record date fixed as aforesaid.


                          ARTICLE XXVI
                                
                      Loss of Certificates

     In the case of the alleged loss or destruction or the
mutilation of a certificate of stock, a duplicate certificate may
be issued in place thereof, upon such terms in conformity with
law as the board of directors may prescribe.


                          ARTICLE XXVII
                                
                              Seal

     The corporate seal of the corporation shall, subject to
alteration by the board of directors, consist of a flat-faced
circular die with the word "Delaware", together with the name of
the corporation and the year of its organization, cut or engraved
thereon.  The corporate seal of the corporation may be used by
causing it or a facsimile thereof to be impressed or affixed or
reproduced or otherwise.


                         ARTICLE XXVIII
                                
                       Execution of Papers

     Except as the board of directors may generally or in
particular cases authorize the execution thereof in some other
manner, all deeds, leases, transfers, contracts, bonds, notes,
checks, drafts and other obligations made, accepted or endorsed
by the corporation shall be signed by the president or by one of
the vice presidents or by the treasurer.


                          ARTICLE XXIX
                                
                           Fiscal Year

     Except as from time to time otherwise provided by the board
of directors, the fiscal year of the corporation shall terminate
on the last Saturday in January of each year.


                           ARTICLE XXX
                                
                           Amendments

     The board of directors and the stockholders shall each have
the power to adopt, alter, amend and repeal these by-laws; and
any by-laws adopted by the directors or the stockholders under
the powers conferred hereby may be altered, amended or repealed
by the directors or by the stockholders; provided, however, that
these by-laws shall not be altered, amended or repealed by action
of the stockholders, and no by-law shall be adopted by action of
the stockholders, without the affirmative vote of the holders of
at least 66 2/3% of the voting power of all the shares of the
corporation entitled to vote generally in the election of
directors, voting together as a single class.







Exhibit (10)(d)












                      EMPLOYMENT AGREEMENT

                  DATED AS OF JANUARY 30, 1994

      BETWEEN BERNARD CAMMARATA AND THE TJX COMPANIES, INC.



                                 INDEX                            PAGE


1.   EFFECTIVE DATE; TERM OF AGREEMENT.........................     1

2.   SCOPE OF EMPLOYMENT.......................................     1

3.   COMPENSATION AND BENEFITS.................................     2

4.   SUCCESSION................................................     6

5.   OTHER TERMINATION OF EMPLOYMENT; IN GENERAL...............     7

6.   BENEFITS UPON NON-VOLUNTARY TERMINATION OF EMPLOYMENT.....     8

7.   TERMINATION FOR CAUSE; VIOLATION OF CERTAIN AGREEMENTS....    12

8.   BENEFITS UPON CHANGE IN CONTROL...........................    12

9.   AGREEMENT NOT TO SOLICIT OR COMPETE.......................    12

10.  ASSIGNMENT................................................    14

11.  NOTICES...................................................    14

12.  WITHHOLDING...............................................    14

13.  GOVERNING LAW.............................................    14

14.  ARBITRATION...............................................    14

15.  ENTIRE AGREEMENT..........................................    15

EXHIBIT A

     Terms of Performance-Based Deferred Stock ("PBDS")........   A-1

EXHIBIT B

     Definition Of "Earnings Per Share"........................   B-1

EXHIBIT C

     Certain Definitions.......................................   C-1

EXHIBIT D

     Definition of "Change of Control".........................   D-1

EXHIBIT E

     Change Of Control Benefits................................   E-1



                                        BERNARD CAMMARATA






                      EMPLOYMENT AGREEMENT

     AGREEMENT dated as of January 30, 1994 between BERNARD
CAMMARATA of One Thornton Lane, Concord, Massachusetts 01742
("Executive") and The TJX Companies, Inc., a Delaware corporation
whose principal office is in Framingham, Massachusetts 01701.

                            RECITALS

     Executive has been employed by The TJX Companies, Inc. (the
"Company") as its President and Chief Executive Officer pursuant
to an employment agreement dated as of June 1, 1989 and
amendments thereto (the "Prior Agreement").  The Company and
Executive intend that Executive should continue to serve as
President and Chief Executive Officer of the Company and, to that
end, deem it desirable and appropriate to enter into this
Agreement.

                            AGREEMENT

     The parties hereto, in consideration of the mutual
agreements hereinafter contained, agree as follows:    
     
     1.  EFFECTIVE DATE; TERM OF AGREEMENT.  This Agreement shall
become effective as of January 30, 1994 (the "Effective Date")
and, as of that date, shall supersede the Prior Agreement.
Executive's employment shall continue on the terms provided
herein until January 31, 1998 and thereafter until terminated by
either Executive or the Company, subject to earlier termination
as provided herein (such period of employment hereinafter called
the "Employment Period").

     2.  SCOPE OF EMPLOYMENT.

     (a)  Nature of Services.  Executive shall diligently perform
the duties and assume the responsibilities of President and Chief
Executive Officer of the Company and such additional executive
duties and responsibilities as shall from time to time be
assigned to him by the Board.








                                    -1-

     (b)  Extent of Services.  Except for illnesses and vacation
periods, Executive shall devote substantially all his working
time and attention and his best efforts to the performance of his
duties and responsibilities under this Agreement.  However,
Executive may (a) make any passive investments where he is not
obligated or required to, and shall not in fact, devote any
managerial efforts, (b) participate in charitable or community
activities or in trade or professional organizations, or
(c) subject to Board approval (which approval shall not be
unreasonably withheld or withdrawn), hold directorships in public
companies, except only that the Board shall have the right to
limit such services as a director or such participation whenever
the Board shall believe that the time spent on such activities
infringes in any material respect upon the time required by
Executive for the performance of his duties under this Agreement
or is otherwise incompatible with those duties.

     3.  COMPENSATION AND BENEFITS.

     (a)  Base Salary.   Executive shall be paid a base salary at
the rate hereinafter specified, such Base Salary to be paid in
the same manner and at the same times as the Company shall pay
base salary to other executive employees.  The rate at which
Executive's Base Salary shall be paid shall be:  (i) for the
period beginning January 30, 1994 and ending May 31, 1995,
$850,000 per year; and (ii) for periods beginning on or after
June 1, 1995, such rate (not less than $850,000 per year) as the
Board may determine.

     (b)  Existing Awards Under 1986 Stock Incentive Plan
(Including LRPIP).  Reference is made to the following awards
previously made to Executive under the Company's 1986 Stock
Incentive Plan (including any successor, the "1986 Plan"),
including awards under the Long Range Performance Incentive Plan:

          (i)  PARS:  The award for 100,000 shares referenced in
     Section 3(d) of the Prior Agreement, and the award dated
     September 17, 1990;

          (ii) Options:  Grant Nos. 86-18, 86-21, 86-27
     (reflected at Section 3(g) of the Prior Agreement), 86-34,
     86-37, 86-40, and 86-42; and

          (iii) LRPIP:  Awards made prior to the date of this
     Agreement under the terms of LRPIP.

Each of the above-referenced awards shall continue for such
period or periods and in accordance with such terms as are set
out in the grant and other governing documents (including for
this purpose the Prior Agreement insofar as it related to any
such awards) relating to such award, and shall not be affected by






                                    -2-

the terms of this Agreement except as otherwise expressly
provided herein.

     (c)  Awards of Performance-Based Deferred Stock.  By written
action taken at its meeting dated March 29, 1994, the Committee
has determined to grant to Executive under the terms of the 1986
Plan 150,000 shares of performance-based deferred stock on the
further terms and conditions set forth in Exhibit A to this
Agreement.  This Agreement, including Exhibit A, shall constitute
the Award Agreement in respect of such shares required by the
1986 Plan.

     (d)  LRPIP.  During the Employment Period but subject to
approval by the stockholders of the Company, in accordance with
Section 162(m) of the Code, of the material terms of LRPIP,
Executive will be entitled to participate in annual grants made
under LRPIP.  To the extent provided in Section 162(m) of the
Code, the terms of any such award shall be established by the
Committee.  Subject to the foregoing, Executive shall be entitled
with respect to each award cycle (beginning with the FYE 1995 to
1997 cycle) to earn up to 70% of his Base Salary as in effect at
the beginning of the cycle if the target established by the
Committee is met and up to 105% of such Base Salary if such
target is exceeded, with the payment potential ranging from 0% to
105% of Executive's Base Salary as established by the terms of
the award.

     (e)  MIP.  During the Employment Period but subject to
approval by the stockholders of the Company, in accordance with
Section 162(m) of the Code, of the material terms of the
Company's Management Incentive Plan ("MIP"), Executive shall be
eligible to receive annual awards under MIP.  To the extent
provided in Section 162(m) of the Code, the goals, scope and
conditions of any award shall be established annually by the
Committee.  Subject to the foregoing, Executive shall be entitled
to earn up to 50% of his Base Salary if the target established by
the Committee is met and up to 100% of his Base Salary if such
target is exceeded, with the payment potential ranging from 0% to
100% of Executive's Base Salary as established by the terms of
the award.

     (f)  New Stock Options.  The Committee has determined to
grant annually to Executive during the Employment Period,
beginning in 1994, non-statutory stock options under the 1986
Plan (the "Options").  The Options to be granted to Executive for
each such year shall be for not less than 50,000 shares of Stock
(subject to adjustment in accordance with the generally
applicable provisions of the 1986 Plan to reflect any stock
splits, recapitalizations or similar changes), or such larger
number as the Committee may determine.  (For 1994 the Option
grant shall be for 75,000 shares of Stock.)  The exercise price






                                    -3-

for each such Option shall be the fair market value of the Stock
on the date of grant, as determined by the Committee.  Each such
Option shall vest (become exercisable) on a cumulative basis at
the rate of 33-1/3% per year beginning with the first anniversary
of the date of grant of such Option, subject to acceleration in
accordance with the 1986 Plan and this Agreement, and each such
Option shall have a term of ten years, subject to earlier
termination in accordance with the 1986 Plan and this Agreement.
If prior to January 31, 1998 (i) Executive dies or becomes
Disabled, or (ii) a Change of Control occurs while Executive is
employed by the Company, or (iii) Executive voluntarily
terminates the Employment Period for Valid Reason or (iv) his
employment is terminated by the Company other than for Cause,
then all Executive's Options then outstanding shall be
immediately vested.  Notwithstanding the foregoing, the Committee
reserves the right to grant to Executive, in lieu of any Options
described in this Section 3(f), shares of Stock having a fair
market value on the date of grant equal to the value of such
Options determined in accordance with the Black-Scholes option
valuation methodology.

     If Executive dies or becomes Disabled while employed by the
Company, all his Options shall remain exercisable for a period of
three years, but in no event beyond their original term.  Upon
the expiration of such three-year term, the Options shall
terminate.  In the event Executive retires under the terms of the
1986 Plan, all his Options shall remain exercisable (to the
extent they were exercisable immediately prior to such
retirement) for a period of three years or, if less, the
remainder of the original option term, and then shall terminate.
Upon any other termination of employment the Options shall remain
exercisable (to the extent they were exercisable immediately
prior to such termination, taking into account any applicable
accelerated vesting as described above) for a period equal to the
lesser of (i) three months, or (ii) the remainder of their
original term, and then shall terminate.  However, if Executive
is terminated for Cause all the Options shall immediately
terminate.

     (g)  SERP.  Except as provided in Exhibit E ("Change of
Control Benefits") and this subsection (g), Executive is entitled
to Category B benefits determined and made payable in accordance
with the generally applicable provisions of the Company's
Supplemental Executive Retirement Plan.

          (i)  Benefits vested to the extent accrued.   Subject
     to the provisions of Section 7 below, Executive has a fully
     vested right to his accrued benefit under SERP based (except
     as provided in Exhibit E) on his actual years of service.
     Executive shall continue to be fully vested in any future
     accruals under SERP.






                                    -4-


          (ii)  Death benefit.  If Executive should die
     unmarried during the Employment Period, the Company
     shall pay a lump sum death benefit to his designated
     beneficiary, or if none to his estate.  The lump sum
     death benefit payable in accordance with this paragraph
     shall be paid as soon as practicable following the date
     of Executive's death (the "benefit determination date")
     and shall be in lieu of any other death benefit then
     payable under SERP.  The amount of such lump sum death
     benefit shall be determined by assuming that Executive:

               (A) was married to a spouse of the same age as
          himself;

               (B) retired on the benefit determination date and
          deferred receipt of his SERP benefit until age 65;

               (C) commenced receiving his SERP benefit at age 65
          in the form of a reduced joint and survivor annuity
          with a 50% continuance to such spouse if she survived
          him; and

               (D) died immediately after commencement of that
          annuity.

     The lump sum death benefit described in this subsection (g)
     shall be the actuarial present value, determined as of the
     benefit determination date, of the hypothetical survivor-
     spouse annuity determined in accordance with the assumptions
     described in (A) through (D) above.  For purposes of making
     this actuarial present-value determination, the same
     interest rate and mortality assumptions shall be applied as
     would apply in determining a Category B SERP participant's
     retirement lump sum benefit payable as of the benefit
     determination date.

     For purposes of this subsection (g), Executive's designated
     beneficiary shall be such person (including a trust) as
     Executive shall have specified by a written notice delivered
     to the Company in accordance with Section 8.  Executive may
     change his beneficiary designation at any time by a
     subsequent written notice delivered in the same manner.  If
     no beneficiary designation under this subsection (g) is in
     effect at the time of Executive's death, the death benefit,
     if any, payable under this subsection (g) shall be paid to
     Executive's estate.

     (h)  Qualified Plans.  Executive shall be entitled during
the Employment Period to participate in the Company's tax-







                                    -5-

qualified retirement and profit-sharing plans in accordance with
the terms of those plans.

     (i)  Policies and Fringe Benefits.  Executive shall be
subject to Company policies applicable to its executives
generally and shall be entitled to receive all such fringe
benefits as the Company shall from time to time make available to
other executives generally (subject to the terms of any
applicable fringe benefit plan).

     4.  SUCCESSION.  The Company and Executive acknowledge that
given the many years Executive has served as Chief Executive
Officer of the Company and predecessor companies, it is
reasonable to anticipate that at some point in the future, either
within the Employment Period (as it may be extended) or at its
termination, Executive may wish to give up the responsibilities
of Chief Executive Officer to a successor.  At that time
Executive may wish either to continue as an employee (other than
President and Chief Executive Officer) of the Company or to
retire fully.  If it is determined that Executive will remain as
an employee, the compensation and other terms on which he will do
so will not be governed by this Agreement but will be determined
at that time on a basis that is mutually acceptable to the
parties.  If, on the other hand, Executive chooses to retire or
otherwise voluntarily terminate employment, he will be entitled
to the following benefits:

          (a)  The Company will pay to Executive his then Base
     Salary for a period of twelve months from the Date of
     Termination, without reduction for compensation earned from
     other employment or self-employment.

          (b)  Until the expiration of the period of Base Salary
     payments described in (a) immediately above, except to the
     extent that Executive shall obtain the same from another
     employer or from self-employment, the Company will provide
     such medical and hospital insurance, long-term disability
     insurance and term life insurance for Executive and his
     family, comparable to the insurance provided for executives
     generally, as the Company shall determine, and upon the same
     terms and conditions as the same shall be provided for
     executives generally; provided, however, that in no event
     shall such benefits or the terms and conditions thereof be
     less favorable to Executive than those afforded to him as of
     the date of termination.
     
          (c) The Company will pay Executive the following,
     without offset for compensation earned from other employment
     or self-employment:








                                    -6-

               First, if not already paid, any amounts to which
               Executive is entitled under MIP for the fiscal
               year of the Company ended immediately prior to
               Executive's termination of employment or under
               LRPIP in respect of the three-year Performance
               Cycle ended immediately prior his termination of
               employment.

               Second, an amount equal to the award, if any,
               Executive would have earned under MIP for the year
               of termination, based on actual performance for
               the year and prorated for Executive's period of
               service prior to termination.  This amount will be
               paid at the same time as other MIP awards for the
               year of termination are paid.

               Third, with respect to the three-year Performance
               Cycle ending with the fiscal year of termination
               and the next two Performance Cycles, an amount
               under LRPIP with respect to each such cycle equal
               to the product of (i) 1/36 of the award, if any,
               Executive would have earned for such cycle, based
               on actual performance, times (ii) the number of
               full months in such cycle prior to termination.
               The amount payable under the preceding sentence
               for any Performance Cycle will be paid at the same
               time as other LRPIP awards payable for such cycle.

          (e)  In addition to the benefits described above,
     Executive shall be entitled to such amounts as he shall have
     deferred (but not received) under the Company's General
     Deferred Compensation Plan in accordance with the provisions
     of that Plan.  Executive shall also be entitled to the
     benefits described in Sections 3(b)(i) (PARS), 3(b)(ii)
     (previously granted stock options), 3(c) (Performance-Based
     Deferred Stock), 3(f) (New Stock Options), 3(g) (SERP), and
     3(h) (Qualified Plans), in each case to the extent, if any,
     provided in the provisions of the relevant plan or award
     agreement (including the pertinent provisions of this
     Agreement) relating to voluntary termination of employment,
     including, if Executive's voluntary termination is for Valid
     Reason, the accelerated vesting provided in respect of such
     a termination under Section 3(f) and Exhibit A.

          (f)  A Constructive Termination as defined in
     subsection 6(a) below shall not be treated as a retirement
     or other termination subject to this Section 4.

     5.  OTHER TERMINATION OF EMPLOYMENT; IN GENERAL.








                                    -7-

     (a)  The Company shall have the right to end Executive's
employment at any time and for any reason, with or without Cause.

     (b)  The Employment Period shall terminate when Executive
becomes Disabled.  In addition, if by reason of Incapacity
Executive is unable to perform his duties for at least six
continuous months, upon written notice by the Company to
Executive the Employment Period will be terminated for
Incapacity.

     (c)  Whenever the Employment Period shall terminate,
including by reason of retirement or other voluntary termination
under Section 4 above, Executive shall resign all offices or
other positions he shall hold with the Company and any affiliated
corporations, including any position on the Board; provided, that
if it should be agreed between the Company and Executive that in
connection with termination Executive will continue to serve as
an employee of the Company in another capacity, he shall retain
such offices and positions, if any, as are determined in
connection with such agreement to be consistent with his
continued employee status.

     6.  BENEFITS UPON NON-VOLUNTARY TERMINATION OF EMPLOYMENT.

     (a)  Certain Terminations Prior to January 31, 1998.  If the
Employment Period shall have terminated prior to January 31, 1998
by reason of (i) death, Disability or Incapacity of Executive,
(ii) termination by the Company for any reason other than Cause
or (iii) termination by Executive in the event that either (A)
Executive shall be removed from or fail to be reelected to the
offices of President, Chief Executive Officer, a Director and a
member of any Executive Committee of the Board or (B) Executive
is relocated more than 40 miles from the current corporate
headquarters of the Company, in either case without his prior
written consent (a "Constructive Termination"), then all
compensation and benefits for Executive shall be as follows:

          (i)  For the longer of 24 months after such termination
     or until January 31, 1998, the Company will pay to Executive
     or his legal representative continued Base Salary at the
     rate in effect at termination of employment.  Base Salary
     shall be paid for the first twelve months of the period
     without reduction for compensation earned from other
     employment or self-employment, and shall thereafter be
     reduced by such compensation received by Executive from
     other employment or self-employment.

          (ii)  Until the expiration of the period of Base Salary
     payments described in (i) immediately above, except to the
     extent that Executive shall obtain the same from another
     employer or from self-employment, the Company will provide






                                    -8-

     such medical and hospital insurance, long-term disability
     insurance and term life insurance for Executive and his
     family, comparable to the insurance provided for executives
     generally, as the Company shall determine, and upon the same
     terms and conditions as the same shall be provided for other
     Company executives generally; provided, however, that in no
     event shall such benefits or the terms and conditions
     thereof be less favorable to Executive than those afforded
     to him as of the date of termination.

          (iii)  The Company will pay to Executive or his legal
     representative, without offset for compensation earned from
     other employment or self-employment, the following amounts
     under the Company's MIP applicable to Executive:

               First, if not already paid, any amounts to which
               Executive is entitled under MIP for the fiscal
               year of the Company ended immediately prior to
               Executive's termination of employment.  These
               amounts will be paid at the same time as other
               awards for such prior year are paid.

               Second, an amount equal to Executive's MIP Target
               Award for the year of termination, prorated for
               Executive's period of service during such year
               prior to termination.  This amount will be paid at
               the same time as other MIP awards for the year of
               termination are paid.

               Third, an amount equal to Executive's MIP Target
               Award for the year of termination, without
               proration.  This amount will be paid at the same
               time as the amount payable under the preceding
               paragraph.

     In addition, the Company will pay to Executive or his legal
     representative such amounts as Executive shall have deferred
     (but not received) under the Company's General Deferred
     Compensation Plan in accordance with the provisions of that
     Plan and shall deliver to Executive or his legal
     representative any shares of Stock which Executive shall
     have earned but deferred in respect of his Performance-Based
     Deferred Stock award set forth in Exhibit A.

          (iv)  Executive or his legal representative shall be
     entitled to the benefits described in Sections 3(b)(i)
     (PARS), 3(b)(ii) (previously granted stock options), 3(c)
     (Performance-Based Deferred Stock), 3(f) (New Stock
     Options), 3(g) (SERP), and 3(h) (Qualified Plans).  In
     addition, with respect to each three-year Performance Cycle
     not completed prior to termination, the Company will pay to






                                    -9-

     Executive or his legal representative 1/36 of his LRPIP
     Target Award for each full month in such cycle prior to
     termination.  Such amounts will be paid at the same time as
     other LRPIP awards payable for the cycle first ending after
     termination are paid.  Executive or his legal representative
     will be entitled to payment (at the same time as other LRPIP
     awards for the applicable cycle are paid) of any unpaid
     amounts owing with respect to cycles completed prior to
     termination.
     
          (v)  If termination occurs by reason of Incapacity or
     Disability, Executive shall be entitled to such
     compensation, if any, as is payable pursuant to the
     Company's long-term disability plan or any successor Company
     disability plan.  Any payments made to Executive under any
     long term disability plan of the Company with respect to the
     salary continuation period in clause (i) above shall be
     offset against such salary continuation payments and to the
     extent not so offset, Executive shall promptly make
     reimbursement payments to the Company of such disability
     payments.

     (b)  Certain Terminations after January 31, 1998.  If the
Employment Period shall have terminated after January 31, 1998 by
reason of (i) death, Disability or Incapacity of Executive, (ii)
termination by the Company for any reason other than Cause or
(iii) termination by Executive in respect of a Constructive
Termination, then all compensation and benefits for Executive
shall be as follows:

          (i)  The Company will pay to Executive or his legal
     representative his then Base Salary for a period of twelve
     months from the Date of Termination, without reduction for
     compensation earned from other employment or self-
     employment.

          (ii)  Until the expiration of the period of Base Salary
     payments described in (i) immediately above, except to the
     extent that Executive shall obtain the same from another
     employer or from self-employment, the Company will provide
     such medical and hospital insurance, long-term disability
     insurance and term life insurance for Executive and his
     family, comparable to the insurance provided for executives
     generally, as the Company shall determine, and upon the same
     terms and conditions as the same shall be provided for
     executives generally; provided, however, that in no event
     shall such benefits or the terms and conditions thereof be
     less favorable to Executive than those afforded to him as of
     the date of termination.








                                   -10-

          (iii)  The Company will pay to Executive or his legal
     representative, without offset for compensation earned from
     other employment or self-employment, the following amounts
     under the Company's MIP applicable to Executive:

               First, if not already paid, any amounts to which
               Executive is entitled under MIP for the fiscal
               year of the Company ended immediately prior to
               Executive's termination of employment.  These
               amounts will be paid at the same time as other
               awards for such prior year are paid.

               Second, an amount equal to Executive's MIP Target
               Award for the year of termination, prorated for
               Executive's period of service during such year
               prior to termination.  This amount will be paid at
               the same time as other MIP awards for the year of
               termination are paid.

               Third, an amount equal to Executive's MIP Target
               Award for the year of termination, without
               proration.  This amount will be paid at the same
               time as the amount payable under the preceding
               paragraph.

     In addition, the Company will pay to Executive or his legal
     representative such amounts as Executive shall have deferred
     (but not received) under the Company's General Deferred
     Compensation Plan in accordance with the provisions of that
     Plan and shall deliver to Executive or his legal
     representative any shares of Stock which Executive shall
     have earned but deferred in respect of his Performance-Based
     Deferred Stock award set forth in Exhibit A.

          (iv)  Executive or his legal representative shall also
     be entitled to the benefits described in Sections 3(b)(i)
     (PARS), 3(b)(ii) (previously granted stock options), 3(c)
     (Performance-Based Deferred Stock), 3(f) (New Stock
     Options), 3(g) (SERP), and 3(h) (Qualified Plans).  In
     addition, with respect to each three-year Performance Cycle
     not completed prior to termination, the Company will pay to
     Executive or his legal representative 1/36 of his LRPIP
     Target Award for each month in such cycle prior to
     termination.  Such amounts will be paid at the same time as
     other LRPIP awards payable for the cycle first ending after
     termination are paid.  Executive or his legal representative
     will also be entitled to payment (at the same time as other
     LRPIP awards for the applicable cycle are paid) of any
     unpaid amounts owing with respect to cycles completed prior
     to termination.  Executive or his legal representative will
     also be entitled to such rights under any PARS, stock option






                                   -11-

     and other grants not specifically referred to in Section 3
     of this Agreement as shall be provided by the terms of such
     other PARS, options and other grants.

          (v)  If termination occurs by reason of Incapacity or
     Disability, Executive shall be entitled to such
     compensation, if any, as is payable pursuant to the
     Company's long-term disability plan or any successor Company
     disability plan.  Any payments made to Executive under any
     long term disability plan of the Company with respect to the
     salary continuation period in clause (i) above shall be
     offset against such salary continuation payments and to the
     extent not so offset, Executive shall promptly make
     reimbursement payments to the Company of such disability
     payments.

If the Company determines not to extend the Employment Period
beyond its original term (January 31, 1998) or any extension
thereof, it shall be deemed a termination of the Employment
Period by the Company under this subsection (b).  If Executive
should choose not to continue his employment as Chief Executive
Officer of the Company beyond January 31, 1998 or any extension
of the Employment Period (unless such termination constitutes a
Constructive Termination), it shall be deemed a voluntary
termination by Executive and the provisions of Section 4 shall
apply.

     7.  TERMINATION FOR CAUSE; VIOLATION OF CERTAIN AGREEMENTS.
If the Company should end Executive's employment for Cause, or,
notwithstanding Section 4 and Section 6 above, if Executive
should violate the protected persons or noncompetition provisions
of Section 9, all compensation and benefits otherwise payable
pursuant to this Agreement shall cease, other than (w) such
amounts as Executive shall have deferred (but not received) under
the Company's General Deferred Compensation Plan in accordance
with the provisions of that Plan, (x) any shares which Executive
has earned but deferred in respect of his Performance-Based
Deferred Stock award set forth in Exhibit A, (y) any benefits to
which Executive may be entitled under SERP (provided, that if
Executive should end his employment voluntarily, such benefits
shall be payable only if Executive does not violate the
provisions of Section 9), and (z) benefits, if any, to which
Executive may be entitled under Sections 3(b)(i) (PARS), 3(b)(ii)
(previously granted stock options), 3(f) (New Stock Options), and
3(h) (Qualified Plans).  The Company does not waive any rights it
may have for damages or for injunctive relief.

     8.  BENEFITS UPON CHANGE IN CONTROL.  Notwithstanding any
other provision of this Agreement, in the event of a Change of
Control, the determination and payment of any benefits payable







                                   -12-

thereafter with respect to Executive shall be governed
exclusively by the provisions of Exhibit E.

     9.  AGREEMENT NOT TO SOLICIT OR COMPETE.

     (a)  Upon the termination of employment at any time, then
for a period of two years after the termination of the Employment
Period, Executive shall not under any circumstances employ,
solicit the employment of, or accept unsolicited the services of,
any "protected person" or recommend the employment of any
"protected person" to any other business organization.  A
"protected person" shall be a person known by Executive to be
employed by the Company or its Subsidiaries or to have been
employed by Company or its Subsidiaries within six months prior
to the commencement of conversations with such person with
respect to employment.

     As to (i) each "protected person" to whom the foregoing
applies, (ii) each subcategory of "protected person" as defined
above, (iii) each limitation on (A) employment, (B) solicitation
and (C) unsolicited acceptance of services, of each "protected
person" and (iv) each month of the period during which the
provisions of this subsection (a) apply to each of the foregoing,
the provisions set forth in this subsection (a) are deemed to be
separate and independent agreements and in the events of
unenforceability of any such agreement, such unenforceable
agreement shall be deemed automatically deleted from the
provisions hereof and such deletion shall not affect the
enforceability of any other provision of this subsection (a) or
any other term of this Agreement.

     (b)  During the course of his employment, Executive will
have learned many trade secrets of the Company and will have
access to confidential information and business plans for the
Company.  Therefore, if Executive should end his employment
voluntarily at any time, including by reason of retirement or
disability, or if the Company should end Executive's employment
at any time for Cause, then for a period of two years thereafter,
Executive will not engage, either as a principal, employee,
partner, consultant or investor (other than a less-than-1% stock
interest in a corporation), in a business which is a competitor
of the Company.  A business shall be deemed a competitor of the
Company if and only if it shall then be so regarded by retailers
generally or if it shall operate a promotional off-price family
apparel store (such as T.J. Maxx or Marshalls) within 10 miles of
any "then existing T.J. Maxx store" or an off-price women's
apparel specialty store (such as Hit or Miss) within five miles
of any "then existing Hit or Miss store" or if it shall at the
termination of the Employment Period operate a catalog business
dealing primarily in off-price women's apparel.  The term "then
existing" in the previous sentence shall refer to any such store






                                   -13-

that is, at the time of termination of the Employment Period,
operated by the Company or any wholly-owned subsidiary of the
Company or under lease for operation as aforesaid.  Nothing
herein shall restrict the right of Executive to engage in a
business that operates a conventional or full mark-up department
store.  Executive agrees that if, at any time, pursuant to action
of any court, administrative or governmental body or other
arbitral tribunal, the operation of any part of this paragraph
shall be determined to be unlawful or otherwise unenforceable,
then the coverage of this paragraph shall be deemed to be
restricted as to duration, geographical scope or otherwise, to
the extent, and only to the extent, necessary to make this
paragraph lawful and enforceable in the particular jurisdiction
in which such determination is made.

     (c)  If the Employment Period terminates, Executive agrees
(i) to notify the Company immediately upon his securing
employment or becoming self-employed during any period when
Executive's compensation from the Company shall be subject to
reduction or his benefits provided by the Company shall be
subject to termination as provided in Section 6 and (ii) to
furnish to the Company written evidence of his compensation
earned from any such employment or self-employment as the Company
shall from time to time request.  In addition, upon termination
of the Employment Period for any reason other than the death of
Executive, Executive shall immediately return all written trade
secrets, confidential information and business plans of the
Company and shall execute a certificate certifying that he has
returned all such items in his possession or under his control.

     10.  ASSIGNMENT.  The rights and obligations of the Company
shall enure to the benefit of and shall be binding upon the
successors and assigns of the Company.  The rights and
obligations of Executive are not assignable except only that
payments payable to him after his death shall be made by devise
or descent.

     11.  NOTICES.  All notices and other communications required
hereunder shall be in writing and shall be given by mailing the
same by certified or registered mail, return receipt requested,
postage prepaid.  If sent to the Company the same shall be mailed
to the Company at 770 Cochituate Road, Framingham, Massachusetts
01701, Attention:  Chairman of the Board of Directors, or other
such address as the Company may hereafter designate by notice to
Executive; and if sent to the Executive, the same shall be mailed
to Executive at One Thornton Lane, Concord, Massachusetts 01742
or at such other address as Executive may hereafter designate by
notice to the Company.

     12.  WITHHOLDING.  Anything to the contrary notwithstanding,
all payments required to be made by the Company hereunder to






                                   -14-

executive shall be subject to the withholding of such amounts, if
any, relating to tax and other payroll deductions as the Company
may reasonably determine it should withhold pursuant to any
applicable law or regulation.

     13. GOVERNING LAW.  This Agreement and the rights and
obligations of the parties hereunder shall be governed by the
laws of the Commonwealth of Massachusetts.

     14. ARBITRATION.  In the event that there is any claim or
dispute arising out of or relating to this Agreement, or the
breach thereof, and the parties hereto shall not have resolved
such claim or dispute within 60 days after written notice from
one party to the other setting forth the nature of such claim or
dispute, then such claim or dispute shall be settled exclusively
by binding arbitration in Boston, Massachusetts in accordance
with the Commercial Arbitration Rules of the American Arbitration
Association by an arbitrator mutually agreed upon by the parties
hereto or, in the absence of such agreement, by an arbitrator
selected according to such Rules.  Notwithstanding the foregoing,
if either the Company or Executive shall request, such
arbitration shall be conducted by a panel of three arbitrators,
one selected by the Company, one selected by Executive and the
third selected by agreement of the first two, or, in the absence
of such agreement, in accordance with such Rules.  Judgment upon
the award rendered by such arbitrator(s) shall be entered in any
Court having jurisdiction thereof upon the application of either
party.

     15. ENTIRE AGREEMENT.  This Agreement, including Exhibits,
represents the entire agreement between the parties relating to
the terms of Executive's employment by the Company and supersedes
all prior written or oral agreements between them.


                         /s/ Bernard Cammarata
                                 Executive



                         THE TJX COMPANIES, INC.



                         By /s/ Sumner Feldberg
                            Chairman of the Board











                                   -15-

                                
                            EXHIBIT A

       Terms of Performance-Based Deferred Stock ("PBDS")

     PBDS are shares of Stock to be delivered in the future upon
certification by the Committee that specified predetermined
performance goals have been met.  The terms of the PBDS award to
Executive are set forth below:

     A.1.  Number of shares.  The maximum number of shares of
Stock available to be earned is 150,000.  All share numbers shown
in this Exhibit A, including the 150,000 maximum, are subject to
adjustment in accordance with the generally applicable provisions
of the 1986 Plan to reflect any stock splits, recapitalizations
or similar changes.

     A.2.  Performance Terms.  Shares of PBDS will be transferred
to Executive based on certification by the Committee that certain
growth in earnings per share from continuing operations (EPS)
targets have been met, as follows:

          (a)  If EPS for any of FYE 1995, 1996, 1997 or 1998
     (each, a "performance year") is equal to or less than one
     hundred ten (110.00%) percent of "test-year EPS" as
     hereinafter defined, Executive shall not be entitled to
     receive any shares in respect of the performance year except
     as hereinafter provided.  As used herein when testing
     performance for any performance year, "test-year EPS" means
     EPS for the fiscal year for which EPS was highest out of all
     fiscal years ending on or after January 29, 1994 and before
     the performance year.

          (b)  If EPS for any performance year is equal to or
     greater than one hundred fifteen (115.00%) percent of test-
     year EPS, Executive shall be entitled to receive 37,500
     shares.

          (c)  If EPS for any performance year is greater than
     one hundred ten (110.00%) percent, but less than one hundred
     fifteen (115.00%) percent, of test-year EPS, Executive shall
     be entitled to receive a number of shares equal to 37,500
     multiplied by a fraction, the numerator of which is (i) the
     ratio of EPS for the performance year to test-year EPS,
     expressed as a percentage, less (ii) one hundred ten
     (110.00%) percent, and the denominator of which is five
     (5.00%) percent.

          (d)  If as of the end of any performance year, growth
     in EPS equals or exceeds fifteen (15.00%) percent on a
     cumulative compound basis, treating EPS for the fiscal year
     ended January 29, 1994 as the base line, then Executive
     shall be entitled to receive 37,500 shares for that
     performance year in lieu of the number determined under (a),
     (b), or (c) above.

          (e)  If as of the end of the fiscal year ending
     January 31, 1998, growth in EPS exceeds ten (10.00%) percent
     on a cumulative compound basis, treating EPS for the fiscal
     year ended January 29, 1994 as the base line, then Executive
     shall be entitled to receive an additional number of shares
     equal to the product of (i) the excess, if any, of 150,000
     shares over the aggregate number of shares which Executive
     has earned under paragraphs (a) through (d) above,
     inclusive, times (ii) the applicable percentage determined
     in accordance with the following table:

          EPS Cumulative           Applicable
          Compound Growth          Percentage
          Rate                               


          >  12.50%                  100.0%
             12.00%                   80.0%
             11.50%                   60.0%
             11.00%                   40.0%
             10.50%                   20.0%
          <  10.00%                    0.0%

     Applicable percentage rates are to be interpolated for rates
     of cumulative compound EPS growth between those shown on the
     table.

     A.3.  Termination of Employment, Etc..  Executive will be
entitled to shares of PBDS also in the following circumstances
and to the extent determined under this Section A.3. 

          (a) If prior to the end of any fiscal year in the
     Employment Period the Company terminates the Employment
     Period other than for Cause, or Executive terminates the
     Employment Period for Valid Reason, Executive will be
     entitled for such year to 37,500 shares multiplied by a
     fraction, the numerator of which is the number of months in
     such year prior to termination and the denominator of which
     is twelve.  Shares to which Executive may become entitled
     under this paragraph shall be in lieu of any shares for the
     same year determined under Section A.2. above.

          (b) If Executive dies, becomes Disabled, or is
     terminated for Incapacity during any fiscal year in the
     Employment Period, he (or his beneficiary) will be entitled
     to a number of shares equal to 75,000 shares per year






                              A - 2

     determined on a cumulative basis beginning with the fiscal
     year ending January 28, 1995, prorated for the year of
     reference to reflect the number of months preceding his
     death, Disability or Incapacity; provided, that in no event
     shall Executive (or his beneficiary) become entitled to more
     than 150,000 shares under the award set forth in this
     Exhibit A.

          (c)  If, prior to January 31, 1998, a Change of Control
     occurs while Executive is employed by the Company, Executive
     shall become immediately entitled to any and all of the
     150,000 shares of PBDS awarded hereunder which he had not
     already earned under the preceding provisions of this
     Exhibit A.  All such shares, together with any previously
     earned shares that had been deferred by Executive, shall be
     transferred to Executive immediately prior to the Change in
     Control.

Except as provided in this Section A.3. or in Section A.2.,
Executive shall not be entitled to any shares pursuant to the
award set forth in this Exhibit A.

     A.4.  Transfer of Shares.  As soon as practicable following
certification by the Committee of achievement of the performance
targets specified in Section A.2. above, or following the
occurrence of an event described in Section A.3. above, the
Company shall transfer to Executive shares of Stock equal to the
number of shares of PBDS earned by Executive in respect of such
performance or event; provided, that the shares of Stock to which
Executive becomes entitled upon a Change of Control, if any, will
be transferred to Executive immediately prior to the Change in
Control; and further provided, that in the case of any shares of
Stock deferred under Section A.8 below, the Company shall
transfer such shares to Executive only upon expiration of the
deferral period.

     A.5.  Forfeiture.  Upon termination of Executive's
employment under circumstances described in Section 4 (other than
termination for Valid Reason) or Section 7 of the Agreement,
Executive shall forfeit any and all rights to any shares of PBDS
not previously earned under Sections A.2. or A.3. above, unless
the Committee determines otherwise.

     A.6.  Voting.  Executive shall be entitled to vote only
those shares of PBDS that have actually been transferred to him.

     A.7.  Dividends.  Neither dividends nor amounts in lieu of
dividends shall be paid to Executive prior to the time shares of
PBDS are actually transferred to him.  However, the Company shall
accrue a dividend equivalent with respect to all 150,000 shares
(the "base shares") which are the subject of this award, taking






                              A - 3

into account dividends payable with respect to record dates on or
after March 29, 1994.  The maximum aggregate dividend equivalent
so accrued shall not exceed $438,000 plus the amount of any
extraordinary dividends declared during the accrual period.  The
accrued dividend equivalent with respect to the base shares shall
be paid in cash to Executive at the same time, and subject to the
same conditions, as the base shares to which they relate; and if
Executive under Section A.5. above forfeits the opportunity to
earn any base shares he shall likewise be deemed to have
forfeited any right to the dividend equivalents accrued with
respect to those base shares.  If Executive elects to defer any
base shares under Section A.8. below, there shall likewise be
deferred the dividend equivalents relating to those base shares.
No dividend with respect to any base share shall accrue as to any
dividend record date occurring on or after the date the share is
transferred to Executive under A.4. above.

     A.8.  Deferral.  Subject to such reasonable limitations and
restrictions as the Committee may determine in order to comply
with Section 162(m) of the Code, and on such other terms as may
be mutually acceptable to Executive and the Committee, Executive
may, prior to earning any shares described in Section A.2., A.3.,
or A.7. above, elect irrevocably to defer the receipt of any such
shares so earned (and any associated dividend equivalents) for a
specified period or until the occurrence of a specified event.

     A.9.  Table Illustrating Cumulative Compound Growth Rates in
EPS.  Attached as a Schedule to this Exhibit A is an illustration
of 10.00%, 12.50% and 15.00% cumulative compound growth rates in
EPS for the period through the end of the fiscal year ended
January 31, 1998, based on EPS for the fiscal year ended January
29, 1994 of $1.616.

























                              A - 4


                                                      Schedule to Exhibit A
                                                          Bernard Cammarata



                         Cumulative Compound Growth
                  over a $1.616 Base Amount for FYE 1994



        10.00% Compound           12.50% Compound        15.00% Compound
          Growth Rate               Growth Rate            Growth Rate

       Annual   Cumulative      Annual   Cumulative    Annual   Cumulative
FYE     EPS        EPS           EPS        EPS         EPS        EPS

1/95   1.778                    1.818                  1.858
1/96   1.955      3.733         2.045      3.863       2.137      3.995
1/97   2.151      5.884         2.301      6.164       2.458      6.453
1/98   2.366      8.250         2.589      8.753       2.826      9.279



Note: Interim performance levels over 10.00% will result in interpolation
based on the above.

                                        
                                
                            EXHIBIT B

               Definition of "Earnings Per Share"

     (a)  Earnings Per Share ("EPS") shall mean post-tax earnings
per common share from continuing operations for the applicable
fiscal year determined on a fully diluted basis as reported in
the Company's annual consolidated financial statements but
expressed to three decimal places ("post-tax earnings per share
from continuing operations"), adjusted as hereinafter described.
The fiscal year ended January 29, 1994 shall be the Base Year for
EPS calculations.  For the avoidance of doubt, "post-tax earnings
per share from continuing operations" for the fiscal year ended
January 29, 1994 shall be determined without regard to the
cumulative effect of accounting changes under FAS 106 and FAS
109.

     (b)  If any of the following events occurs after January 29,
1994, then in each fiscal year in which any such event directly
affects post-tax earnings per share from continuing operations by
more than $0.01, including the Base Year, a corresponding
adjustment shall be made to arrive at EPS for such year.  For
purposes of the preceding sentence, changes that are integrally
related shall be taken into account as a single change.  Changes
that are not integrally related shall be tested separately to
determine whether any of them, individually, directly affects
post-tax earnings per share from continuing operations by more
than $0.01.  An adjustment in EPS pursuant to this subsection
shall not affect the number of shares of PBDS earned for fiscal
years ended prior to the year in which the event giving rise to
the adjustment occurs (even though EPS for such prior years may
be altered by the adjustment) but shall be taken into account in
determining the number of shares of PBDS earned in the fiscal
year in which the event giving rise to the adjustment occurs and
subsequent fiscal years.

          Any  common stock split or common stock dividend,
          common stock subdivision or reclassification.

          Any change in accounting principles or Company
          accounting practices.

          Any change in laws (including tax laws and statutory
          rates), regulations or interpretations thereof.

          Any extraordinary item, determined under generally
          accepted accounting principles.

          Any new item of income or expense resulting from
          previously discontinued operations.

     (c)  The foregoing adjustments are intended to be
objectively determinable and nondiscretionary and as such
consistent with qualification of awards as performance-based
under Section 162(m) of the Internal Revenue Code, and shall be
construed accordingly.  The Committee retains the right to make
such other adjustments as it deems necessary to avoid undue
hardship or windfall to Executive; provided, that the Committee
shall be deemed to have retained such a right only to the extent
retention of the right would not be deemed to cause the PBDS
award granted under Exhibit A to fail to qualify as an exempt
performance-based award under said Section 162(m).













































                              B - 2

                                
                            EXHIBIT C

                       Certain Definitions

In this Agreement, the following terms shall have the following
meanings:
          
          (a)  "Base Salary" means, for any period, the amount
     described in Section 3(a).

          (b)  "Board" means the Board of Directors of the
     Company.

          (c)  "Committee" means the Executive Compensation
     Committee of the Board.

          (d)  "Cause" means dishonesty by Executive in the
     performance of his duties, conviction of a felony (other
     than a conviction arising solely under a statutory provision
     imposing criminal liability upon Executive on a per se basis
     due to the Company offices held by Executive, so long as any
     act or omission of Executive with respect to such matter was
     not taken or omitted in contravention of any applicable
     policy or directive of the Board), gross neglect of duties
     (other than as a result of Disability or death), or conflict
     of interest which conflict shall continue for 30 days after
     the Company gives written notice to Executive requesting the
     cessation of such conflict.

          In respect of any termination during a Standstill
     Period, Executive shall not be deemed to have been
     terminated for Cause until the later to occur of (i) the
     30th day after notice of termination is given and (ii) the
     delivery to Executive of a copy of a resolution duly adopted
     by the affirmative vote of not less than a majority of the
     Company's directors at a meeting called and held for that
     purpose (after reasonable notice to Executive), and at which
     Executive together with his counsel was given an opportunity
     to be heard, finding that the Executive was guilty of
     conduct described in the definition of "Cause" above, and
     specifying the particulars thereof in detail; provided,
     however, that the Company may suspend Executive and withhold
     payment of his Base Salary from the date that notice of
     termination is given until the earliest to occur of
     (A) termination of Executive for Cause (in which case
     Executive shall not be entitled to his Base Salary for such
     period), (B) a determination by a majority of the Company's
     directors that Executive was not guilty of the conduct
     described in the definition of "Cause" above (in which case
     Executive shall be reinstated and paid any of his previously
     unpaid Base Salary for such period), or (C) 90 days after
     notice of termination is given (in which case Executive
     shall then be reinstated and paid any of his previously
     unpaid Base Salary for such period).  If Base Salary is
     withheld and then paid pursuant to clauses (B) and (C) of
     the preceding sentence, the amount thereof shall be
     accompanied by simple interest, calculated on a daily basis,
     at a rate per annum equal to the prime or base lending rate,
     as in effect at the time, of the Company's principal
     commercial bank.

          (e)  "Change of Control" has the meaning given it in
     Exhibit D.

          (f)  "Change of Control Termination" means the
     termination of Executive's employment during a Standstill
     Period (1) by the Company other than for Cause, or (2) by
     Executive for good reason, or (3) by reason of death,
     Incapacity or Disability.

          For purposes of this definition, termination for "good
     reason" shall mean the voluntary termination by Executive of
     his employment (A) within 120 days after the occurrence
     without Executive's express written consent of any one of
     the events described in clauses (I), (II), (III), (IV), (V)
     or (VI) below, provided that Executive gives notice to the
     Company at least 30 days in advance requesting that the
     pertinent situation described therein be remedied, and the
     situation remains unremedied upon expiration of such 30-day
     period; (B) within 120 days after the occurrence without
     Executive's express written consent of the event described
     in clause (VII), provided that Executive gives notice to the
     Company at least 30 days in advance of his intent to
     terminate his employment in respect of such event; or (C)
     under the circumstances described in clause (VIII) below,
     provided that Executive gives notice to the Company at least
     30 days in advance:

          (I)  the assignment to him of any duties inconsistent
               with his positions, duties, responsibilities,
               reporting requirements, and status with the
               Company immediately prior to the Change of
               Control, or any removal of Executive from or any
               failure to reelect him to such positions, except
               in connection with the termination of Executive's
               employment by the Company for Cause or by
               Executive other than for good reason, or any other
               action by the Company which results in a
               diminishment in such position, authority, duties
               or responsibilities, other than an insubstantial
               and inadvertent action which is remedied by the
               Company promptly after receipt of notice thereof
               given by Executive; or

         (II)  if Executive's rate of Base Salary for any fiscal
               year is less than 100 percent of the rate of Base
               Salary paid to Executive in the completed fiscal



                              C - 2

               year immediately preceding the Change of Control;
               or if Executive's total cash compensation
               opportunities, including salary and incentives,
               for any fiscal year are less than 100 percent of
               the total cash compensation opportunities made
               available to Executive in the completed fiscal
               year immediately preceding the Change of Control;
               or

        (III)  the failure of the Company to continue in effect
               any benefits or perquisites, or any pension, life
               insurance, medical insurance or disability plan in
               which Executive was participating immediately
               prior to the Change of Control unless the Company
               provides Executive with a plan or plans that
               provide substantially similar benefits, or the
               taking of any action by the Company that would
               adversely affect Executive's benefits under any of
               such plans or deprive Executive of any material
               fringe benefit enjoyed by Executive immediately
               prior to the Change of Control; or

         (IV)  any purported termination of Executive's
               employment by the Company for Cause during a
               Standstill Period which is not effected in
               compliance with paragraph (d) above; or

          (V)  any relocation of Executive of more than 40 miles
               from the place where Executive was located at the
               time of the Change of Control; or

         (VI)  any other breach by the Company of any provision
               of this Agreement; or

        (VII)  the Company sells or otherwise disposes of, in one
               transaction or a series of related transactions,
               assets or earning power aggregating more than 30
               percent of the assets (taken at asset value as
               stated on the books of the Company determined in
               accordance with generally accepted accounting
               principles consistently applied) or earning power
               of the Company (on an individual basis) or the
               Company and its Subsidiaries (on a consolidated
               basis) to any other Person or Persons (as those
               terms are defined in
               Exhibit D); or

       (VIII)  The voluntary termination by Executive of his
               employment (i) at any time within one year after
               the Change of Control or (ii) at any time during
               the second year after the Change of Control unless
               the Company offers Executive an employment
               contract extending at least to January 30, 1999
               but having a minimum two-year duration.  Such



                              C - 3

               contract must provide Executive with substantially
               the same title, responsibilities, annual and long-
               range compensation, benefits and perquisites that
               he had immediately prior to the Standstill Period.
               Notwithstanding the foregoing, the Board may
               expressly waive the application of this clause
               (VIII) if it waives the applicability of
               substantially similar provisions with respect to
               all persons with whom the Company has a written
               severance agreement (or may condition its
               application on any additional requirements or
               employee agreements which the Board shall in its
               discretion deem appropriate in the circumstances).
               The determination of whether to waive or impose
               conditions on the application of this clause
               (VIII) shall be within the complete discretion of
               the Board but shall be made prior to the Change of
               Control.  

          (g)  "Date of Termination" means the date on which
     Executive's employment terminates.

          (h)  "Disability" has the meaning given it in the
     Company's long-term disability plan.  Executive's employment
     shall be deemed to be terminated for Disability on the date
     on which Executive is entitled to receive long-term
     disability compensation pursuant to such long-term
     disability plan.

          (i)  "Earnings Per Share" or "EPS" has the meaning
     given it in Exhibit B.
          
          (j)  "Incapacity" means a disability (other than
     Disability within the meaning of (h) above) or other
     impairment of health that renders Executive unable to
     perform his duties to the reasonable satisfaction of the
     Committee.

          (k)  "Standstill Period" means the period commencing on
     the date of a Change of Control and continuing until the
     close of business on the last business day of the 24th
     calendar month following such Change of Control.

          (l)  "Stock" means the common stock, $1.00 par value,
     of the Company.

          (m)  "Subsidiary" means any corporation in which the
     Company owns, directly or indirectly, 50 percent or more of
     the total combined voting power of all classes of stock.

          (n)  "Valid Reason" means the voluntary termination by
     Executive of his employment (A) within 120 days after the
     occurrence without Executive's express written consent of
     any one of the events described in clauses (I), (II), (III),



                              C - 4

     (IV), or (V) below, provided that Executive gives notice to
     the Company at least 30 days in advance requesting that the
     pertinent situation described therein be remedied, and the
     situation remains unremedied upon expiration of such 30-day
     period; or (B) within 120 days after the occurrence without
     Executive's express written consent of the event described
     in clause (VI) below:

          (I)  the assignment to him of any duties inconsistent
               with his positions, duties, responsibilities,
               reporting requirements, and status with the
               Company immediately prior to such assignment, or a
               substantive change in Executive's titles or
               offices as in effect immediately prior to such
               assignment, or any removal of Executive from or
               any failure to reelect him to such positions,
               except in connection with the termination of
               Executive's employment by the Company for Cause or
               by Executive other than for Valid Reason, or any
               other action by the Company which results in a
               diminishment in such position, authority, duties
               or responsibilities, other than an insubstantial
               and inadvertent action which is remedied by the
               Company promptly after receipt of notice thereof
               given by Executive; or

          (II) the failure of the Company to continue in effect
               any benefits or perquisites, or any pension, life
               insurance, medical insurance or disability plan in
               which Executive was participating immediately
               prior to such failure unless the Company provides
               Executive with a plan or plans that provide
               substantially similar benefits, or the taking of
               any action by the Company that would adversely
               affect Executive's benefits under any of such
               plans or deprive Executive of any material fringe
               benefit enjoyed by Executive immediately prior to
               such action, unless the elimination or reduction
               of any such benefit, perquisite or plan affects
               all other executives in the same organizational
               level (it being the Company's burden to establish
               this fact); or

         (III) any purported termination of Executive's
               employment by the Company for Cause which is not
               effected in compliance with paragraph (d) above;
               or

          (IV) any relocation of Executive of more than 40 miles
               from the place where Executive was located at the
               time of such relocation; or

          (V)  any other breach by the Company of any provision
               of this Agreement; or



                              C - 5


          (VI) the Company sells or otherwise disposes of, in one
               transaction or a series of related transactions,
               assets or earning power aggregating more than 30
               percent of the assets (taken at asset value as
               stated on the books of the Company determined in
               accordance with generally accepted accounting
               principles consistently applied) or earning power
               of the Company (on an individual basis) or the
               Company and its Subsidiaries (on a consolidated
               basis) to any other Person or Persons (as those
               terms are defined in Exhibit D).













































                              C - 6

                                
                            EXHIBIT D

                Definition of "Change of Control"

     "Change of Control" shall mean the occurrence of any one of
the following events:

          (a)  there occurs a change of control of the Company of
     a nature that would be required to be reported in response
     to Item 1(a) of the Current Report on Form 8-K pursuant to
     Section 13 or 15(d) of the Securities Exchange Act of 1934
     (the "Exchange Act") or in any other filing under the
     Exchange Act; provided, however, that no transaction shall
     be deemed to be a Change of Control (i) if the person or
     each member of a group of persons acquiring control is
     excluded from the definition of the term "Person" hereunder
     or (ii) unless the Committee shall otherwise determine prior
     to such occurrence, if Executive or an Executive Related
     Party is the Person or a member of a group constituting the
     Person acquiring control; or

          (b)  any Person other than the Company, any wholly-
     owned subsidiary of the Company, or any employee benefit
     plan of the Company or such a subsidiary becomes the owner
     of 20% or more of the Company's Common Stock and thereafter
     individuals who were not directors of the Company prior to
     the date such Person became a 20% owner are elected as
     directors pursuant to an arrangement or understanding with,
     or upon the request of or nomination by, such Person and
     constitute at least 1/4 of the Company's Board of Directors;
     provided, however, that unless the Committee shall otherwise
     determine prior to the acquisition of such 20% ownership,
     such acquisition of ownership shall not constitute a Change
     of Control if Executive or an Executive Related Party is the
     Person or a member of a group constituting the Person
     acquiring such ownership; or

          (c)  there occurs any solicitation or series of
     solicitations of proxies by or on behalf of any Person other
     than the Company's Board of Directors and thereafter
     individuals who were not directors of the Company prior to
     the commencement of such solicitation or series of
     solicitations are elected as directors pursuant to an
     arrangement or understanding with, or upon the request of or
     nomination by, such Person and constitute at least 1/4 of
     the Company's Board of Directors; or

          (d)  the Company executes an agreement of acquisition,
     merger or consolidation which contemplates that (i) after
     the effective date provided for in the agreement, all or
     substantially all of the business and/or assets of the
     Company shall be owned, leased or otherwise controlled by
     another Person and (ii) individuals who are directors of the
     Company when such agreement is executed shall not constitute
     a majority of the board of directors of the survivor or
     successor entity immediately after the effective date
     provided for in such agreement; provided, however, that
     unless otherwise determined by the Committee, no transaction
     shall constitute a Change of Control if, immediately after
     such transaction, Executive or any Executive Related Party
     shall own equity securities of any surviving corporation
     ("Surviving Entity") having a fair value as a percentage of
     the fair value of the equity securities of such Surviving
     Entity greater than 125% of the fair value of the equity
     securities of the Company owned by Executive and any
     Executive Related Party immediately prior to such
     transaction, expressed as a percentage of the fair value of
     all equity securities of the Company immediately prior to
     such transaction (for purposes of this paragraph ownership
     of equity securities shall be determined in the same manner
     as ownership of Common Stock); and provided, further, that,
     for purposes of this paragraph (d), if such agreement
     requires as a condition precedent approval by the Company's
     shareholders of the agreement or transaction, a Change of
     Control shall not be deemed to have taken place unless and
     until such approval is secured (but upon any such approval,
     a Change of Control shall be deemed to have occurred on the
     date of execution of such agreement).

In addition, for purposes of this Exhibit D the following terms
have the meanings set forth below:
          
     "Common Stock" shall mean the then outstanding Common Stock
of the Company plus, for purposes of determining the stock
ownership of any Person, the number of unissued shares of Common
Stock which such Person has the right to acquire (whether such
right is exercisable immediately or only after the passage of
time) upon the exercise of conversion rights, exchange rights,
warrants or options or otherwise.  Notwithstanding the foregoing,
the term Common Stock shall not include shares of Preferred Stock
or convertible debt or options or warrants to acquire shares of
Common Stock (including any shares of Common Stock issued or
issuable upon the conversion or exercise thereof) to the extent
that the Board of Directors of the Company shall expressly so
determine in any future transaction or transactions.

     A Person shall be deemed to be the "owner" of any Common
Stock:

          (i)  of which such Person would be the "beneficial
     owner," as such term is defined in Rule 13d-3 promulgated by
     the Securities and Exchange Commission (the "Commission")
     under the Exchange Act, as in effect on March 1, 1989; or

          (ii)  of which such Person would be the "beneficial
     owner" for purposes of Section 16 of the Exchange Act and




                              D - 2

     the rules of the Commission promulgated thereunder, as in
     effect on March 1, 1989; or

          (iii)  which such Person or any of its affiliates or
     associates (as such terms are defined in Rule 12b-2
     promulgated by the Commission under the Exchange Act, as in
     effect on March 1, 1989), has the right to acquire (whether
     such right is exercisable immediately or only after the
     passage of time) pursuant to any agreement, arrangement or
     understanding or upon the exercise of conversion rights,
     exchange rights, warrants or options or otherwise.

     "Person" shall have the meaning used in Section 13(d) of the
Exchange Act, as in effect on March 1, 1989; provided, however,
that "Person" shall not include (a) any individuals who are
descendants of Max Feldberg or Morris Feldberg, the founders of
the Company, (b) any relatives of the fourth degree of
consanguinity or closer of such descendants, or (c) custodians,
trustees or legal representatives of such persons.
     
     An "Executive Related Party" shall mean any affiliate or
associate of Executive other than the Company or a majority-owned
subsidiary of the Company.  The terms "affiliate" and "associate"
shall have the meanings ascribed thereto in Rule 12b-2 under the
Exchange Act (the term "registrant" in the definition of
"associate" meaning, in this case, the Company).































                              D - 3

                                
                            EXHIBIT E

                   Change of Control Benefits

     E.1.  Benefits Upon a Change of Control Termination.

     (a)  The Company shall pay the following to Executive in a
lump sum within 30 days following a Change of Control
Termination:

          (i)  an amount equal to two times his Base Salary for
     one year at the rate in effect immediately prior to the Date
     of Termination or the Change of Control, whichever is
     higher, plus the accrued and unpaid portion of his Base
     Salary through the Date of Termination.  Any payments made
     to Executive under any long term disability plan of the
     Company with respect to the two years following termination
     of employment shall be offset against such two times Base
     Salary payment.  Executive shall promptly make reimbursement
     payments to the Company to the extent any such disability
     payments are received after the Base Salary payment.

          (ii)  in lieu of any other benefits under SERP, an
     amount equal to the present value of the payments that
     Executive would have been entitled to receive under SERP as
     a Category B participant, applying the following rules and
     assumptions:

          (A) a credit equal to the number of Years of Service
          (as that term is defined in SERP) that Executive has
          been employed by the Company or a predecessor at the
          Date of Termination shall be added to his Years of
          Service in determining Executive's total Years of
          Service; provided, however, that the total Years of
          Service determined hereunder shall not exceed the
          lesser of (x) 20 or (y) the Years of Service that
          Executive would have had if he had retired at the age
          of 65;

          (B) Executive's Average Compensation (as that term is
          defined in SERP) shall be determined as of the Date of
          Termination;

          (C) Executive's Primary Social Security Benefit (as
          that term is defined in SERP) shall mean the annual
          primary insurance amount to which the Executive is
          entitled or would, upon application therefor, become
          entitled at age 65 under the provisions of the Federal
          Social Security Act as in effect on the Date of
          Termination assuming that Executive received annual
          income at the rate of his Base Salary from the Date of
          Termination until his 65th birthdate which would be
          treated as wages for purposes of the Social Security
          Act;

          (D) the monthly benefit under SERP determined using the
          foregoing criteria shall be multiplied by 12 to
          determine an annual benefit; and

          (E) the present value of such annual benefit shall be
          determined by multiplying the result in (D) by the
          appropriate actuarial factor, using the most recently
          published interest and mortality rates published by the
          Pension Benefit Guaranty Corporation which are
          effective for plan terminations occurring on the Date
          of Termination, using Executive's age to the nearest
          year determined as of that date.  If, as of the Date of
          Termination, the Executive has previously satisfied the
          eligibility requirements for Early Retirement under The
          TJX Companies, Inc. Retirement Plan, then the
          appropriate factor shall be that based on the most
          recently published "PBGC Actuarial Value of $1.00 Per
          Year Deferred to Age 60 and Payable for Life Thereafter
          -- Healthy Lives," except that if the Executive's age
          to the nearest year is more than 60, then such higher
          age shall be substituted for 60.  If, as of the Date of
          Termination, the Executive has not satisfied the
          eligibility requirements for Early Retirement under The
          TJX Companies, Inc. Retirement Plan, then the
          appropriate factor shall be based on the most recently
          published "PBGC Actuarial Value of $1.00 Per Year
          Deferred To Age 65 And Payable For Life Thereafter --
          Healthy Lives."

          (F) the benefit determined under (E) above shall be
          reduced by the value of any portion of Executive's SERP
          benefit already paid or provided to him in cash or
          through the transfer of an annuity contract.

     (b) Until the second anniversary of the Date of Termination,
the Company shall maintain in full force and effect for the
continued benefit of Executive and his family all life insurance,
medical insurance and disability plans and programs in which
Executive was entitled to participate immediately prior to the
Change of Control, provided that Executive's continued
participation is possible under the general terms and provisions
of such plans and programs.  In the event that Executive is
ineligible to participate in such plans or programs, the Company
shall arrange upon comparable terms to provide Executive with
benefits substantially similar to those which he is entitled to
receive under such plans and programs.  Notwithstanding the
foregoing, the Company's obligations hereunder with respect to
life, medical or disability coverage or benefits shall be deemed
satisfied to the extent (but only to the extent) of any such
coverage or benefits provided by another employer.




                              E - 2

     (c) For a period of two years after the Date of Termination,
the Company shall make available to Executive the use of any
automobile that was made available to Executive prior to the Date
of Termination, including ordinary replacement thereof in
accordance with the Company's  automobile policy in effect
immediately prior to the Change of Control (or, in lieu of making
such automobile available, the Company may at its option pay to
Executive the present value of its cost of providing such
automobile).

     E.2.  Incentive Benefits Upon a Change of Control.  Within
30 days following a Change of Control, whether or not Executive's
employment has terminated or been terminated, the Company shall
pay to the Executive the following in a lump sum:

          (i) an amount equal to the "Target Award" under the
     Company's Management Incentive Plan or any other annual
     incentive plan which is applicable to Executive for the
     fiscal year in which the Change of Control occurs.  In
     addition the Company will pay to Executive an amount equal
     to such Target Award prorated for the period of active
     employment during such fiscal year through the Change of
     Control; and

          (ii) for Performance Cycles not completed prior to the
     Change of Control, an amount with respect to each such cycle
     equal to the maximum Award under LRPIP specified for
     Executive for such cycle, unless Executive shall already
     have received payment of such amounts.  Executive shall also
     be entitled to payment of any unpaid amounts owing with
     respect to cycles completed prior to the Change of Control.

     E.3.  Payments under Section E.1. and Section E.2. of this
Exhibit shall be made without regard to whether the deductibility
of such payments (or any other payments to or for the benefit of
Executive) would be limited or precluded by Internal Revenue Code
Section 280G and without regard to whether such payments (or any
other payments) would subject Executive to the federal excise tax
levied on certain "excess parachute payments" under Internal
Revenue Code Section 4999; provided, that if the total of all
payments to or for the benefit of Executive, after reduction for
all federal taxes (including the tax described in Internal
Revenue Code Section 4999, if applicable) with respect to such
payments ("Executive's total after-tax payments"), would be
increased by the limitation or elimination of any payment under
Section E.1. or Section E.2., amounts payable under Section E.1.
and Section E.2. shall be reduced to the extent, and only to the
extent, necessary to maximize Executive's total after-tax
payments.  The determination as to whether and to what extent
payments under Section E.1. or Section E.2. are required to be
reduced in accordance with the preceding sentence shall be made
at the Company's expense by Coopers & Lybrand or by such other
certified public accounting firm as the Committee may designate
prior to a Change of Control.  In the event of any underpayment



                              E - 3

or overpayment under Section E.1. or Section E.2., as determined
by Coopers & Lybrand (or such other firm as may have been
designated in accordance with the preceding sentence), the amount
of such underpayment or overpayment shall forthwith be paid to
Executive or refunded to the Company, as the case may be, with
interest at the applicable Federal rate provided for in Section
7872(f)(2) of the Internal Revenue Code.

     E.4.  Other Benefits.  In addition to the amounts described
in Sections E.1. and E.2., Executive shall be entitled to his
benefits, if any, under Sections 3(b)(i) (PARS), 3(b)(ii)
(previously granted stock options), 3(c) (Performance-Based
Deferred Stock), 3(f) (New Stock Options), and 3(h) (Qualified
Plans).

     5.  Noncompetition; No Mitigation of Damages; etc.

          (a)  Noncompetition.  Upon a Change of Control, any
     agreement by Executive not to engage in competition with the
     Company subsequent to the termination of his employment,
     whether contained in an employment contract or other
     agreement, shall no longer be effective.

          (b)  No Duty to Mitigate Damages.  Executive's benefits
     under this Exhibit E shall be considered severance pay in
     consideration of his past service and his continued service
     from the date of this Agreement, and his entitlement thereto
     shall neither be governed by any duty to mitigate his
     damages by seeking further employment nor offset by any
     compensation which he may receive from future employment.

          (c)  Legal Fees and Expenses.  The Company shall pay
     all legal fees and expenses, including but not limited to
     counsel fees, stenographer fees, printing costs, etc.
     reasonably incurred by Executive in contesting or disputing
     that the termination of his employment during a Standstill
     Period is for Cause or other than for good reason (as
     defined in the definition of Change of Control Termination)
     or obtaining any right or benefit to which Executive is
     entitled under this Agreement following a Change of Control.
     Any amount payable under this Agreement that is not paid
     when due shall accrue interest at the prime rate as from
     time to time in effect at the First National Bank of Boston,
     until paid in full.

          (e)  Notice of Termination.  During a Standstill
     Period, executive's employment may be terminated by the
     Company only upon 30 days' written notice to Executive.









                              E - 4

EXHIBIT (10)(e)                                            
                                                       


            AMENDED AND RESTATED EMPLOYMENT AGREEMENT
                                
                  DATED AS OF FEBRUARY 1, 1995
                                
       BETWEEN RICHARD LESSER AND THE TJX COMPANIES, INC.

                                                                 
                                                                 
                              INDEX

                                                       PAGE

1.   EFFECTIVE DATE; TERM OF AGREEMENT                 1
2.   SCOPE OF EMPLOYMENT                               1
3.   COMPENSATION AND BENEFITS                         2-3
4.   TERMINATION OF EMPLOYMENT; IN GENERAL             3
5.   BENEFITS UPON NON-VOLUNTARY TERMINATION
     OF EMPLOYMENT                                     3-7
6.   VOLUNTARY TERMINATION; TERMINATION FOR CAUSE;
     VIOLATION OF CERTAIN AGREEMENTS                   7
7.   BENEFITS UPON CHANGE OF CONTROL                   7
8.   AGREEMENT NOT TO SOLICIT OR COMPETE               8-9
9.   ASSIGNMENT                                        9
10.  NOTICES                                           9
11   WITHHOLDING                                       9
12.  GOVERNING LAW                                     9
13.  ARBITRATION                                       10
14.  ENTIRE AGREEMENT                                  10



                            EXHIBITS

EXHIBIT A      Certain Definitions                     A-1
EXHIBIT B      Definition of "Change of Control"       B-1
EXHIBIT C      Change of Control Benefits              C-1















                               -i-
                      EMPLOYMENT AGREEMENT

     This Amended and Restated Agreement dated as of February 1,
1995 amends and restates the Agreement dated as of February 1,
1992, as amended (the "Prior Agreement"), between RICHARD LESSER
("Executive") and The TJX Companies, Inc., a Delaware
corporation, whose principal office is in Framingham,
Massachusetts, 01701 ("the Company").

                            RECITALS

     Executive has for a number of years been employed by the
Company or a subsidiary of the Company and has served in a number
of capacities with the Company and such subsidiary.  The Company
and Executive deem it desirable and appropriate to enter into
this Agreement.

                            AGREEMENT

     The parties hereto, in consideration of the mutual
agreements hereinafter contained, agree as follows:

     1.   EFFECTIVE DATE; TERM OF AGREEMENT. This amended and
restated agreement ("Agreement") shall become effective as of
February 1, 1995 (the "Effective Date").  The employment shall
continue on the terms provided herein until January 31, 1999 and
thereafter until terminated by either Executive or the Company,
subject to earlier termination as provided herein (such period of
employment hereinafter called the "Employment Period").

     2.   SCOPE OF EMPLOYMENT.

     (a)  Nature of Services. Executive shall diligently perform
the duties and assume the responsibilities of Executive Vice
President and Chief Operating Officer of the Company and such
additional Executive duties and responsibilities as shall from
time to time be assigned to him by the President or the Board.

     (b)  Extent of Services. Except for illnesses and vacation
periods, Executive shall devote substantially all his working
time and attention and his best efforts to the performance of his
duties and responsibilities under this Agreement.  However,
Executive may (a) make any passive investments where he is not
obligated or required to, and shall not in fact, devote any
managerial efforts or (b) serve as a director on the boards of
other companies or participate in charitable or community
activities or in trade or professional organizations, except only
that the President or the Board shall have the right to limit
such services as a director or such participation whenever the
President or the Board shall believe that the time spent on such
activities infringes upon the time required by Executive for the
performance of his duties under this Agreement or is otherwise
incompatible with those duties.



                               -1-
     3.   COMPENSATION AND BENEFITS.

     (a)  Base Salary.   Executive shall be paid a base salary at
a rate not less than $635,000 per year, with any subsequent
increases to be effective on March 1, 1996, June 1, 1997 and
September 1, 1998, respectively.  Base Salary shall be payable in
such manner and at such times as the Company shall pay base
salary to other Executive employees.

     (b)  LRPIP.    During the Employment Period, Executive will
be entitled to participate in annual grants made under LRPIP at a
level commensurate with his position in the Company.  The terms
of such awards shall be established by the Committee.

     (c)  MIP. During the Employment Period, Executive shall be
eligible to receive annual awards under MIP.  To the extent
provided in Section 162(m) of the Code, the goals, scope and
conditions of any award shall be established annually by the
Committee.  Subject to the foregoing, Executive shall be entitled
to earn up to 45% of his Base Salary if the target established by
the Committee is met and up to 90% of his Base Salary if such
target is exceeded, with the payment potential ranging from 0% to
90% of Executive's Base Salary as established by the terms of the
award.

     (d)  New Stock Options.  The Committee has determined to
grant annually to Executive during the Employment Period non-
statutory stock options under the 1986 Plan (the "Options").
Such awards and grants will be subject to the discretion of the
Committee.  If on or prior to January 31, 1999 Executive dies or
becomes Disabled or a Change of Control occurs while Executive is
employed by the Company, then all Executive's Options then
outstanding shall be immediately vested (exercisable).  If
Executive dies or becomes Disabled while employed by the Company,
all his Options shall remain exercisable for a period of three
years, but in no event beyond their original term.  Upon the
expiration of such three-year term, the Options shall terminate.
In the event Executive retires under the terms of the 1986 Plan,
all his Options shall remain exercisable (to the extent they were
exercisable immediately prior to such retirement) for a period of
three years or, if less, the remainder of the original option
term, and then shall terminate.  Upon any other termination of
employment, the Options shall remain exercisable (to the extent
they were exercisable immediately prior to such termination,
taking into account any applicable accelerated vesting as
described above) for a period equal to the lesser of (i) three
months, or (ii) the remainder of their original term, and then
shall terminate.  However, if Executive is terminated for Cause
all Options shall immediately terminate.

     (e)  SERP.     Executive is fully vested in his accrued
benefit under the Company's Supplemental Executive Retirement
Plan ("SERP").  As of July 7, 1994, Executive had 20 years of
service credited under SERP.


                               -2-
     (f)  Qualified Plans.    Executive shall be entitled during
the Employment Period to participate in the Company's tax-
qualified retirement and profit-sharing plans in accordance with
the terms of those plans.

     (g)  Policies and Fringe Benefits. Executive shall be
subject to Company policies applicable to its Executives
generally and Executive shall be entitled to receive all such
fringe benefits as the Company shall from time to time make
available to other Executives generally (subject to the terms of
any applicable fringe benefit plan).

     4.   TERMINATION OF EMPLOYMENT; IN GENERAL.

     (a)  The Company shall have the right to end Executive's
employment at any time and for any reason, with or without Cause.

     (b)  The Employment Period shall terminate when Executive
becomes Disabled.  In addition, if by reason of Incapacity
Executive is unable to perform his duties for at least six months
in any 12-month period, upon written notice by the Company to
Executive, the Employment Period will be terminated for
Incapacity.

     (c)  Whenever the Employment Period shall terminate,
Executive shall resign all offices or other positions he shall
hold with the Company and any affiliated corporations.

     5.   BENEFITS UPON NON-VOLUNTARY TERMINATION OF EMPLOYMENT.

     (a)  Termination for Death, Disability or Incapacity or by
the Company Other Than for Cause on or Prior to January 31, 1999.
If the Employment Period shall have terminated on or prior to
January 31, 1999 by reason of death, Disability or Incapacity of
Executive or by termination by the Company for any reason other
than Cause, all compensation and benefits for Executive shall be
as follows:

          (i)  (A)  In the case of termination by reason of
     death, Disability or Incapacity, for a period of 12 months
     after such termination, the Company will pay to Executive or
     his legal representative continued Base Salary at the rate
     in effect at termination of employment, without reduction
     for compensation earned from other employment or self-
     employment.

               (B)  In the case of termination by the Company for
     any reason other than Cause, for the longer of 12 months
     after such termination or until January 31, 1999, the
     Company will pay to Executive continued Base Salary at the
     rate in effect at termination of employment.  Base Salary
     shall be paid for the first twelve months of the period
     without reduction for compensation earned from other
     employment or self-employment, and shall thereafter


                               -3-
     be reduced by such compensation received from other
     employment or self-employment.

          (ii) Until the expiration of the applicable period of
     Base Salary payments described in (i) immediately above or
     until Executive shall commence other employment or self-
     employment, whichever shall first occur, the Company will
     provide such medical and hospital insurance, term life
     insurance and long-term disability insurance to the extent
     such long-term disability insurance is available at no
     additional cost under the Company's present group and any
     individual LTD policies for Executive and his family,
     comparable to the insurance provided for Executives
     generally, as the Company shall determine, and upon the same
     terms and conditions as the same shall be provided for other
     Company Executives generally.

          (iii)     The Company will pay to Executive, without
     offset for compensation earned from other employment or
     self-employment, the following amounts under the Company's
     MIP applicable to Executive:

          First, if not already paid, any amounts to which
          Executive is entitled under MIP for the fiscal year of
          the Company ended immediately prior to Executive's
          termination of employment.  These amounts will be paid
          at the same time as other awards for such prior year
          are paid.

          Second, an amount equal to Executive's MIP Target Award
          for the year of termination, prorated for Executive's
          period of service during such year prior to
          termination.  This amount will be paid at the same time
          as other MIP awards for the year of termination are
          paid.

          Third, in addition, but only in case of termination by
          reason of death, Disability or Incapacity, an amount
          equal to Executive's MIP Target Award for the year of
          termination, without proration.  This amount will be
          paid at the same time as the amount payable under the
          preceding paragraph.

     In addition, the Company will also pay to Executive or his
     legal representative such amounts as Executive shall have
     deferred (but not received) under the Company's General
     Deferred Compensation Plan in accordance with the provisions
     of that Plan.

          (iv) Executive shall be entitled to the benefits
     described in Sections 3(d) (New Stock Options), 3(e) (SERP),
     and 3(f) (Qualified Plans), in each case to the extent, if
     any, provided in the provisions of the relevant plan or


                               -4-
     award agreement (including the pertinent provisions of this
     Agreement).  In addition, with respect to each three-year
     performance cycle not completed prior to termination, the
     Company will pay to Executive 1/36 of his LRPIP Target Award
     for each month in such cycle prior to termination.  Such
     amounts will be paid at the same time as other LRPIP awards
     payable for the cycle first ending after termination are
     paid.  Executive will also be entitled to payment (at the
     same time as other LRPIP awards for the applicable cycle are
     paid) of any unpaid amounts owing with respect to cycles
     completed prior to termination.  Executive will also be
     entitled to such rights, if any, under any stock option and
     other grants not specifically referred to in Section 3 of
     this Agreement as shall be provided by the terms of such
     options and other grants.

          (v)  If termination occurs by reason of Incapacity or
Disability, Executive shall be entitled to such compensation, if
any, as is payable pursuant to the Company's group and any
individual long-term disability plan or any successor Company
disability plan.  Any payments made to Executive under any long
term disability plan of the Company with respect to the salary
continuation period in clause (i) above shall be offset against
such salary continuation payments and to the extent not so
offset, Executive shall promptly make reimbursement payments to
the Company of such disability payments.

     (b)  Termination for Death, Disability or Incapacity or by
the Company other than for Cause after January 31, 1999.    If
the Employment Period shall have terminated after January 31,
1999 by reason of death, Disability or Incapacity of Executive or
by termination by the Company for any reason other than Cause,
all compensation and benefits for Executive shall be as follows:

          (i)  The Company will pay to Executive (or his legal
     representative in the case of death, Disability or
     Incapacity) his then Base Salary for a period of twelve
     months from the Date of Termination, which Base Salary shall
     be reduced after six months for compensation earned from
     other employment or self-employment.

          (ii) The Company will pay to Executive, without offset
     for compensation earned from other employment or self-
     employment, the following amounts under the Company's MIP
     applicable to Executive:

          First, if not already paid, any amount to which
          Executive is entitled under MIP for the fiscal year of
          the Company ended immediately prior to Executive's
          termination of employment.  These amounts will be paid
          at the same time as other awards for such prior year
          are paid.


                               -5-
          Second, an amount equal to Executive's MIP Target Award
          for the year of termination, prorated for Executive's
          period of service during such year prior to
          termination.  This amount will be paid at the same time
          as other MIP awards for the year of termination are
          paid.

          Third, in addition, but only in the case of termination
          by reason of death, Disability or Incapacity, an amount
          equal to Executive's MIP Target Award for the year of
          termination, without proration.  This amount will be
          paid at the same time as the amount payable under the
          preceding paragraph.

     In addition, the Company will also pay to Executive or his
     legal representative such amounts as Executive shall have
     deferred (but not received) under the Company's General
     Deferred Compensation Plan in accordance with the provisions
     of that Plan.

          (iii)     Until the expiration of the period of Base
     Salary payments described in (i) immediately above or until
     Executive shall commence other employment or self-
     employment, the Company will provide such medical and
     hospital insurance, term life insurance and long-term
     disability insurance to the extent such long-term disability
     insurance is available at no additional cost under the
     Company's present group and any individual LTD policies, for
     Executive and his family, comparable to the insurance
     provided for Executives generally, as the Company shall
     determine, and upon the same terms and conditions as the
     same shall be provided for Executives generally.

          (iv) Executive shall be entitled to the benefits
     described in Sections 3(d) (New Stock Options), 3(e) (SERP),
     and 3(f) (Qualified Plans), in each case to the extent, if
     any, provided in the provisions of the relevant plan or
     award agreement (including the pertinent provisions of this
     Agreement).  In addition, with respect to each three-year
     Performance Cycle not completed prior to termination, the
     Company will pay to Executive 1/36 of his LRPIP Target Award
     for each month in such cycle prior to termination.  Such
     amounts will be paid at the same time as other LRPIP awards
     payable for the cycle first ending after termination are
     paid.  Executive will also be entitled to payment (at the
     same time as other LRPIP awards for the applicable cycle are
     paid) of any unpaid amounts owing with respect to cycles
     completed prior to termination.  Executive will also be
     entitled to such rights under any stock option, if any, and
     other grants not specifically referred to in Section 3 of
     this Agreement as shall be provided by the terms of such
     options and other grants.


                               -6-
          (v)  If termination occurs by reason of Incapacity or
     Disability, Executive shall be entitled to such
     compensation, if any, as is payable pursuant to the
     Company's group and any individual long-term disability
     plans or any successor Company disability plan.  Any
     payments made to Executive under any group and any
     individual long-term disability plan provided by the Company
     with respect to the salary continuation period in clause (i)
     above shall be offset against such salary continuation
     payments and to the extent not so offset, Executive shall
     promptly make reimbursement payments to the Company of such
     disability payments.

     (c)  Employment Period Not Extended.  If the Company
determines not to extend the Employment Period beyond its
original term (January 31, 1999) or any extension thereof, it
shall be deemed a termination of the Employment Period by the
Company pursuant to (b) above.  If Executive should choose not to
continue his employment beyond January 31, 1999 or any extension
of the Employment Period, it shall be deemed a voluntary
termination by Executive and the provisions of Section 6 shall
apply.

6.   VOLUNTARY TERMINATION; TERMINATION FOR CAUSE; VIOLATION OF
     CERTAIN AGREEMENTS.

     If Executive should end his employment voluntarily or if the
Company should end Executive's employment for Cause, or,
notwithstanding (a) or (b) of Section 5 above, if Executive
should violate the protected persons or noncompetition provisions
of Section 8, all compensation and benefits otherwise payable
pursuant to this Agreement shall cease, other than (x) such
amounts as Executive shall have deferred (but not received) under
the Company's General Deferred Compensation Plan in accordance
with the provisions of that Plan and (y) any benefits to which
Executive may be entitled under Sections 3(d) (New Stock
Options), 3(e) (SERP) and 3(f) (Qualified Plans).  Executive will
also be entitled to such rights, if any, under stock options and
other grants not specifically referred to in Section 3 of this
Agreement as shall be provided by the terms of such other options
and other grants.  In addition, the Company will pay to Executive
such amounts as Executive shall have deferred (but not received)
under the Company's General Deferred Compensation Plan in
accordance with the provisions of that Plan.  The Company does
not waive any rights it may have for damages or for injunctive
relief.

7.   BENEFITS UPON CHANGE OF CONTROL.

     Notwithstanding any other provisions of this Agreement, in
the event of a Change of Control, the determination and payment
of any benefits payable thereafter with respect to Executive
shall be governed exclusively by the provisions of Exhibit C.



                               -7-
8.   AGREEMENT NOT TO SOLICIT OR COMPETE.

     (a)  Upon the termination of employment at any time, then
for a period of two years after the termination of the Employment
Period, Executive shall not under any circumstances employ,
solicit the employment of, or accept unsolicited the services of,
any "protected person" or recommend the employment of any
"protected person" to any other business organization.  A
"protected person" shall be a person known by Executive to be
employed by the Company or its Subsidiaries or to have been
employed by Company or its Subsidiaries within six months prior
to the commencement of conversations with such person with
respect to employment.

     As to (i) each "protected person" to whom the foregoing
applies, (ii) each subcategory of "protected person" as defined
above, (iii) each limitation on (A) employment, (B) solicitation
and (C) unsolicited acceptance of services, of each "protected
person" and (iv) each month of the period during which the
provisions of this subsection (a) apply to each of the foregoing,
the provisions set forth in this subsection (a) are deemed to be
separate and independent agreements and in the event of
unenforceability of any such agreement, such unenforceable
agreement shall be deemed automatically deleted from the
provisions hereof and such deletion shall not affect the
enforceability of any other provision of this subsection (a) or
any other term of this Agreement.

     (b)  During the course of his employment, Executive will
have learned many trade secrets of the Company and will have
access to confidential information and business plans for the
Company.  Therefore, if Executive should end his employment
voluntarily at any time, including by reason of retirement or
disability, or if the Company should end Executive's employment
at any time for Cause, then for a period of two years thereafter,
Executive will not engage, either as a principal, employee,
partner, consultant or investor (other than a less-than-1% equity
interest in an entity), in a business which is a competitor of
the Company.  A business shall be deemed a competitor of the
Company if it shall then be so regarded by retailers generally or
if it shall operate a promotional off-price family apparel store
(such as T.J. Maxx or Marshalls) within ten miles of any "then
existing T.J. Maxx store" or an off-price women's apparel
specialty store (such as Hit or Miss) within five miles of any
"then existing Hit or Miss store" or if it shall at the
termination of the Employment Period operate a catalog business
dealing primarily in off-price women's apparel.  The term "then
existing" in the previous sentence shall refer to any such store
that is, at the time of termination of the Employment Period,
operated by the Company or any wholly-owned subsidiary of the
Company or under lease for operation as aforesaid.  Nothing
herein shall restrict the right of Executive to engage in a
business that operates a conventional or full mark-up department
store.  Executive agrees that if, at any time, pursuant to action
of any court, administrative or governmental body or other

                               -8-
arbitral tribunal, the operation of any part of this paragraph
shall be determined to be unlawful or otherwise unenforceable,
then the coverage of this paragraph shall be deemed to be
restricted as to duration, geographical scope or otherwise, as
the case may be, to the extent, and only to the extent, necessary
to make this paragraph lawful and enforceable in the particular
jurisdiction in which such determination is made.

     (c)  If the Employment Period terminates, Executive agrees
(i) to notify the Company immediately upon his securing
employment or becoming self-employed during any period when
Executive's compensation from the Company shall be subject to
reduction or his benefits provided by the Company shall be
subject to termination as provided in Section 5 and (ii) to
furnish to the Company written evidence of his compensation
earned from any such employment or self-employment as the Company
shall from time to time request.  In addition, upon termination
of the Employment Period for any reason other than the death of
Executive, Executive shall immediately return all written trade
secrets, confidential information and business plans of the
Company and shall execute a certificate certifying that he has
returned all such items in his possession or under his control.

     9.   ASSIGNMENT.    The rights and obligations of the
Company shall enure to the benefit of and shall be binding upon
the successors and assigns of the Company.  The rights and
obligations of Executive are not assignable except only that
payments payable to him after his death shall be made by devise
or descent.

     10.  NOTICES.  All notices and other communications required
hereunder shall be in writing and shall be given by mailing the
same by certified or registered mail, return receipt requested,
postage prepaid.  If sent to the Company the same shall be mailed
to the Company at 770 Cochituate Road, Framingham, Massachusetts,
01701, Attention:  Chairman of the Board of Directors, or such
other address as the Company may hereafter designate by notice to
Executive; and if sent to Executive, the same shall be mailed to
Executive at 358 Cartwright Road, Wellesley, MA  02181 or at such
other address as Executive may hereafter designate by notice to
the Company.

     11.  WITHHOLDING.   Anything to the contrary
notwithstanding, all payments required to be made by the Company
hereunder to Executive shall be subject to the withholding of
such amounts, if any, relating to tax and other payroll
deductions as the Company may reasonably determine it should
withhold pursuant to any applicable law or regulation.

     12.  GOVERNING LAW. This Agreement and the rights and
obligations of the parties hereunder shall be governed by the
laws of the Commonwealth of Massachusetts.


                               -9-
     13.  ARBITRATION.   In the event that there is any claim or
dispute arising out of or relating to this Agreement, or the
breach thereof, and the parties hereto shall not have resolved
such claim or dispute within 60 days after written notice from
one party to the other setting forth the nature of such claim or
dispute, then such claim or dispute shall be settled exclusively
by binding arbitration in Boston, Massachusetts in accordance
with the Commercial Arbitration Rules of the American Arbitration
Association by an arbitrator mutually agreed upon by the parties
hereto or, in the absence of such agreement, by an arbitrator
selected according to such Rules, and judgment upon the award
rendered by the arbitrator shall be entered in any Court having
jurisdiction thereof upon the application of either party.

     14.  ENTIRE AGREEMENT.   This Agreement, including Exhibits,
represents the entire agreement between the parties relating to
the terms of Executive's employment by the Company and supersedes
all prior written or oral agreements between them.



                              /s/ Richard Lesser                 
                              Richard Lesser


                              THE TJX COMPANIES, INC.


                              By   /s/ Bernard Cammarata         
                                   Bernard Cammarata
                                   President and
                                   Chief Executive Officer





















                              -10-
                            EXHIBIT A
                                
                       Certain Definitions
                                


In this Agreement, the following terms shall have the following
meanings:

     (a)  "Base Salary" means, for any period, the amount
described in Section 3(a).

     (b)  "Board" means the Board of Directors of the Company.

     (c)  "Committee" means the Executive Compensation Committee
of the Board.

     (d)  "Cause" means dishonesty, conviction of a felony, gross
neglect of duties (other than as a result of Disability or
death), or conflict of interest which conflict shall continue for
30 days after the Company gives written notice to Executive
requesting the cessation of such conflict.

     In respect of any termination during a Standstill Period,
Executive shall not be deemed to have been terminated for Cause
until the later to occur of (i) the 30th day after notice of
termination is given and (ii) the delivery to Executive of a copy
of a resolution duly adopted by the affirmative vote of not less
than a majority of the Company's directors at a meeting called
and held for that purpose (after reasonable notice to Executive),
and at which Executive together with his counsel was given an
opportunity to be heard, finding that Executive was guilty of
conduct described in the definition of "Cause" above, and
specifying the particulars thereof in detail; provided, however,
that the Company may suspend Executive and withhold payment of
his Base Salary from the date that notice of termination is given
until the earliest to occur of (A) termination of Executive for
Cause effected in accordance with the foregoing procedures (in
which case Executive shall not be entitled to his Base Salary for
such period), (B) a determination by a majority of the Company's
directors that Executive was not guilty of the conduct described
in the definition of "Cause" above (in which case Executive shall
be reinstated and paid any of his previously unpaid Base Salary
for such period), or (C) 90 days after notice of termination is
given (in which case Executive shall then be reinstated and paid
any of his previously unpaid Base Salary for such period).  If
Base Salary is withheld and then paid pursuant to clauses (B) or
(C) of the preceding sentence, the amount thereof shall be
accompanied by simple interest calculated on a daily basis, at a
rate per annum equal to the prime or base lending rate, as in
effect at the time, of the Company's principal commercial bank.



                               A-1
     (e)  "Change of Control" has the meaning given it in
Exhibit B.

     (f)  "Change of Control Termination" means the termination
of Executive's employment during a Standstill Period by (1) the
Company other than for Cause, or (2) by Executive for good
reason, or (3) by reason of death, Incapacity or Disability.

     For purposes of this definition, termination for "good
reason" shall mean the voluntary termination by Executive of his
employment (1) within 120 days after the occurrence without
Executive's express written consent of any one of the events
described in clauses (I), (II), (III), (IV), (V) or (VI) below,
provided that Executive gives notice to the Company at least 30
days in advance requesting that the situation described in those
clauses be remedied, and the situation remains unremedied upon
expiration of such 30-day period; (2) within 120 days after the
occurrence without Executive's express written consent of the
event described in clauses (VII) or (VIII) below, provided that
Executive gives notice to the Company at least 30 days in
advance; or (3) upon the occurrence of the events described in
clauses (IX) or (X) below, provided that Executive gives notice
to the Company at least 30 days in advance:

     (I)       the assignment to him of any duties inconsistent
               with his positions, duties, responsibilities,
               reporting requirements, and status with the
               Company immediately prior to the Change of
               Control, or a substantive change in Executive's
               titles or offices as in effect immediately prior
               to a Change of Control, or any removal of
               Executive from or any failure to re-elect him to
               such positions, except in connection with the
               termination of Executive's employment by the
               Company for Cause or by Executive other than for
               good reason, or any other action by the Company
               which results in a diminishment in such position,
               authority, duties or responsibilities, other than
               an insubstantial and inadvertent action which is
               remedied by the Company promptly after receipt of
               notice thereof given by Executive; or

     (II)      if Executive's Base Salary for any fiscal year is
               less than 100 percent of the Base Salary paid to
               Executive in the completed fiscal year immediately
               preceding the Change of Control; or if Executive's
               total cash compensation opportunities, including
               salary and incentives, for any fiscal year are
               less than 100 percent of the total cash
               compensation opportunities made available to
               Executive in the completed fiscal year immediately
               preceding the Change of Control, unless any such
               reduction represents an overall reduction in the


                               A-2
               Base Salary paid or cash compensation
               opportunities made available, as the case may be,
               to Executives in the same organizational level (it
               being the Company's burden to establish this
               fact); or

     (III)     the failure of the Company to continue in effect
               any benefits or perquisites, or any pension, life
               insurance, medical insurance or disability plan in
               which Executive was participating immediately
               prior to the Change of Control unless the Company
               provides Executive with a plan or plans that
               provide substantially similar benefits, or the
               taking of any action by the Company that would
               adversely affect Executive's participation in or
               materially reduce Executive's benefits under any
               of such plans or deprive Executive of any material
               fringe benefit enjoyed by Executive immediately
               prior to the Change of Control, unless the
               elimination or reduction of any such benefit,
               perquisite or plan affects all other Executives in
               the same organizational level (it being the
               Company's burden to establish this fact); or

     (IV)      any purported termination of Executive's
               employment by the Company for Cause during a
               Standstill Period which is not effected in
               compliance with paragraph (d) above; or

     (V)       any relocation of Executive of more than 40 miles
               from the place where Executive was located at the
               time of the Change of Control; or

     (VI)      any other breach by the Company of any provision
               of this Agreement; or

     (VII)     the Company sells or otherwise disposes of, in one
               transaction or a series of related transactions,
               assets or earning power aggregating more than 30
               percent of the assets (taken at asset value as
               stated on the books of the Company determined in
               accordance with generally accepted accounting
               principles consistently applied) or earning power
               of the Company (on an individual basis) or the
               Company and its Subsidiaries (on a consolidated
               basis) to any other Person or Persons (as those
               terms are defined in Exhibit B); or

     (VIII)    if Executive is employed by a Subsidiary of the
               Company, such Subsidiary either ceases to be a
               Subsidiary of the Company or sells or otherwise
               disposes of, in one transaction or a series of
               related transactions, assets or earning power
               aggregating more than 30 percent of the assets

                               A-3
               (taken at asset value as stated on the books of
               the Subsidiary determined in accordance with
               generally accepted accounting principles
               consistently applied) or earning power of such
               Subsidiary (on an individual basis) or such
               Subsidiary and its subsidiaries (on a consolidated
               basis) to any other Person or Persons (as those
               terms are defined in Exhibit B); or

     (IX)      termination by Executive of his employment for
               Retirement; or

     (X)       the voluntary termination by Executive of his
               employment (i) at any time within one year after
               the Change of Control or (ii) at any time during
               the second year after the Change of Control unless
               the Company offers Executive an employment
               contract having a minimum two-year duration which
               provides Executive with substantially the same
               title, responsibilities, annual and long-range
               compensation, benefits and perquisites that he had
               immediately prior to the Standstill Period.
               Notwithstanding the foregoing, the Board may
               expressly waive the application of this clause (X)
               if it waives the applicability of substantially
               similar provisions with respect to all persons
               with whom the Company has a written severance
               agreement (or may condition its application on any
               additional requirements or employee agreements
               which the Board shall in its discretion deem
               appropriate in the circumstances).  The
               determination of whether to waive or impose
               conditions on the application of this clause (X)
               shall be within the complete discretion of the
               Board, but shall be made prior to the occurrence
               of a Change of Control.

     (g)  "Date of Termination" means the date on which
Executive's employment is terminated.

     (h)  "Disability" has the meaning given it in the Company's
long-term disability plan.  Executive's employment shall be
deemed to be terminated for Disability on the date on which
Executive is entitled to receive long-term disability
compensation pursuant to such long-term disability plan.

     (i)  "Incapacity" means a disability (other than Disability
within the meaning of (h) above) or other impairment of health
that renders Executive unable to perform his duties to the
satisfaction of the Committee.

     (j)  "Retirement" shall mean voluntary termination by the
Executive of his employment in accordance with the Company's


                               A-4
retirement plan or program generally applicable to its salaried
employees or in accordance with any retirement arrangement
established with the Executive's consent with respect to him.

     (k)  "Standstill Period" means the period commencing on the
date of a Change of Control and continuing until the close of
business on the last business day of the 24th calendar month
following such Change of Control.

     (l)  "Stock" means the common stock, $1.00 par value, of the
Company.

     (m)  "Subsidiary" means any corporation in which the Company
owns, directly or indirectly, 50 percent or more of the total
combined voting power of all classes of stock.








































                               A-5
                            EXHIBIT B
                                
                Definition of "Change of Control"
                                


     "Change of Control" shall mean the occurrence of any one of
the following events:

     (a)  there occurs a change of control of the Company of a
nature that would be required to be reported in response to Item
1(a) of the Current Report on Form 8-K pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 (the "Exchange Act")
or in any other filing under the Exchange Act; provided, however,
that no transaction shall be deemed to be a Change of Control (i)
if the person or each member of a group of persons acquiring
control is excluded from the definition of the term "Person"
hereunder or (ii) unless the Committee shall otherwise determine
prior to such occurrence, if the Executive or an Executive
Related Party is the Person or a member of a group constituting
the Person acquiring control; or

     (b)  any Person other than the Company, any wholly-owned
subsidiary of the Company, or any employee benefit plan of the
Company or such a subsidiary becomes the owner of 20% or more of
the Company's Common Stock and thereafter individuals who were
not directors of the Company prior to the date such Person became
a 20% owner are elected as directors pursuant to an arrangement
or understanding with, or upon the request of or nomination by,
such Person and constitute at least 1/4 of the Company's Board of
Directors; provided, however, that unless the Committee shall
otherwise determine prior to the acquisition of such 20%
ownership, such acquisition of ownership shall not constitute a
Change of Control if Executive or an Executive Related Party is
the Person or a member of group constituting the Person acquiring
such ownership; or

     (c)  there occurs any solicitation or series of
solicitations of proxies by or on behalf of any Person other than
the Company's Board of Directors and thereafter individuals who
were not directors of the Company prior to the commencement of
such solicitation or series of solicitations are elected as
directors pursuant to an arrangement or understanding with, or
upon the request of or nomination by, such Person and constitute
at least 1/4 of the Company's Board of Directors; or

     (d)  the Company executes an agreement of acquisition,
merger or consolidation which contemplates that (i) after the
effective date provided for in such an agreement, all or
substantially all of the business and/or assets of the Company
shall be owned, leased or otherwise controlled by another Person
and (ii) individuals who are directors of the Company when such


                               B-1
agreement is executed shall not constitute a majority of the
board of directors of the survivor or successor entity
immediately after the effective date provided for in such
agreement; provided, however, that unless otherwise determined by
the Committee, no transaction shall constitute a Change of
Control if, immediately after such transaction, Executive or any
Executive Related Party shall own equity securities of any
surviving corporation ("Surviving Entity") having a fair value as
a percentage of the fair value of the equity securities of such
Surviving Entity greater than 125% of the fair value of the
equity securities of the Company owned by Executive and any
Executive Related Party immediately prior to such transaction,
expressed as a percentage of the fair value of all equity
securities of the Company immediately prior to such transaction
(for purposes of this paragraph ownership of equity securities
shall be determined in the same manner as ownership of Common
Stock); and provided, further, that for purposes of this
paragraph (d), if such agreement requires as a condition
precedent approval by the Company's shareholders of the agreement
or transaction, a Change of Control shall not be deemed to have
taken place unless and until such approval is secured (but upon
any such approval, a Change of Control shall be deemed to have
occurred on the date of execution of such agreement).

     In addition, for purposes of this Exhibit B the following
terms have the meanings set forth below:

     "Common Stock" shall mean the then outstanding Common Stock
of the Company plus, for purposes of determining the stock
ownership of any Person, the number of unissued shares of Common
Stock which such Person has the right to acquire (whether such
right is exercisable immediately or only after the passage of
time) upon the exercise of conversion rights, exchange rights,
warrants or options or otherwise.  Notwithstanding the foregoing,
the term Common Stock shall not include shares of Preferred Stock
or convertible debt or options or warrants to acquire shares of
Common Stock (including any shares of Common Stock issued or
issuable upon the conversion or exercise thereof) to the extent
that the Board of Directors of the Company shall expressly so
determine in any future transaction or transactions.

     A Person shall be deemed to be the "owner" of any Common
Stock:

     (i)       of which such Person would be the "beneficial
owner," as such term is defined in Rule 13d-3 promulgated by the
Securities and Exchange Commission (the "Commission") under the
Exchange Act, as in effect on March 1, 1989; or

     (ii)      of which such Person would be the "beneficial
owner" for purposes of Section 16 of the Exchange Act and the
rules of the Commission promulgated thereunder, as in effect on
March 1, 1989; or


                               B-2
     (iii)     which such Person or any of its affiliates or
Associates (as such terms are defined in Rule 12b-2 promulgated
by the Commission under the Exchange Act, as in effect on March
1, 1989) has the right to acquire (whether such right is
exercisable immediately or only after the passage of time)
pursuant to any agreement, arrangement or understanding or upon
the exercise of conversion rights, exchange rights, warrants or
options or otherwise.

     "Person" shall have the meaning used in Section 13(d) of the
Exchange Act, as in effect on March 1, 1989; provided, however,
that the term "Person" shall not include (a) any individuals who
are descendants of Max Feldberg and/or Morris Feldberg, the
founders of the Company, (b) any relative of the fourth degree of
consanguinity or closer of such descendants, or (c) custodians,
trustees or legal representatives or such persons.

     An "Executive Related Party" shall mean any affiliate or
associate of Executive other than the Company or a majority-owned
subsidiary of the Company.  The terms "affiliate" and "associate"
shall have the meanings ascribed thereto in Rule 12b-2 under the
Exchange Act (the term "registrant" in the definition of
"associate" meaning, in this case, the Company).































                               B-3
                            EXHIBIT C
                                
                   Change of Control Benefits
                                


1.   Benefits Upon a Change of Control Termination.

     (a)  The Company shall pay the following to Executive in a
lump sum within 30 days following a Change of Control
Termination:

          (i)  an amount equal to two times his Base Salary for
one year at the rate in effect immediately prior to the Date of
Termination or the Change of Control (or, if Executive's title
was diminished within 180 days before the commencement of the
Standstill Period, the rate in effect immediately prior to such
change), whichever is highest, plus the accrued and unpaid
portion of his Base Salary through the Date of Termination.  Any
payments made to Executive under any long term disability plan of
the Company with respect to the two years following termination
of employment shall be offset against such two times Base Salary
payment.  Executive shall promptly make reimbursement payments to
the Company to the extent any such disability payments are
received after the Base Salary payment.

          (ii) in lieu of any other benefits under SERP, an
amount equal to the present value of the payments that Executive
would have been entitled to receive under SERP as a Category B
participant, applying the following rules and assumptions:

          (A)  a credit equal to the number of Years of Service
          (as that term is defined in SERP) that Executive has
          been employed by the Company or a predecessor at the
          Date of Termination shall be added to his Years of
          Service in determining Executive's total Years of
          Service; provided, however, that the total Years of
          Service determined hereunder shall not exceed the
          lesser of (x) 20 or (y) the Years of Service that
          Executive would have had if he had retired at the age
          of 65;

          (B)  Executive's Average Compensation (as that term is
          defined in SERP) shall be determined as of the Date of
          Termination;

          (C)  Executive's Primary Social Security Benefit (as
          that term is defined in SERP) shall mean the annual
          primary insurance amount to which Executive is entitled
          or would, upon application therefor, become entitled at
          age 65 under the provisions of the Federal Social
          Security Act as in effect on the Date of Termination
          assuming that Executive received annual income at the


                               C-1
          rate of his Base Salary from the Date of Termination
          until his 65th birth date which would be treated as
          wages for purposes of the Social Security Act;

          (D)  the monthly benefit under SERP determined using
          the foregoing criteria shall be multiplied by 12 to
          determine an annual benefit; and

          (E)  the present value of such annual benefit shall be
          determined by multiplying the result in (D) by the
          appropriate actuarial factor using the most recently
          published interest and mortality rates published by the
          Pension Benefit Guaranty Corporation which are
          effective for plan terminations occurring on the Date
          of Termination, using Executive's age to the nearest
          year determined as of that date.  If, as of the Date of
          Termination, the Executive has previously satisfied the
          eligibility requirements for Early Retirement under The
          TJX Companies, Inc. Retirement Plan, then the
          appropriate factor shall be that based on the most
          recently published "PBGC Actuarial Value of $1.00 Per
          Year Deferred to Age 60 And Payable For Life Thereafter
          -- Healthy Lives," except that if the Executive's age
          to the nearest year is more than 60, then such higher
          age shall be substituted for 60.  If, as of the Date of
          Termination, the Executive has not satisfied the
          eligibility requirements for Early Retirement under The
          TJX Companies, Inc. Retirement Plan, then the
          appropriate factor shall be based on the most recently
          published "PBGC Actuarial Value of $1.00 Per Year
          Deferred to Age 65 And Payable For Life Thereafter --
          Healthy Lives."

     (b)  Until the second anniversary of the Date of
     Termination, the Company shall maintain in full force and
     effect for the continued benefit of Executive and his family
     all life insurance, medical insurance and disability plans
     and programs in which Executive was entitled to participate
     immediately prior to the Change of Control (or, if
     Executive's title was diminished within 180 days before the
     commencement of the Standstill Period, all such plans and
     programs in which Executive was entitled to participate
     immediately prior to such change, to the extent that such
     benefits thereunder are greater), provided that Executive's
     continued participation is possible under the general terms
     and provisions of such plans and programs.  In the event
     that Executive is ineligible to participate in such plans or
     programs, the Company shall arrange upon comparable terms to
     provide Executive with benefits substantially similar to
     those which he is entitled to receive under such plans and
     programs.  Notwithstanding the foregoing, the Company's
     obligations hereunder with respect to life, medical or
     disability coverage or benefits shall be deemed satisfied to


                               C-2
     the extent (but only to the extent) of any such coverage or
     benefits provided by another employer.

     (c)  For a period of two years after the Date of
     Termination, the company shall make available to Executive
     the use of any automobile that was made available to
     Executive prior to the Date of Termination, including
     ordinary replacement thereof in accordance with the
     Company's automobile policy in effect immediately prior to
     the Change of Control, or, if Executive's title was
     diminished within 180 days before the commencement of a
     Standstill Period, the Company shall make available to the
     Executive the use of an automobile of a type that was made
     available to him immediately prior to such change (or, in
     lieu of making such automobile available, the Company may at
     its option pay to Executive the present value of its cost of
     providing such automobile).

2.   Incentive Benefits Upon a Change of Control.  Within 30 days
following a Change of Control, whether or not Executive's
employment has terminated or been terminated, the Company shall
pay to the Executive the following in a lump sum:

     (i)  an amount equal to the "Target Award" under the
Company's Management Incentive Plan or any other annual incentive
plan which is applicable to Executive for the fiscal year in
which the Change of Control occurs (or, if Executive's title was
diminished within 180 days before the commencement of the
Standstill Period, the "Target Bonus" applicable to Executive for
the fiscal year in which such change occurred as if he continued
to hold such prior title, if such Target Bonus is higher).  In
addition the Company will pay to Executive an amount equal to
such Target Award prorated for the period of active employment
during such fiscal year through the Change of Control; and

     (ii) for performance cycles not completed prior to the
Change of Control, an amount with respect to each such cycle
equal to the maximum Award under LRPIP specified for Executive
for such cycle, unless Executive shall already have received
payment of such amounts.  Executive shall also be entitled to
payment of unpaid amounts owing with respect to cycles completed
prior to the Change of Control.

3.   Payments under Section 1 and Section 2 of this Exhibit shall
be made without regard to whether the deductibility of such
payments (or any other payments to or for the benefit of
Executive) would be limited or precluded by Internal Revenue Code
Section 280G and without regard to whether such payments (or any
other payments) would subject Executive to the federal excise tax
levied on certain "excess parachute payments" under Internal
Revenue Code Section 4999; provided, that if the total of all
payments to or for the benefit of Executive, after reduction for
all federal taxes (including the tax described in Internal
Revenue Code Section 4999, if applicable) with respect to such

                               C-3
payments ("Executive's total after-tax payments"), would be
increased by the limitation or elimination of any payment under
Section 1 or Section 2, amounts payable under Section 1 and
Section 2 above shall be reduced to the extent, and only to the
extent, necessary to maximize Executive's total after-tax
payments.  The determination as to whether and to what extent
payments under Section 1 or Section 2 above are required to be
reduced in accordance with the preceding sentence shall be made
at the Company's expense by Coopers & Lybrand or by such other
certified public accounting firm as the Committee may designate
prior to a Change of Control.  In the event of any underpayment
or overpayment under Section 1 or Section 2 above, as determined
by Coopers & Lybrand (or such other firm as may have been
designated in accordance with the preceding sentence), the amount
of such underpayment or overpayment shall forthwith be paid to
Executive or refunded to the Company, as the case may be, with
interest at the applicable Federal rate provided for in Section
7872(f)(2) of the Internal Revenue Code.

     4.   Other Benefits.     In addition to the amounts
described in Sections 1 and 2, Executive shall be entitled to his
benefits, if any, under Sections 3(d) (New Stock Options) and
3(f) (Qualified Plans).  Executive will also be entitled to such
rights under any stock options and other grants not specifically
referred to in Section 3 of this Agreement as shall be provided
by the terms of such other options and other grants.

     5.   Noncompetition; No Mitigation of Damages; etc.

          (a)  Noncompetition.     Upon a Change of Control, any
     agreement by Executive not to engage in competition with the
     Company subsequent to the termination of his employment,
     whether contained in an employment contract or other
     agreement, shall no longer be effective.

          (b)  No Duty to Mitigate Damages.  Executive's benefits
     under this Exhibit C shall be considered severance pay in
     consideration of his past service and his continued service
     from the date of this Agreement, and his entitlement thereto
     shall be neither (x) governed by any duty to mitigate his
     damages by seeking further employment nor (y) (except as
     expressly provided in this Exhibit C) offset by any
     compensation which he may receive from future employment.

          (c)  Other Severance Payments.     Benefits hereunder
     shall be in lieu of any benefits to which Executive would
     otherwise be entitled under any severance pay plan of the
     Company or its Subsidiaries, and shall be reduced by any
     severance payments from the Company or its Subsidiaries to
     which Executive is entitled under applicable federal or
     state law (for example, under a so-called "tin parachute" or
     plant closing law).


                               C-4
          (d)  Legal Fees and Expenses. The Company shall pay all
     legal fees and expenses, including but not limited to
     counsel fees, stenographer fees, printing costs, etc.
     reasonably incurred by Executive in contesting or disputing
     that the termination of his employment during a Standstill
     Period is for Cause or other than for good reason (as
     defined in the definition of Change of Control Termination)
     or obtaining any right or benefit to which Executive is
     entitled under this Agreement following a Change of Control.
     Any amount payable under this Agreement that is not paid
     when due shall accrue interest at the base rate of interest
     as from time to time in effect at The First National Bank of
     Boston, until paid in full.

          (e)  Notice of Termination.   During a Standstill
     Period, Executive's employment may be terminated by the
     Company only upon 30 days' written notice to Executive.






































                               C-5

EXHIBIT (10)(f)                                           
                                                            


            AMENDED AND RESTATED EMPLOYMENT AGREEMENT
                                
                  DATED AS OF FEBRUARY 1, 1995
                                
     BETWEEN DONALD G. CAMPBELL AND THE TJX COMPANIES, INC.

                                                                 
                                                                 
                              INDEX

                                                       PAGE

1.   EFFECTIVE DATE; TERM OF AGREEMENT                 1
2.   SCOPE OF EMPLOYMENT                               1-2
3.   COMPENSATION AND BENEFITS                         2-3
4.   TERMINATION OF EMPLOYMENT; IN GENERAL             3
5.   BENEFITS UPON NON-VOLUNTARY TERMINATION
     OF EMPLOYMENT                                     3-8
6.   VOLUNTARY TERMINATION; TERMINATION FOR CAUSE;
     VIOLATION OF CERTAIN AGREEMENTS                   8
7.   BENEFITS UPON CHANGE OF CONTROL                   9
8.   AGREEMENT NOT TO SOLICIT OR COMPETE               9-10
9.   ASSIGNMENT                                        10
10.  NOTICES                                           10
11.  WITHHOLDING                                       10-11
12.  GOVERNING LAW                                     11
13.  ARBITRATION                                       11
14.  ENTIRE AGREEMENT                                  11



                            EXHIBITS

EXHIBIT A      Certain Definitions                     A-1
EXHIBIT B      Definition of "Change of Control"       B-1
EXHIBIT C      Change of Control Benefits              C-1

















                               -i-
                                
                      EMPLOYMENT AGREEMENT


     This Amended and Restated Agreement dated as of February 1,
1995 amends and restates the Agreement dated as of February 1,
1992, as amended (the "Prior Agreement"), between DONALD G.
CAMPBELL ("Executive") and The TJX Companies, Inc., a Delaware
corporation, whose principal office is in Framingham,
Massachusetts, 01701 (the "Company").

                            RECITALS

     Executive has for a number of years been employed by the
Company, and has served in a number of capacities with the
Company.  The Company and Executive deem it desirable and
appropriate to enter into this Agreement.

                            AGREEMENT

     The parties hereto, in consideration of the mutual
agreements hereinafter contained, agree as follows:

     1.   EFFECTIVE DATE; TERM OF AGREEMENT. This amended and
restated agreement ("Agreement") shall become effective as of
February 1, 1995 (the "Effective Date").  The employment shall
continue on the terms provided herein until January 31, 1998 and
thereafter until terminated by either Executive or the Company,
subject to earlier termination as provided herein (such period of
employment hereinafter called the "Employment Period").

     2.   SCOPE OF EMPLOYMENT.

     (a)  Nature of Services. Executive shall diligently perform
the duties and assume the responsibilities of Senior Vice
President and Chief Financial Officer of the Company and such
additional Executive duties and responsibilities as shall from
time to time be assigned to him by the President or the Board.

     (b)  Extent of Services. Except for illnesses and vacation
periods, Executive shall devote substantially all his working
time and attention and his best efforts to the performance of his
duties and responsibilities under this Agreement.  However,
Executive may (a) make any passive investments where he is not
obligated or required to, and shall not in fact, devote any
managerial efforts or (b) serve as a director on the boards of
other companies or participate in charitable or community
activities or in trade or professional organizations, except only
that the President or the Board shall have the right to limit
such services as a director or such participation whenever the
President or the Board shall believe that the time spent on such
activities infringes upon the time required by Executive for the



                               -1-
performance of his duties under this Agreement or is otherwise
incompatible with those duties.

     3.   COMPENSATION AND BENEFITS.

     (a)  Base Salary.   Executive shall be paid a base salary at
a rate not less than $415,000 per year, with any subsequent
increases to be effective on December 1, 1995 and March 1, 1997,
respectively.  Base Salary shall be payable in such manner and at
such times as the Company shall pay base salary to other
Executive employees.

     (b)  LRPIP.    During the Employment Period, Executive will
be entitled to participate in annual grants made under LRPIP at a
level commensurate with his position in the Company.  To the
extent provided in Section 162(m) of the Code, the terms of such
awards shall be established by the Committee.

     (c)  MIP. During the Employment Period, Executive shall be
eligible to receive annual awards under MIP.  To the extent
provided in Section 162(m) of the Code, the goals, scope and
conditions of any award shall be established annually by the
Committee.  Subject to the foregoing, Executive shall be entitled
to earn up to 35% of his Base Salary if the target established by
the Committee is met and up to 70% of his Base Salary if such
target is exceeded, with the payment potential ranging from 0% to
70% of Executive's Base Salary as established by the terms of the
award.

     (d)  New Stock Options.  The Committee has determined to
grant annually to Executive during the Employment Period non-
statutory stock options under the 1986 Plan (the "Options").
Such awards and grants will be subject to the discretion of the
Committee.  If on or prior to January 31, 1998 Executive dies or
becomes Disabled or a Change of Control occurs while Executive is
employed by the Company, then all Executive's Options then
outstanding shall be immediately vested (exercisable).  If
Executive dies or becomes Disabled while employed by the Company,
all his Options shall remain exercisable for a period of three
years, but in no event beyond their original term.  Upon the
expiration of such three-year term, the Options shall terminate.
In the event Executive retires under the terms of the 1986 Plan,
all his Options shall remain exercisable (to the extent they were
exercisable immediately prior to such retirement) for a period of
three years or, if less, the remainder of the original option
term, and then shall terminate.  Upon any other termination of
employment, the Options shall remain exercisable (to the extent
they were exercisable immediately prior to such termination,
taking into account any applicable accelerated vesting as
described above) for a period equal to the lesser of (i) three
months, or (ii) the remainder of their original term, and then
shall terminate.  However, if Executive is terminated for Cause
all Options shall immediately terminate.


                               -2-
     (e)  SERP.     Except as provided in Exhibit C ("Change of
Control Benefits"), Executive will be entitled to the greater of
Category B or C benefits determined and made payable in
accordance with the generally applicable provisions of the
Company's Supplemental Executive Retirement Plan ("SERP"),
including vesting requirements.

     (f)  Qualified Plans.    Executive shall be entitled during
the Employment Period to participate in the Company's tax-
qualified retirement and profit-sharing plans in accordance with
the terms of those plans.

     (g)  Policies and Fringe Benefits. Executive shall be
subject to Company policies applicable to its Executives
generally and Executive shall be entitled to receive all such
fringe benefits as the Company shall from time to time make
available to other Executives generally (subject to the terms of
any applicable fringe benefit plan).

     4.   TERMINATION OF EMPLOYMENT; IN GENERAL.

     (a)  The Company shall have the right to end Executive's
employment at any time and for any reason, with or without Cause.

     (b)  The Employment Period shall terminate when Executive
becomes Disabled.  In addition, if by reason of Incapacity
Executive is unable to perform his duties for at least six months
in any 12-month period, upon written notice by the Company to
Executive, the Employment Period will be terminated for
Incapacity.

     (c)  Whenever the Employment Period shall terminate,
Executive shall resign all offices or other positions he shall
hold with the Company and any affiliated corporations.

     5.   BENEFITS UPON NON-VOLUNTARY TERMINATION OF EMPLOYMENT.

     (a)  Termination for Death, Disability or Incapacity,
Termination by the Company Other Than for Cause or a Termination
Described in Section 5(a)(i)(C) on or Prior to January 31, 1998.
If the Employment Period shall have terminated on or prior to
January 31, 1998 by reason of death, Disability or Incapacity of
Executive, by termination by the Company for any reason other
than Cause, or a termination described in clause (i)(C) below,
all compensation and benefits for Executive shall be as follows:

          (i)  (A)  In the case of termination by reason of
     death, Disability or Incapacity, for a period of 12 months
     after such termination, the Company will pay to Executive or
     his legal representative continued Base Salary at the rate
     in effect at termination of employment, without reduction
     for compensation earned from other employment or self-
     employment.


                               -3-
               (B)  In the case of termination by the Company for
     any reason other than Cause, other than a termination
     described in paragraph (C) below, for the longer of 12
     months after such termination or until January 31, 1998, the
     Company will pay to Executive continued Base Salary at the
     rate in effect at the  termination of employment.  Base
     Salary shall be paid for the first twelve months of the
     period without reduction for compensation earned from other
     employment or self-employment, and shall thereafter be
     reduced by such compensation received from other employment
     or self-employment.

               (C)  In the case of a termination described in
     this paragraph (C), for the longer of 24 months after such
     termination or until January 31, 1998, the Company will pay
     to Executive continued Base Salary at the rate in effect at
     the termination of employment.  Base Salary shall be paid
     for the first twelve months of the period without reduction
     for compensation earned from other employment or self-
     employment, and shall thereafter be reduced by such
     compensation received from other employment or self-
     employment.  Executive shall be deemed to have suffered a
     termination of employment described in this paragraph (C)
     only if, upon or following the appointment of a new Chief
     Executive Officer of the Company, (1) Executive is
     terminated by the Company other than for Cause, or (2)
     Executive terminates his employment with the Company by
     reason of a change in reporting relationship to the Chief
     Executive Officer or a change in duties resulting in
     Executive's ceasing to have the responsibilities and
     authority of a Chief Financial Officer.

          (ii) Until the expiration of the applicable period of
     Base Salary payments described in (i) immediately above or
     until Executive shall commence other employment or self-
     employment, whichever shall first occur, the Company will
     provide such medical and hospital insurance, term life
     insurance and long-term disability insurance to the extent
     such long-term disability insurance is available at no
     additional cost under the Company's present group and any
     individual LTD policies for Executive and his family,
     comparable to the insurance provided for Executives
     generally, as the Company shall determine, and upon the same
     terms and conditions as the same shall be provided for other
     Company Executives generally.

          (iii)     The Company will pay to Executive, without
     offset for compensation earned from other employment or
     self-employment, the following amounts under the Company's
     MIP applicable to Executive:

          First, if not already paid, any amounts to which
          Executive is entitled under MIP for the fiscal year of
          the Company ended immediately prior to Executive's

                               -4-
          termination of employment.  These amounts will be paid
          at the same time as other awards for such prior year
          are paid.

          Second, an amount equal to Executive's MIP Target Award
          for the year of termination, prorated for Executive's
          period of service during such year prior to
          termination.  This amount will be paid at the same time
          as other MIP awards for the year of termination are
          paid.

          Third, in addition, but only in case of termination by
          reason of death, Disability or Incapacity, an amount
          equal to Executive's MIP Target Award for the year of
          termination, without proration.  This amount will be
          paid at the same time as the amount payable under the
          preceding paragraph.

     In addition, the Company will also pay to Executive or his
     legal representative such amounts as Executive shall have
     deferred (but not received) under the Company's General
     Deferred Compensation Plan in accordance with the provisions
     of that Plan.

          (iv) Executive shall be entitled to the benefits
     described in Sections 3(d) (New Stock Options), 3(e) (SERP),
     and 3(f) (Qualified Plans), in each case to the extent, if
     any, provided in the provisions of the relevant plan or
     award agreement (including the pertinent provisions of this
     Agreement).  In addition, with respect to each three-year
     performance cycle not completed prior to termination, the
     Company will pay to Executive 1/36 of his LRPIP Target Award
     for each month in such cycle prior to termination.  Such
     amounts will be paid at the same time as other LRPIP awards
     payable for the cycle first ending after termination are
     paid.  Executive will also be entitled to payment (at the
     same time as other LRPIP awards for the applicable cycle are
     paid) of any unpaid amounts owing with respect to cycles
     completed prior to termination.  Executive will also be
     entitled to such rights, if any, under any stock option and
     other grants not specifically referred to in Section 3 of
     this Agreement as shall be provided by the terms of such
     options and other grants.

          (v)  If termination occurs by reason of Incapacity or
     Disability, Executive shall be entitled to such
     compensation, if any, as is payable pursuant to the
     Company's group and any individual long-term disability plan
     or any successor Company disability plan.  Any payments made
     to Executive under any long term disability plan of the
     Company with respect to the salary continuation period in
     clause (i) above shall be offset against such salary
     continuation payments and to the extent not so offset,
     Executive shall promptly make reimbursement payments to the

                               -5-
     Company of such disability payments.

     (b)  Termination for Death, Disability or Incapacity,
Termination by the Company Other Than for Cause or a Termination
Described in Section 5(b)(i)(B) After January 31, 1998.  If the
Employment Period shall have terminated after January 31, 1998 by
reason of death, Disability or Incapacity of Executive, by
termination by the Company for any reason other than Cause, or a
termination described in clause (i)(B) below, all compensation
and benefits for Executive shall be as follows:

          (i)(A)    In the case of termination by reason of
     death, Disability or Incapacity or termination of Executive
     by the Company for any reason other than Cause, other than a
     termination described in paragraph (B) below, the Company
     will pay to Executive (or his legal representative in the
     case of death, Disability or Incapacity) his then Base
     Salary for a period of twelve months from the Date of
     Termination, which Base Salary shall be reduced after six
     months for compensation earned from other employment or
     self-employment.

          (i)(B)    In the case of a termination after January
     31, 1998 described in this paragraph (B), the Company will
     pay to Executive his then Base Salary for the period
     commencing with the Date of Termination and ending a)
     twenty-four months after the Date of Termination, if
     termination occurs less than six months after a new Chief
     Executive Officer is appointed, or b) eighteen months after
     the Date of Termination, if termination occurs six to twelve
     months after a new Chief Executive Officer is appointed, or
     c) twelve months after the Date of Termination, if
     termination occurs more than twelve months after a new Chief
     Executive Officer is appointed.  Base Salary payments under
     this paragraph (B) shall be reduced after six months for
     compensation earned from other employment or self-
     employment.  Executive shall be deemed to have suffered a
     termination of employment described in this paragraph (B)
     only if, upon or following the appointment of a new Chief
     Executive Officer of the Company, (1) Executive is
     terminated by the Company other than for Cause, or (2)
     Executive terminates his employment with the Company by
     reason of a change in reporting relationship to the Chief
     Executive Officer or a change in his duties resulting in
     Executive's ceasing to have the responsibilities and
     authority of a Chief Financial Officer.

          (ii) The Company will pay to Executive, without offset
     for compensation earned from other employment or self-
     employment, the following amounts under the Company's MIP
     applicable to Executive:

          First, if not already paid, any amount to which
          Executive is entitled under MIP for the fiscal year of

                               -6-
          the Company ended immediately prior to Executive's
          termination of employment.  These amounts will be paid
          at the same time as other awards for such prior year
          are paid.

          Second, an amount equal to Executive's MIP Target Award
          for the year of termination, prorated for Executive's
          period of service during such year prior to
          termination.  This amount will be paid at the same time
          as other MIP awards for the year of termination are
          paid.

          Third, in addition, but only in the case of termination
          by reason of death, Disability or Incapacity, an amount
          equal to Executive's MIP Target Award for the year of
          termination, without proration.  This amount will be
          paid at the same time as the amount payable under the
          preceding paragraph.

     In addition, the Company will also pay to Executive or his
     legal representative such amounts as Executive shall have
     deferred (but not received) under the Company's General
     Deferred Compensation Plan in accordance with the provisions
     of that Plan.

          (iii)     Until the expiration of the period of Base
     Salary payments described in (i) immediately above or until
     Executive shall commence other employment or self-
     employment, the Company will provide such medical and
     hospital insurance, term life insurance and long-term
     disability insurance to the extent such long-term disability
     insurance is available at no additional cost under the
     Company's present group and any individual LTD policies, for
     Executive and his family, comparable to the insurance
     provided for Executives generally, as the Company shall
     determine, and upon the same terms and conditions as the
     same shall be provided for Executives generally.

          (iv) Executive shall be entitled to the benefits
     described in Sections 3(d) (New Stock Options), 3(e) (SERP),
     and 3(f) (Qualified Plans), in each case to the extent, if
     any, provided in the provisions of the relevant plan or
     award agreement (including the pertinent provisions of this
     Agreement).  In addition, with respect to each three-year
     Performance Cycle not completed prior to termination, the
     Company will pay to Executive 1/36 of his LRPIP Target Award
     for each month in such cycle prior to termination.  Such
     amounts will be paid at the same time as other LRPIP awards
     payable for the cycle first ending after termination are
     paid.  Executive will also be entitled to payment (at the
     same time as other LRPIP awards for the applicable cycle are
     paid) of any unpaid amounts owing with respect to cycles
     completed prior to termination.  Executive will also be
     entitled to such rights, if any, under any stock option and

                               -7-
     other grants not specifically referred to in Section 3 of
     this Agreement as shall be provided by the terms of such
     options and other grants.

          (v)  If termination occurs by reason of Incapacity or
     Disability, Executive shall be entitled to such
     compensation, if any, as is payable pursuant to the
     Company's group and any individual long-term disability
     plans or any successor Company disability plan.  Any
     payments made to Executive under any group and any
     individual long-term disability plan provided by the Company
     with respect to the salary continuation period in clause (i)
     above shall be offset against such salary continuation
     payments and to the extent not so offset, Executive shall
     promptly make reimbursement payments to the Company of such
     disability payments.

     (c)  Employment Period Not Extended.  If the Company
determines not to extend the Employment Period beyond its
original term (January 31, 1998) or any extension thereof, or
offers to extend the Employment Period on terms less favorable to
Executive than those set forth herein, and Executive declines, it
shall be deemed a termination of the Employment Period by the
Company pursuant to (b) above.  If Executive should choose not to
continue his employment beyond January 31, 1998 or any extension
of the Employment Period, other than in response to an offer by
the Company to extend the Employment Period on terms less
favorable to Executive than those set forth herein, it shall be
deemed a voluntary termination by Executive and the provisions of
Section 6 shall apply.

6.   VOLUNTARY TERMINATION; TERMINATION FOR CAUSE; VIOLATION OF
     CERTAIN AGREEMENTS.

     If Executive should end his employment voluntarily (other
than in the case of a termination described at Section 5(a)(i)(C)
or Section 5(b)(i)(B)) or if the Company should end Executive's
employment for Cause, or, notwithstanding (a) or (b) of Section 5
above, if Executive should violate the protected persons or
noncompetition provisions of Section 8, all compensation and
benefits otherwise payable pursuant to this Agreement shall
cease, other than (x) such amounts as Executive shall have
deferred (but not received) under the Company's General Deferred
Compensation Plan in accordance with the provisions of that Plan
and (y) any benefits to which Executive may be entitled under
Sections 3(d) (New Stock Options), 3(e) (SERP) and 3(f)
(Qualified Plans).  Executive will also be entitled to such
rights, if any, under stock options and other grants not
specifically referred to in Section 3 of this Agreement as shall
be provided by the terms of such other options and other grants.
In addition, the Company will pay to Executive such amounts as
Executive shall have deferred (but not received) under the
Company's General Deferred Compensation Plan in accordance with
the provisions of that Plan.  The Company does not waive any
rights it may have for damages or for injunctive relief.

                               -8-
7.   BENEFITS UPON CHANGE OF CONTROL.

     Notwithstanding any other provision of this Agreement, in
the event of a Change of Control, the determination and payment
of any benefits payable thereafter with respect to Executive
shall be governed exclusively by the provisions of Exhibit C.

8.   AGREEMENT NOT TO SOLICIT OR COMPETE.

     (a)  Upon the termination of employment at any time, then
for a period of two years after the termination of the Employment
Period, Executive shall not under any circumstances employ,
solicit the employment of, or accept unsolicited the services of,
any "protected person" or recommend the employment of any
"protected person" to any other business organization.  A
"protected person" shall be a person known by Executive to be
employed by the Company or its Subsidiaries or to have been
employed by Company or its Subsidiaries within six months prior
to the commencement of conversations with such person with
respect to employment.

     As to (i) each "protected person" to whom the foregoing
applies, (ii) each subcategory of "protected person" as defined
above, (iii) each limitation on (A) employment, (B) solicitation
and (C) unsolicited acceptance of services, of each "protected
person" and (iv) each month of the period during which the
provisions of this subsection (a) apply to each of the foregoing,
the provisions set forth in this subsection (a) are deemed to be
separate and independent agreements and in the event of
unenforceability of any such agreement, such unenforceable
agreement shall be deemed automatically deleted from the
provisions hereof and such deletion shall not affect the
enforceability of any other provision of this subsection (a) or
any other term of this Agreement.

     (b)  During the course of his employment, Executive will
have learned many trade secrets of the Company and will have
access to confidential information and business plans for the
Company.  Therefore, if Executive should end his employment
voluntarily at any time, including by reason of retirement or
disability, or if the Company should end Executive's employment
at any time for Cause, then for a period of two years thereafter,
Executive will not engage, either as a principal, employee,
partner, consultant or investor (other than a less-than-1% equity
interest in an entity), in a business which is a competitor of
the Company.  A business shall be deemed a competitor of the
Company if it shall then be so regarded by retailers generally or
if it shall operate a promotional off-price family apparel store
(such as T.J. Maxx or Marshalls) within ten miles of any "then
existing T.J. Maxx store" or an off-price women's apparel
specialty store (such as Hit or Miss) within five miles of any
"then existing Hit or Miss store" or if it shall at the
termination of the Employment Period operate a catalog business
dealing primarily in off-price women's apparel.  The term "then

                               -9-
existing" in the previous sentence shall refer to any such store
that is, at the time of termination of the Employment Period,
operated by the Company or any wholly-owned subsidiary of the
Company or under lease for operation as aforesaid.  Nothing
herein shall restrict the right of Executive to engage in a
business that operates a conventional or full mark-up department
store.  Executive agrees that if, at any time, pursuant to action
of any court, administrative or governmental body or other
arbitral tribunal, the operation of any part of this paragraph
shall be determined to be unlawful or otherwise unenforceable,
then the coverage of this paragraph shall be deemed to be
restricted as to duration, geographical scope or otherwise, as
the case may be, to the extent, and only to the extent, necessary
to make this paragraph lawful and enforceable in the particular
jurisdiction in which such determination is made.

     (c)  If the Employment Period terminates, Executive agrees
(i) to notify the Company immediately upon his securing
employment or becoming self-employed during any period when
Executive's compensation from the Company shall be subject to
reduction or his benefits provided by the Company shall be
subject to termination as provided in Section 5 and (ii) to
furnish to the Company written evidence of his compensation
earned from any such employment or self-employment as the Company
shall from time to time request.  In addition, upon termination
of the Employment Period for any reason other than the death of
Executive, Executive shall immediately return all written trade
secrets, confidential information and business plans of the
Company and shall execute a certificate certifying that he has
returned all such items in his possession or under his control.

     9.   ASSIGNMENT.    The rights and obligations of the
Company shall enure to the benefit of and shall be binding upon
the successors and assigns of the Company.  The rights and
obligations of Executive are not assignable except only that
payments payable to him after his death shall be made by devise
or descent.

     10.  NOTICES.  All notices and other communications required
hereunder shall be in writing and shall be given by mailing the
same by certified or registered mail, return receipt requested,
postage prepaid.  If sent to the Company the same shall be mailed
to the Company at 770 Cochituate Road, Framingham, Massachusetts,
01701, Attention:  Chairman of the Board of Directors, or such
other address as the Company may hereafter designate by notice to
Executive; and if sent to Executive, the same shall be mailed to
Executive at P.O. Box 451, Brimfield, Massachusetts, 01010 or at
such other address as Executive may hereafter designate by notice
to the Company.

     11.  WITHHOLDING.   Anything to the contrary
notwithstanding, all payments required to be made by the Company
hereunder to Executive shall be subject to the withholding of


                              -10-
such amounts, if any, relating to tax and other payroll
deductions as the Company may reasonably determine it should
withhold pursuant to any applicable law or regulation.

     12.  GOVERNING LAW. This Agreement and the rights and
obligations of the parties hereunder shall be governed by the
laws of the Commonwealth of Massachusetts.

     13.  ARBITRATION.   In the event that there is any claim or
dispute arising out of or relating to this Agreement, or the
breach thereof, and the parties hereto shall not have resolved
such claim or dispute within 60 days after written notice from
one party to the other setting forth the nature of such claim or
dispute, then such claim or dispute shall be settled exclusively
by binding arbitration in Boston, Massachusetts in accordance
with the Commercial Arbitration Rules of the American Arbitration
Association by an arbitrator mutually agreed upon by the parties
hereto or, in the absence of such agreement, by an arbitrator
selected according to such Rules, and judgment upon the award
rendered by the arbitrator shall be entered in any Court having
jurisdiction thereof upon the application of either party.

     14.  ENTIRE AGREEMENT.   This Agreement, including Exhibits,
represents the entire agreement between the parties relating to
the terms of Executive's employment by the Company and supersedes
all prior written or oral agreements between them.




                              /s/ Donald G. Campbell             
                              Donald G. Campbell



                              THE TJX COMPANIES,INC.


                              /s/ Bernard Cammarata              
                              By Bernard Cammarata
                              President and
                              Chief Executive Officer













                              -11-
                            EXHIBIT A
                                
                       Certain Definitions
                                


In this Agreement, the following terms shall have the following
meanings:

     (a)  "Base Salary" means, for any period, the amount
described in Section 3(a).

     (b)  "Board" means the Board of Directors of the Company.

     (c)  "Committee" means the Executive Compensation Committee
of the Board.

     (d)  "Cause" means dishonesty, conviction of a felony, gross
neglect of duties (other than as a result of Disability or
death), or conflict of interest which conflict shall continue for
30 days after the Company gives written notice to Executive
requesting the cessation of such conflict.

     In respect of any termination during a Standstill Period,
Executive shall not be deemed to have been terminated for Cause
until the later to occur of (i) the 30th day after notice of
termination is given and (ii) the delivery to Executive of a copy
of a resolution duly adopted by the affirmative vote of not less
than a majority of the Company's directors at a meeting called
and held for that purpose (after reasonable notice to Executive),
and at which Executive together with his counsel was given an
opportunity to be heard, finding that Executive was guilty of
conduct described in the definition of "Cause" above, and
specifying the particulars thereof in detail; provided, however,
that the Company may suspend Executive and withhold payment of
his Base Salary from the date that notice of termination is given
until the earliest to occur of (A) termination of Executive for
Cause effected in accordance with the foregoing procedures (in
which case Executive shall not be entitled to his Base Salary for
such period), (B) a determination by a majority of the Company's
directors that Executive was not guilty of the conduct described
in the definition of "Cause" above (in which case Executive shall
be reinstated and paid any of his previously unpaid Base Salary
for such period), or (C) 90 days after notice of termination is
given (in which case Executive shall then be reinstated and paid
any of his previously unpaid Base Salary for such period).  If
Base Salary is withheld and then paid pursuant to clauses (B) or
(C) of the preceding sentence, the amount thereof shall be
accompanied by simple interest calculated on a daily basis, at a
rate per annum equal to the prime or base lending rate, as in
effect at the time, of the Company's principal commercial bank.



                               A-1
     (e)  "Change of Control" has the meaning given it in
Exhibit B.

     (f)  "Change of Control Termination" means the termination
of Executive's employment during a Standstill Period by (1) the
Company other than for Cause, or (2) by Executive for good
reason, or (3) by reason of death, Incapacity or Disability.

     For purposes of this definition, termination for "good
reason" shall mean the voluntary termination by Executive of his
employment (1) within 120 days after the occurrence without
Executive's express written consent of any one of the events
described in clauses (I), (II), (III), (IV), (V) or (VI) below,
provided that Executive gives notice to the Company at least 30
days in advance requesting that the situation described in those
clauses be remedied, and the situation remains unremedied upon
expiration of such 30-day period; (2) within 120 days after the
occurrence without Executive's express written consent of the
event described in clauses (VII) or (VIII) below, provided that
Executive gives notice to the Company at least 30 days in
advance; or (3) upon the occurrence of the events described in
clauses (IX) or (X) below, provided that Executive gives notice
to the Company at least 30 days in advance:

     (I)       the assignment to him of any duties inconsistent
               with his positions, duties, responsibilities,
               reporting requirements, and status with the
               Company immediately prior to the Change of
               Control, or a substantive change in Executive's
               titles or offices as in effect immediately prior
               to a Change of Control, or any removal of
               Executive from or any failure to re-elect him to
               such positions, except in connection with the
               termination of Executive's employment by the
               Company for Cause or by Executive other than for
               good reason, or any other action by the Company
               which results in a diminishment in such position,
               authority, duties or responsibilities, other than
               an insubstantial and inadvertent action which is
               remedied by the Company promptly after receipt of
               notice thereof given by Executive; or

     (II)      if Executive's Base Salary for any fiscal year is
               less than 100 percent of the Base Salary paid to
               Executive in the completed fiscal year immediately
               preceding the Change of Control; or if Executive's
               total cash compensation opportunities, including
               salary and incentives, for any fiscal year are
               less than 100 percent of the total cash
               compensation opportunities made available to
               Executive in the completed fiscal year immediately
               preceding the Change of Control, unless any such
               reduction represents an overall reduction in the


                               A-2
               Base Salary paid or cash compensation
               opportunities made available, as the case may be,
               to Executives in the same organizational level (it
               being the Company's burden to establish this
               fact); or

     (III)     the failure of the Company to continue in effect
               any benefits or perquisites, or any pension, life
               insurance, medical insurance or disability plan in
               which Executive was participating immediately
               prior to the Change of Control unless the Company
               provides Executive with a plan or plans that
               provide substantially similar benefits, or the
               taking of any action by the Company that would
               adversely affect Executive's participation in or
               materially reduce Executive's benefits under any
               of such plans or deprive Executive of any material
               fringe benefit enjoyed by Executive immediately
               prior to the Change of Control, unless the
               elimination or reduction of any such benefit,
               perquisite or plan affects all other Executives in
               the same organizational level (it being the
               Company's burden to establish this fact); or

     (IV)      any purported termination of Executive's
               employment by the Company for Cause during a
               Standstill Period which is not effected in
               compliance with paragraph (d) above; or

     (V)       any relocation of Executive of more than 40 miles
               from the place where Executive was located at the
               time of the Change of Control; or

     (VI)      any other breach by the Company of any provision
               of this Agreement; or

     (VII)     the Company sells or otherwise disposes of, in one
               transaction or a series of related transactions,
               assets or earning power aggregating more than 30
               percent of the assets (taken at asset value as
               stated on the books of the Company determined in
               accordance with generally accepted accounting
               principles consistently applied) or earning power
               of the Company (on an individual basis) or the
               Company and its Subsidiaries (on a consolidated
               basis) to any other Person or Persons (as those
               terms are defined in Exhibit B); or

     (VIII)    if Executive is employed by a Subsidiary of the
               Company, such Subsidiary either ceases to be a
               Subsidiary of the Company or sells or otherwise
               disposes of, in one transaction or a series of
               related transactions, assets or earning power
               aggregating more than 30 percent of the assets

                               A-3
               (taken at asset value as stated on the books of
               the Subsidiary determined in accordance with
               generally accepted accounting principles
               consistently applied) or earning power of such
               Subsidiary (on an individual basis) or such
               Subsidiary and its subsidiaries (on a consolidated
               basis) to any other Person or Persons (as those
               terms are defined in Exhibit B); or

     (IX)      termination by Executive of his employment for
               Retirement; or

     (X)       the voluntary termination by Executive of his
               employment (i) at any time within one year after
               the Change of Control or (ii) at any time during
               the second year after the Change of Control unless
               the Company offers Executive an employment
               contract having a minimum two-year duration which
               provides Executive with substantially the same
               title, responsibilities, annual and long-range
               compensation, benefits and perquisites that he had
               immediately prior to the Standstill Period.
               Notwithstanding the foregoing, the Board may
               expressly waive the application of this clause (X)
               if it waives the applicability of substantially
               similar provisions with respect to all persons
               with whom the Company has a written severance
               agreement (or may condition its application on any
               additional requirements or employee agreements
               which the Board shall in its discretion deem
               appropriate in the circumstances).  The
               determination of whether to waive or impose
               conditions on the application of this clause (X)
               shall be within the complete discretion of the
               Board, but shall be made prior to the occurrence
               of a Change of Control.

     (g)  "Date of Termination" means the date on which
Executive's employment is terminated.

     (h)  "Disability" has the meaning given it in the Company's
long-term disability plan.  Executive's employment shall be
deemed to be terminated for Disability on the date on which
Executive is entitled to receive long-term disability
compensation pursuant to such long-term disability plan.

     (i)  "Incapacity" means a disability (other than Disability
within the meaning of (h) above) or other impairment of health
that renders Executive unable to perform his duties to the
satisfaction of the Committee.

     (j)  "Retirement" shall mean voluntary termination by the
Executive of his employment in accordance with the Company's


                               A-4
retirement plan or program generally applicable to its salaried
employees or in accordance with any retirement arrangement
established with the Executive's consent with respect to him.

     (k)  "Standstill Period" means the period commencing on the
date of a Change of Control and continuing until the close of
business on the last business day of the 24th calendar month
following such Change of Control.

     (l)  "Stock" means the common stock, $1.00 par value, of the
Company.

     (m)  "Subsidiary" means any corporation in which the Company
owns, directly or indirectly, 50 percent or more of the total
combined voting power of all classes of stock.








































                               A-5
                            EXHIBIT B
                                
                Definition of "Change of Control"
                                


     "Change of Control" shall mean the occurrence of any one of
the following events:

     (a)  there occurs a change of control of the Company of a
nature that would be required to be reported in response to Item
1(a) of the Current Report on Form 8-K pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 (the "Exchange Act")
or in any other filing under the Exchange Act; provided, however,
that no transaction shall be deemed to be a Change of Control (i)
if the person or each member of a group of persons acquiring
control is excluded from the definition of the term "Person"
hereunder or (ii) unless the Committee shall otherwise determine
prior to such occurrence, if the Executive or an Executive
Related Party is the Person or a member of a group constituting
the Person acquiring control; or

     (b)  any Person other than the Company, any wholly-owned
subsidiary of the Company, or any employee benefit plan of the
Company or such a subsidiary becomes the owner of 20% or more of
the Company's Common Stock and thereafter individuals who were
not directors of the Company prior to the date such Person became
a 20% owner are elected as directors pursuant to an arrangement
or understanding with, or upon the request of or nomination by,
such Person and constitute at least 1/4 of the Company's Board of
Directors; provided, however, that unless the Committee shall
otherwise determine prior to the acquisition of such 20%
ownership, such acquisition of ownership shall not constitute a
Change of Control if Executive or an Executive Related Party is
the Person or a member of group constituting the Person acquiring
such ownership; or

     (c)  there occurs any solicitation or series of
solicitations of proxies by or on behalf of any Person other than
the Company's Board of Directors and thereafter individuals who
were not directors of the Company prior to the commencement of
such solicitation or series of solicitations are elected as
directors pursuant to an arrangement or understanding with, or
upon the request of or nomination by, such Person and constitute
at least 1/4 of the Company's Board of Directors; or

     (d)  the Company executes an agreement of acquisition,
merger or consolidation which contemplates that (i) after the
effective date provided for in such an agreement, all or
substantially all of the business and/or assets of the Company
shall be owned, leased or otherwise controlled by another Person
and (ii) individuals who are directors of the Company when such


                               B-1
agreement is executed shall not constitute a majority of the
board of directors of the survivor or successor entity
immediately after the effective date provided for in such
agreement; provided, however, that unless otherwise determined by
the Committee, no transaction shall constitute a Change of
Control if, immediately after such transaction, Executive or any
Executive Related Party shall own equity securities of any
surviving corporation ("Surviving Entity") having a fair value as
a percentage of the fair value of the equity securities of such
Surviving Entity greater than 125% of the fair value of the
equity securities of the Company owned by Executive and any
Executive Related Party immediately prior to such transaction,
expressed as a percentage of the fair value of all equity
securities of the Company immediately prior to such transaction
(for purposes of this paragraph ownership of equity securities
shall be determined in the same manner as ownership of Common
Stock); and provided, further, that for purposes of this
paragraph (d), if such agreement requires as a condition
precedent approval by the Company's shareholders of the agreement
or transaction, a Change of Control shall not be deemed to have
taken place unless and until such approval is secured (but upon
any such approval, a Change of Control shall be deemed to have
occurred on the date of execution of such agreement).

     In addition, for purposes of this Exhibit B the following
terms have the meanings set forth below:

     "Common Stock" shall mean the then outstanding Common Stock
of the Company plus, for purposes of determining the stock
ownership of any Person, the number of unissued shares of Common
Stock which such Person has the right to acquire (whether such
right is exercisable immediately or only after the passage of
time) upon the exercise of conversion rights, exchange rights,
warrants or options or otherwise.  Notwithstanding the foregoing,
the term Common Stock shall not include shares of Preferred Stock
or convertible debt or options or warrants to acquire shares of
Common Stock (including any shares of Common Stock issued or
issuable upon the conversion or exercise thereof) to the extent
that the Board of Directors of the Company shall expressly so
determine in any future transaction or transactions.

     A Person shall be deemed to be the "owner" of any Common
Stock:

     (i)       of which such Person would be the "beneficial
owner," as such term is defined in Rule 13d-3 promulgated by the
Securities and Exchange Commission (the "Commission") under the
Exchange Act, as in effect on March 1, 1989; or

     (ii)      of which such Person would be the "beneficial
owner" for purposes of Section 16 of the Exchange Act and the
rules of the Commission promulgated thereunder, as in effect on
March 1, 1989; or


                               B-2
     (iii)     which such Person or any of its affiliates or
Associates (as such terms are defined in Rule 12b-2 promulgated
by the Commission under the Exchange Act, as in effect on March
1, 1989) has the right to acquire (whether such right is
exercisable immediately or only after the passage of time)
pursuant to any agreement, arrangement or understanding or upon
the exercise of conversion rights, exchange rights, warrants or
options or otherwise.

     "Person" shall have the meaning used in Section 13(d) of the
Exchange Act, as in effect on March 1, 1989; provided, however,
that the term "Person" shall not include (a) any individuals who
are descendants of Max Feldberg and/or Morris Feldberg, the
founders of the Company, (b) any relative of the fourth degree of
consanguinity or closer of such descendants, or (c) custodians,
trustees or legal representatives or such persons.

     An "Executive Related Party" shall mean any affiliate or
associate of Executive other than the Company or a majority-owned
subsidiary of the Company.  The terms "affiliate" and "associate"
shall have the meanings ascribed thereto in Rule 12b-2 under the
Exchange Act (the term "registrant" in the definition of
"associate" meaning, in this case, the Company).































                               B-3
                            EXHIBIT C
                                
                   Change of Control Benefits
                                

1.   Benefits Upon a Change of Control Termination.

     (a)  The Company shall pay the following to Executive in a
lump sum within 30 days following a Change of Control
Termination:

          (i)  an amount equal to two times his Base Salary for
one year at the rate in effect immediately prior to the Date of
Termination or the Change of Control (or, if Executive's title
was diminished within 180 days before the commencement of the
Standstill Period, the rate in effect immediately prior to such
change), whichever is highest, plus the accrued and unpaid
portion of his Base Salary through the Date of Termination.  Any
payments made to Executive under any long term disability plan of
the Company with respect to the two years following termination
of employment shall be offset against such two times Base Salary
payment.  Executive shall promptly make reimbursement payments to
the Company to the extent any such disability payments are
received after the Base Salary payment.

          (ii) in lieu of any other benefits under SERP, an
amount equal to the present value of the payments that Executive
would have been entitled to receive under SERP as a Category B or
C participant, whichever is greater, applying the following rules
and assumptions:

          (A)  a credit equal to the number of Years of Service
          (as that term is defined in SERP) that Executive has
          been employed by the Company or a predecessor at the
          Date of Termination shall be added to his Years of
          Service in determining Executive's total Years of
          Service; provided, however, that the total Years of
          Service determined hereunder shall not exceed the
          lesser of (x) 20 or (y) the Years of Service that
          Executive would have had if he had retired at the age
          of 65;

          (B)  Executive's Average Compensation (as that term is
          defined in SERP) shall be determined as of the Date of
          Termination;

          (C)  Executive's Primary Social Security Benefit (as
          that term is defined in SERP) shall mean the annual
          primary insurance amount to which Executive is entitled
          or would, upon application therefor, become entitled at
          age 65 under the provisions of the Federal Social
          Security Act as in effect on the Date of Termination
          assuming that Executive received annual income at the


                               C-1
          rate of his Base Salary from the Date of Termination
          until his 65th birth date which would be treated as
          wages for purposes of the Social Security Act;

          (D)  the monthly benefit under SERP determined using
          the foregoing criteria shall be multiplied by 12 to
          determine an annual benefit; and

          (E)  the present value of such annual benefit shall be
          determined by multiplying the result in (D) by the
          appropriate actuarial factor using the most recently
          published interest and mortality rates published by the
          Pension Benefit Guaranty Corporation and which are
          effective for plan terminations occurring on the Date
          of Termination, using Executive's age to the nearest
          year determined as of that date.  If, as of the Date of
          Termination, the Executive has previously satisfied the
          eligibility requirements for Early Retirement under The
          TJX Companies, Inc. Retirement Plan, then the
          appropriate factor shall be that based on the most
          recently published "PBGC Actuarial Value of $1.00 Per
          Year Deferred to Age 60 And Payable For Life Thereafter
          -- Healthy Lives," except that if the Executive's age
          to the nearest year is more than 60, then such higher
          age shall be substituted for 60.  If, as of the Date of
          Termination, the Executive has not satisfied the
          eligibility requirements for Early Retirement under The
          TJX Companies, Inc. Retirement Plan, then the
          appropriate factor shall be based on the most recently
          published "PBGC Actuarial Value of $1.00 Per Year
          Deferred to Age 65 And Payable For Life Thereafter --
          Healthy Lives."

     (b)  Until the second anniversary of the Date of
     Termination, the Company shall maintain in full force and
     effect for the continued benefit of Executive and his family
     all life insurance, medical insurance and disability plans
     and programs in which Executive was entitled to participate
     immediately prior to the Change of Control (or, if
     Executive's title was diminished within 180 days before the
     commencement of the Standstill Period, all such plans and
     programs in which Executive was entitled to participate
     immediately prior to such change, to the extent that such
     benefits thereunder are greater), provided that Executive's
     continued participation is possible under the general terms
     and provisions of such plans and programs.  In the event
     that Executive is ineligible to participate in such plans or
     programs, the Company shall arrange upon comparable terms to
     provide Executive with benefits substantially similar to
     those which he is entitled to receive under such plans and
     programs.  Notwithstanding the foregoing, the Company's
     obligations hereunder with respect to life, medical or
     disability coverage or benefits shall be deemed satisfied to


                               C-2
     the extent (but only to the extent) of any such coverage or
     benefits provided by another employer.

     (c)  For a period of two years after the Date of
     Termination, the company shall make available to Executive
     the use of any automobile that was made available to
     Executive prior to the Date of Termination, including
     ordinary replacement thereof in accordance with the
     Company's automobile policy in effect immediately prior to
     the Change of Control, or, if Executive's title was
     diminished within 180 days before the commencement of a
     Standstill Period, the Company shall make available to the
     Executive the use of an automobile of a type that was made
     available to him immediately prior to such change (or, in
     lieu of making such automobile available, the Company may at
     its option pay to Executive the present value of its cost of
     providing such automobile).

2.   Incentive Benefits Upon a Change of Control.  Within 30 days
following a Change of Control, whether or not Executive's
employment has terminated or been terminated, the Company shall
pay to the Executive the following in a lump sum:

     (i)  an amount equal to the "Target Award" under the
Company's Management Incentive Plan or any other annual incentive
plan which is applicable to Executive for the fiscal year in
which the Change of Control occurs (or, if Executive's title was
diminished within 180 days before the commencement of the
Standstill Period, the "Target Bonus" applicable to Executive for
the fiscal year in which such change occurred as if he continued
to hold such prior title, if such Target Bonus is higher).  In
addition the Company will pay to Executive an amount equal to
such Target Award prorated for the period of active employment
during such fiscal year through the Change of Control; and

     (ii) for performance cycles not completed prior to the
Change of Control, an amount with respect to each such cycle
equal to the maximum Award under LRPIP specified for Executive
for such cycle, unless Executive shall already have received
payment of such amounts.  Executive shall also be entitled to
payment of unpaid amounts owing with respect to cycles completed
prior to the Change of Control.

3.   Payments under Section 1 and Section 2 of this Exhibit shall
be made without regard to whether the deductibility of such
payments (or any other payments to or for the benefit of
Executive) would be limited or precluded by Internal Revenue Code
Section 280G and without regard to whether such payments (or any
other payments) would subject Executive to the federal excise tax
levied on certain "excess parachute payments" under Internal
Revenue Code Section 4999; provided, that if the total of all
payments to or for the benefit of Executive, after reduction for
all federal taxes (including the tax described in Internal
Revenue Code Section 4999, if applicable) with respect to such

                               C-3
payments ("Executive's total after-tax payments"), would be
increased by the limitation or elimination of any payment under
Section 1 or Section 2, amounts payable under Section 1 and
Section 2 above shall be reduced to the extent, and only to the
extent, necessary to maximize Executive's total after-tax
payments.  The determination as to whether and to what extent
payments under Section 1 or Section 2 above are required to be
reduced in accordance with the preceding sentence shall be made
at the Company's expense by Coopers & Lybrand or by such other
certified public accounting firm as the Committee may designate
prior to a Change of Control.  In the event of any underpayment
or overpayment under Section 1 or Section 2 above, as determined
by Coopers & Lybrand (or such other firm as may have been
designated in accordance with the preceding sentence), the amount
of such underpayment or overpayment shall forthwith be paid to
Executive or refunded to the Company, as the case may be, with
interest at the applicable Federal rate provided for in Section
7872(f)(2) of the Internal Revenue Code.

     4.   Other Benefits.     In addition to the amounts
described in Sections 1 and 2, Executive shall be entitled to his
benefits, if any, under Sections 3(d) (New Stock Options) and
3(f) (Qualified Plans).  Executive will also be entitled to such
rights under any stock options and other grants not specifically
referred to in Section 3 of this Agreement as shall be provided
by the terms of such other options and other grants.

     5.   Noncompetition; No Mitigation of Damages; etc.

          (a)  Noncompetition.     Upon a Change of Control, any
     agreement by Executive not to engage in competition with the
     Company subsequent to the termination of his employment,
     whether contained in an employment contract or other
     agreement, shall no longer be effective.

          (b)  No Duty to Mitigate Damages.  Executive's benefits
     under this Exhibit C shall be considered severance pay in
     consideration of his past service and his continued service
     from the date of this Agreement, and his entitlement thereto
     shall be neither (x) governed by any duty to mitigate his
     damages by seeking further employment nor (y) (except as
     expressly provided in this Exhibit C) offset by any
     compensation which he may receive from future employment.

          (c)  Other Severance Payments.     Benefits hereunder
     shall be in lieu of any benefits to which Executive would
     otherwise be entitled under any severance pay plan of the
     Company or its Subsidiaries, and shall be reduced by any
     severance payments from the Company or its Subsidiaries to
     which Executive is entitled under applicable federal or
     state law (for example, under a so-called "tin parachute" or
     plant closing law).


                               C-4
          (d)  Legal Fees and Expenses. The Company shall pay all
     legal fees and expenses, including but not limited to
     counsel fees, stenographer fees, printing costs, etc.
     reasonably incurred by Executive in contesting or disputing
     that the termination of his employment during a Standstill
     Period is for Cause or other than for good reason (as
     defined in the definition of Change of Control Termination)
     or obtaining any right or benefit to which Executive is
     entitled under this Agreement following a Change of Control.
     Any amount payable under this Agreement that is not paid
     when due shall accrue interest at the base rate of interest
     as from time to time in effect at The First National Bank of
     Boston, until paid in full.

          (e)  Notice of Termination.   During a Standstill
     Period, Executive's employment may be terminated by the
     Company only upon 30 days' written notice to Executive.






































                               C-5

EXHIBIT (10)(t)


                              AGREEMENT



     This agreement dated as of this 24th day of January 1995 is

entered into by and between The TJX Companies, Inc., a Delaware

corporation ("TJX"), and Waban Inc., a Delaware corporation ("Waban").

     WHEREAS, Waban has requested TJX to provide certain computer

services (the "Computing Services") to Waban during fiscal years

ending on the last Saturday of January of each of 1996, 1997 and 1998;

and

     WHEREAS, TJX has agreed to provide such services.

     NOW THEREFORE, in consideration of the promises contained herein,

the parties agree as follows:

     1.   Term.  The term of this Agreement shall terminate upon the

later of (i) the last day of Fiscal 1998 (January 31, 1998) (the

"initial term") or (ii) if the parties agree to an extension hereof as

provided below (the "Extension Period"), the last day of such

Extension Period.  Neither party shall have the right to terminate

this Agreement during the initial term.

     If Waban wishes to extend the term of this Agreement for an

additional one year term, Waban shall so notify TJX in writing of its

planned computer usage requirements for such additional one year term

no later than July 1 of the year which is one year prior to the year

in which this Agreement (whether or not extended) would otherwise

terminate.  If TJX agrees to such an extension, TJX shall, no later

than 60 days after receipt of Waban's notification, notify Waban in

writing of TJX's estimated rates for such additional one year term and

Waban shall have 30 days to indicate its acceptance of such rates.

                                   1


Additional one year extensions may be requested in the succeeding

year(s) and agreed to in the same manner as provided in this Section

1.

     If TJX declines to provide Computing Services during the

Extension Period, or if Waban chooses not to accept TJX's offer for

the Extension Period, Waban shall have 30 days after the date on which

TJX declines to provide such services or notifies Waban of TJX's

estimated rates to elect an extension of services for an additional

period of four months beyond the termination of the then current term

(the "Tail") by providing TJX with its planned requirements for the

Tail.  TJX shall be obligated to provide Computing Services during the

Tail at the same rates that were in effect for the one year period

prior to the beginning of the Tail.

     2.   Usage Requirements.  Attached hereto as Attachment I are

Waban's computer usage requirements for fiscal 1996 and estimates of

its usage requirements for fiscal 1997 and fiscal 1998.  Such

requirements are hereinafter sometimes referred to collectively as the

"planned amounts" or the "planned requirements."  By July 1 of each

year of the term beginning July 1, 1995, Waban shall deliver to TJX a

computer usage plan for its requirements for Computing Services

through the end of the following fiscal year, and an estimate of its

requirements for the fiscal year following such fiscal year.  (For

example, on or before July 1, 1995, Waban shall deliver its

requirements for fiscal 1997 and an estimate of its requirements for

fiscal 1998.)  It is understood that Waban's computer usage

requirements for fiscal 1997 and fiscal 1998 may not be less than 90%

of its estimates for each such year included in Attachment I and may

                                   2


not exceed 200% of its estimates for each such year unless TJX agrees

to provide services at such increased level.  Waban's computer usage

plan will be sufficiently detailed to allow TJX to provide its rates

for Computing Services for the next following fiscal year and Waban's

estimate for requirements during the additional fiscal year will be

sufficiently detailed to allow TJX to provide an estimate of its rates

for Computing Services for such additional fiscal year and to estimate

its hardware needs for such additional fiscal year.

     As soon as practicable, but no later than September 1 of each

year (provided TJX has received such planned requirements by July 1),

TJX will notify Waban in writing of the rates for Computing Services

during the next following fiscal year and an estimate of the rates TJX

expects during such additional fiscal year.  It is understood that the

estimate of rates for the additional fiscal year is a good faith

estimate only and that definitive initial rates for such period will

be established following July 1 of the following year in accordance

with the procedures set forth above.

     3.   Calculation of Rates.  Waban's planned requirements (as well

as the planned requirements for all users of TJX's computing services)

for each fiscal year shall be the basis upon which TJX will set

Waban's rates for such fiscal year.  Attached hereto in Attachment II

are the rates for Computing Services for fiscal 1996 and estimated

rates (based on preliminary estimates of usage for all users of TJX's

Computing Services) for fiscal 1997 and fiscal 1998.  Waban

acknowledges that TJX's Chadwick's of Boston division shall receive a

discount on its rates of 30% on computing services in Fiscal 1996; a

discount of 20% in Fiscal 1997; and a discount of 10% in Fiscal 1998.

                                   3


The charges for any fiscal year shall be subject to adjustment as

provided in Section 4.  If during any fiscal year, TJX realizes that

its actual costs are significantly different from its estimates

thereof then in effect for purposes of calculating rates hereunder,

then TJX shall provide Waban with a new estimate of rates for such

fiscal year and shall either (i) invoice Waban for Computing Services

theretofore provided based on the revised estimates for sums in excess

of sums already paid since the beginning of such fiscal year (in the

event of increased rates estimates) or (ii) give Waban an appropriate

credit (in the event that the revised rates are lower).  In any event,

subsequent rates shall be based upon such revised estimates.

Notwithstanding the foregoing provisions of this paragraph, in the

event that (i) TJX's businesses exceed 110% of their planned

requirements for any such fiscal year and as a result thereof TJX

added to its data processing system hardware or system software and

(ii) Waban did not exceed 120% of its planned requirements for such

fiscal year (or, if there was an excess, such excess did not pertain

to the usage of such hardware or system software), then Waban shall

not be charged additional fees with respect to such fiscal year for

any costs with respect to such additional hardware or system software.

     TJX agrees that Waban's rates for each fiscal year shall be based

on usage of Computing Services equal to 100% of the planned

requirements in Waban's computer usage plan for each fiscal quarter of

each fiscal year.  If Waban's computer usage plan does not provide

requirements by fiscal quarter, then fiscal year planned requirements

will be divided equally to arrive at fiscal quarter requirements.  If

Waban's actual usage requirements exceed 120% of its planned

                                   4


requirements for a fiscal quarter and the requirements of TJX's

businesses do not exceed 110% of TJX's planned requirements for such

fiscal quarter (or any such excess usage does not pertain to hardware

or system software used by Waban), then TJX will be entitled to

increase amounts billed to Waban to recover its additional costs

resulting from Waban's excess usage.

     In the event that Waban's actual usage for any fiscal quarter is

less than 80% of its planned requirements, Waban shall pay to TJX an

amount based on the rate for 80% of such planned requirements.

     TJX shall use reasonable efforts to satisfy requirements in

excess of 120% of Waban's planned requirements consistent with TJX's

responsibilities to meet the computer services needs of the TJX

divisions.

     TJX agrees that it will not change the basic methodology used to

determine rates during a fiscal year except in connection with new

Computing Services arising during such fiscal year that were not

included by Waban in its computer usage plan submitted by Waban to TJX

for such fiscal year.  TJX may, however, change such methodology with

respect to a following fiscal year at the time it presents Waban with

its estimate of rates (i.e., on September 1 preceding such following

fiscal year), and TJX shall inform Waban of the change at the time.

Without limiting the generality of the next preceding sentence, if

during any fiscal year TJX adds to or upgrades its data processing

system hardware or systems software based on the needs of TJX's

businesses, then the methodology used to determine rates for the

following fiscal year shall be appropriately adjusted to include

changes in Waban's rate reflecting usage of such hardware or software.

                                   5


     During the initial term, TJX will discount the rates charged

Waban for CPU, Print, Microfiche, Data Entry and Payroll Processing by

15%.  During the initial term TJX will discount the Host Connect rate

by 75% for all remote connections supported directly by Waban

employees.  In addition, at the end of each fiscal year during the

initial term, TJX shall credit Waban with the amount of $333,334 on

the invoice applicable to the last month of the fiscal year.

     4.   Reconciliation.  Within thirty days after the end of each

fiscal year, TJX shall reconcile the actual costs pertaining to the

provision of the Computing Services for such fiscal year and determine

the pro rata amount paid by each user.  If the reconciliation shows

that the actual costs exceeded the rates charged and paid during such

fiscal year, Waban shall within 30 days of TJX's invoice therefor pay

to TJX Waban's pro rata share of the difference.  If the

reconciliation shows that the actual costs were less than the rates

charged and paid, TJX shall pay Waban Waban's pro rata share of the

difference within 30 days after the completion of the reconciliation.

     5.   Software Licenses.  TJX shall promptly notify Waban upon its

receipt of any notice that a third party intends to increase its

software license fees as a result of the provision by TJX of the

Computing Services.  In such event, TJX shall appoint Waban as its

agent to negotiate the amount of such increase and shall cooperate

with Waban to ensure that all additional license rights (other than

those already held by TJX, which shall not be affected) are in the

name of, or freely assignable (without the payment of additional

consideration) to, Waban.  If TJX is required to incur additional

software license fees then such fees shall be charged to Waban (it

                                   6


being understood that such fees are not included in the rates

appearing on Schedule II hereto and will not be included in the

subsequent rates determined pursuant to Section 3 hereof).

     6.   Performance Levels.  The performance levels for the

Computing Services provided to Waban shall be no less than those

specified on Attachment III.  Notwithstanding the foregoing, TJX shall

not be required to maintain the performance levels for Computing

Services to the extent that it is unable to maintain them for itself

and its operating units for reasons beyond its control.  In the event

that TJX is unable to meet the performance levels for Computing

Services for reasons beyond its control, TJX shall provide Waban the

same levels and quality of Computing Services that it provides to

itself and its operating units and shall use its best efforts to

alleviate any condition causing a diminution in such performance

levels.  TJX acknowledges that TJX has in place a disaster recovery

contract pursuant to which mainframe production services will be

available at a secondary site within 24 hours of declaration of a

disaster.

     7.   Invoices; Audit Rights.  TJX shall render to Waban each

month, within 30 days after the end of the month or as soon as

practicable thereafter, an invoice for the charges for Computing

Services incurred during the previous month showing usage by billing

category.  Such invoice shall be payable within thirty days of its

receipt by Waban.

     Waban shall be entitled, upon request and at reasonable times and

places, to audit the books and records of TJX that relate to (i) the

Computing Services and (ii) the charges appearing on any invoice.  In

                                   7


addition, Waban shall be entitled to similar audit rights with respect

to the methodology used by TJX to determine the rates established

pursuant to Section 3 hereof.

     8.   Ownership of Waban Data, etc.  Waban shall be the owner of

all of its data.  TJX shall maintain such data in confidence pursuant

to Section 10 hereof and make no use of such Waban data or allow

anyone other than Waban access to it except for TJX personnel

(including agents) who require access thereto in order to perform the

obligations to Waban under this Agreement.

     9.   Delivery of Software.  Upon Waban's request, TJX shall

deliver to Waban within a reasonable period after such request the

following items with respect to all applications, utility routines,

utility programs and/or systems software developed by TJX and used in

connection with the Computing Services provided hereunder to Waban in

which no third party has any rights:

     (a)  One copy of object code or other executable code on magnetic

          media.

     (b)  One copy of source code on magnetic media.

     (c)  One copy of any documentation, including source

          documentation, maintenance documentation and other

          documentation, for such software to the extent then

          available.

Waban shall pay TJX for its reasonable additional costs relating to

such delivery of software.

     10.  Confidentiality of Information.  TJX will not reveal to

third parties or use for its own purposes the information of Waban

stored within its computer system or accessible within its

                                   8


communications network and will use the same security precautions as

it uses to prevent disclosure to third parties of TJX proprietary

information to prevent disclosure to third parties of Waban

information stored in its computer system or accessible over its

corporate communications network.  After the termination of this

Agreement, TJX will return to Waban or, at Waban's written direction,

destroy and certify destruction of all tapes and other media or

records containing any Waban data.  The provisions of this Section 10

shall survive the termination of the Agreement.

     11.  Coordinating Committee.  For the purpose of providing and

continuing the harmonious relationship between TJX and Waban, each

party shall appoint at least one individual to coordinate and review

the relationship between the two companies and their performance under

this Agreement, as well as strategic planning and technology changes.

These individuals shall meet periodically, no less frequently than

monthly, to discuss operations under this Agreement and any problems

arising hereunder.

     12.  Independent Contractor Status.  TJX shall perform services

under this Agreement as an independent contractor and not as an agent

of Waban or any other relationship.

     13.  Limitation of Liability.  Neither TJX, nor any of its

officers, employees, agents or affiliates, shall in any event be

liable for the defense of claims, actions, causes of action, losses,

expenses or for any damages including reasonable attorneys' fees,

which are caused by, arise out of or result from TJX's (or any such

officers', employees', agents' or affiliates') performance or failure

to perform any of its obligations under this Agreement, other than

                                   9


those claims, actions, causes of action, losses, expenses and damages

caused by or arising out of or resulting from TJX's willful misconduct

or gross negligence.  Waban hereby agrees to defend, indemnify, and

hold harmless TJX for all damages, losses and expenses, including

reasonable attorneys' fees, incurred by TJX as a result of the

provision by TJX pursuant to this Agreement of the Computing Services,

other than costs or damages incurred by TJX as a result of its willful

misconduct or gross negligence.  TJX hereby agrees to defend,

indemnify and hold Waban harmless for all damages, losses and

expenses, including reasonable attorneys' fees, incurred by Waban as a

result of TJX's willful misconduct or gross negligence in providing

Computing Services to Waban pursuant to this Agreement.

Notwithstanding the foregoing, neither party shall be liable to the

other for indirect or consequential damages, including without

limitation, loss of profits or revenues.

     Waban acknowledges that because this Agreement cannot be

terminated during the initial term, Waban agrees that in any

circumstance in which Waban terminates receiving services under the

Agreement (other than as a result of TJX's material default) Waban

shall continue to pay all charges otherwise due hereunder, as if there

had been no termination, and, that for purposes of computing charges,

Waban's usage will be deemed to be not less than 90% of its estimates

for fiscal 1997 and fiscal 1998 and 100% of its requirements for

fiscal 1996, all as set forth in Attachment I hereto.

     14.  Assignment.  This Agreement shall not be assignable,

directly or indirectly, by either party without the prior written

consent of the other party.  Notwithstanding the foregoing, this

                                   10


Agreement may be assigned by either party to a corporate affiliate or

to a related party that would result from either party entering into

any agreement which provides for the acquisition of all of its assets

or the merger of all of its assets with those of a third party,

provided that, with respect to any such assignment, the assigning

party remains fully liable for the performance of all of its

obligations under this Agreement.

     15.  Notices.  Any notice or other communication in connection

with this Agreement shall be deemed to be delivered if in writing (or

in the form of a telecopy) addressed or transmitted as provided below

and if either (i) actually delivered at such address, (ii) in the case

of a letter, three business days shall have elapsed after the same

shall have been deposited in the United States mail, postage prepaid

and registered or certified, or (iii) if in the form of a telecopy,

when the receiving party gives telephonic notice of complete and

legible receipt to:


     Waban at: One Mercer Road
               Natick, MA  01760
               Telecopy Number:  (508) 651-6623
               Attention:  Chief Financial Officer

     TJX at:   770 Cochituate Road
               Framingham, MA  01701
               Telecopy Number:  (508) 390-2199
               Attention:  Chief Financial Officer



     16.  Governing Law.  This Agreement shall be governed by and

construed in accordance with the domestic substantive laws of the

Commonwealth of Massachusetts without giving effect to any choice or




                                   11


conflict of law provision or rule that would cause the application of

the domestic substantive laws of any other jurisdiction.

     17.  Amendments.  This Agreement may not be modified or amended

except by an agreement in writing signed by the parties.

     18.  Entire Agreement.  This Agreement represents the entire

agreement between the parties hereby and supersedes all prior

negotiations, representations or agreements either written or oral

including, but not limited to, letters of intent and correspondence

between the parties.

     19.  Titles and Headings.  Titles and headings to sections herein

are inserted for the convenience of reference only and are not

intended to be part of or to affect the meaning of interpretation of

this Agreement.

     20.  Exhibits and Schedules.  The Attachments shall be construed

with and as an integral part of this Agreement to the same extent as

if the same had been set forth verbatim herein.

     IN WITNESS WHEREOF, TJX and Waban have caused this Agreement to

be duly executed by their respective officers, each of whom is fully

authorized, all as of the day and year first above written.


                         The TJX Companies, Inc.


                         By: /s/ Donald G. Campbell
                             Senior Vice President - Finance
                             and Chief Financial Officer


                         Waban Inc.


                         By: /s/ Herbert J. Zarkin
                             President and Chief
                             Executive Officer

                                   12



                                                    ATTACHMENT I



                              WABAN INC.
                                   
        FYE 1996 COMPUTER USAGE REQUIREMENTS AND ESTIMATES FOR
                  FYE 1997 AND FYE 1998 REQUIREMENTS



CPU HOURS                     FY '96           FY '97          FY '98

Total CPU                      8,243           10,139          12,167



Print Lines (000's)

Total Print (000's lines)      2,470            3,088           3,705



Other

Payroll Checks (000's)           538             646*            762*

Microfiche (000's)               215             258*            310*

Data Entry (000's)             1,352           1,622*          1,947*

Host Connections - H.O.        6,144            6,267           6,392

Host Connections - Clubs       5,070            6,350           7,627



* For the purposes of Section 2 of the Agreement, the following is the
expected low end range of volume for the following categories:

                                               FY '97          FY '98

Payroll Checks (000's)                            572               0

Microfiche (000's)                                133               0

Data Entry (000's)                              1,174             720




                                                   ATTACHMENT II



COMPUTER SERVICES and RATES:

The computer services listed below will be provided to Waban by TJX
during fiscal year 1996 at the rates indicated in the FY'96 column
below and subject to the terms and conditions of the Agreement.  The
estimated rates for fiscal years 1997 and 1998 are informational only.
The rates for fiscal years 1997 and 1998 will be set in accordance
with the terms of the Agreement.

                                                   ESTIMATED ESTIMATED
                                            RATE      RATE      RATE
1.  Computer Processing                    FY '96    FY '97    FY '98
    a.  Per CPU Hour (3090-400E)          $ 455.00  $ 425.00 $ 400.00
        Per CPU Hour (3090-600S)            548.00    512.00   482.00
        Per CPU Hour (3090-600J)            595.00    556.00   523.00
        Per CPU Hour (9000-820)            1321.00   1234.00  1161.00
    b.  Per Thousand 1-up PRINT Lines          .44       .43      .43
        Per Thousand 2-up PRINT Lines          .26       .26      .26
        Per Thousand Remote PRINT Lines        .02       .02      .02
    c.  Per MicroFiche                         .43       .43      .43
    d.  Per Data Entry record                  .041      .041     .041
        Per D/E Floppy File                   9.80      9.80     9.80
    e.  Per Payroll Check                      .35       .36      .36

    NOTE:    Should a Central Processing Unit (CPU) other than one of
             those listed above be used to process the Waban workload,
             the rate per hour will be determined based on the
             proportional speed of the unlisted CPU.

2.  Computer Services
    a.  Per Monthly Host Connect Unit-H.O. $ 48.00   $ 48.00  $ 48.00
    b.  Per Monthly Host Connect Unit-Club   24.00     24.00    24.00
    c.  Per Monthly Unplanned Disk Device   400.00    400.00   400.00

3.  Computer Rate Discounts
    a.  Discount on Computer Processing
        Rates (1a thru 1e)                   15.0%     15.0%    15.0%
    b.  Discount on Host Connect Rate (2a&b) 75.0%     75.0%    75.0%
        (Waban will handle all communication
        cabling and equipment support within
        each Waban building).

4.  Other Available Services/Charges
    Remote Comm. Usage Rate: $0.25 per Thousand records transmitted
                             (line charges will be paid by Waban)
    Payroll Prog. Support:   $50.00 per billable hour (for all hours
                             which exceed the Waban annual allocation)
    Unplanned Projects:      Support provided based on time &
                             materials cost



                                                        ATTACHMENT III





              PERFORMANCE LEVELS FOR COMPUTING SERVICES




       SERVICE LEVEL ITEM                     PERFORMANCE GOAL *

       Hardware/Software Availability           99.5 percent

       On-Line Application Availability         98.0 percent

       TSO System Availability                  99.5 percent

       Report Delivery On Schedule              98.0 percent


       RESPONSE TIME TARGETS:

         IMS  (95th Percentile)                  4.0 seconds

         CICS (95th Percentile)                  4.0 seconds

         TSO  (95th Percentile)                  3.0 seconds


*  -These performance goals (which will be calculated on a monthly
   basis) assume Waban's conformance with TJX's operating standards.




                                                                                                         EXHIBIT 11
                                                    THE TJX COMPANIES, INC.
                                  DETAILED COMPUTATIONS OF NET INCOME (LOSS) PER COMMON SHARE
                                                   PRIMARY AND FULLY DILUTED
                                                           ($000's)
Fiscal Year Ended January 28, January 29, January 30, January 25, January 26, 1995 1994 1993 1992 1991 The computation of net income (loss) available and adjusted shares outstanding follows: Net income (loss) $82,619 $124,379 $102,846 $20,114 $74,128 Add (where dilutive): Tax effected interest and amortization of debt expense on convertible debt - - 3,069 - 3,316 Less: Preferred stock dividends (7,156) (7,156) (3,939) - - Net income (loss) used for primary and fully diluted earnings per share computation $75,463 $117,223 $101,976 $20,114 $77,444 Weighted average number of common shares outstanding 73,150,681 73,458,973 70,234,156 69,801,734 69,777,794 Add: Actual and assumed exercise of those options that are common stock equivalents, net of treasury shares deemed to have been repurchased 316,322 733,385 659,896 249,101 7,889 Assumed exercise of convertible subordinated debentures for the period outstanding - - 2,979,224 - 3,138,605 Weighted average number of common and common equivalent shares outstanding, used for primary and fully diluted earnings per share calculation 73,467,003 74,192,358 73,873,276 70,050,835 72,924,288
                                                             EXHIBIT 13


Consolidated Statements of Income                    The TJX Companies, Inc.

                                          January 28, January 29, January 30,
Fiscal Year Ended                                1995        1994        1993
                                                                   (53 Weeks)
                                Dollars in Thousands Except Per Share Amounts

Net sales                                  $3,842,818  $3,626,604  $3,261,240

Cost of sales, including buying and
  occupancy costs                           2,927,112   2,722,826   2,467,935
Selling, general and administrative
  expenses                                    748,003     674,055     593,889
Interest on debt and capital leases            25,893      19,041      26,298

Income before income taxes,
  extraordinary item and cumulative
  effect of accounting changes                141,810     210,682     173,118

Provision for income taxes                     59,191      83,636      69,074

Income before extraordinary item and
  cumulative effect of accounting changes      82,619     127,046     104,044

Extraordinary (loss), net of income taxes           -           -      (1,198)
Cumulative effect of accounting changes,
  net of income taxes                               -      (2,667)          -

Net income                                     82,619     124,379     102,846

Preferred stock dividends                      (7,156)     (7,156)     (3,939)

Net income available to common
  shareholders                             $   75,463  $  117,223  $   98,907

Number of common shares for primary
  and fully diluted earnings per
  share computations                       73,467,003  74,192,358  73,873,276

Primary and fully diluted earnings
  per common share:
    Income before extraordinary item
      and cumulative effect of
      accounting changes                        $1.03       $1.62       $1.40
    Extraordinary (loss)                            -           -        (.02)
    Cumulative effect of accounting
      changes                                       -        (.04)          -

    Net income                                  $1.03       $1.58       $1.38

Cash dividends per common share                 $ .56       $ .50       $ .46


The accompanying notes are an integral part of the financial statements.



                                       1

Consolidated Balance Sheets                           The TJX Companies, Inc.

                                                     January 28,   January 29,
                                                            1995          1994
                                                           In Thousands
Assets
  Current assets:
    Cash and cash equivalents                         $   41,569    $   58,102
    Accounts receivable                                   43,440        30,639
    Merchandise inventories                              937,729       772,324
    Prepaid expenses                                      23,459        20,791

      Total current assets                             1,046,197       881,856

  Property at cost:
    Land and buildings                                   114,736       110,793
    Leasehold costs and improvements                     302,844       256,929
    Furniture, fixtures and equipment                    447,840       398,106
                                                         865,420       765,828
    Less accumulated depreciation and amortization       377,595       326,685
                                                         487,825       439,143

  Other assets                                            14,319        13,744
  Goodwill, net of amortization                           89,877        92,627

      Total Assets                                    $1,638,218    $1,427,370

Liabilities
  Current liabilities:
    Short-term debt                                   $   20,000    $        -
    Current installments of long-term debt                31,306         5,936
    Accounts payable                                     439,277       340,578
    Accrued expenses and other current liabilities       267,682       245,139

      Total current liabilities                          758,265       591,653

  Long-term debt, exclusive of current installments      239,478       210,854

  Deferred income taxes                                   33,523        33,963

Shareholders' Equity
  Preferred stock at face value, authorized
    5,000,000 shares, par value $1, issued
    and outstanding cumulative convertible
    stock of:
      250,000 shares of 8% Series A                       25,000        25,000
      1,650,000 shares of 6.25% Series C                  82,500        82,500
  Common stock, authorized 150,000,000 shares,
    par value $1, issued and outstanding
    72,401,254 and 73,430,615 shares                      72,401        73,431
  Additional paid-in capital                             267,937       284,744
  Retained earnings                                      159,114       125,225

      Total shareholders' equity                         606,952       590,900

      Total Liabilities and Shareholders' Equity      $1,638,218    $1,427,370

The accompanying notes are an integral part of the financial statements.


                                       2

Consolidated Statements of Shareholders' Equity       The TJX Companies, Inc.


                        Preferred      Common  Additional   Retained
                           Stock,  Stock, Par     Paid-in   Earnings
                       Face Value    Value $1     Capital   (Deficit)    Total
                                               In Thousands

Balance, January 25, 1992 $     -     $69,803    $228,856   $(38,142) $260,517
  Net income                    -           -           -    102,846   102,846
  Cash dividends:
    Preferred stock             -           -           -     (3,939)   (3,939)
    Common stock                -           -     (16,070)   (16,103)  (32,173)
  Sale and issuance of
    cumulative convertible
    preferred stock:
      Series A             25,000           -        (850)         -    24,150
      Series C             82,500           -      (2,221)         -    80,279
  Sale and issuance of
    common stock, net
    of shares repurchased,
    under stock
    incentive plans             -         310       3,157          -     3,467
  Conversion of 7 1/4%
   convertible subordinated
   debentures, net              -       3,109      65,474          -    68,583
  Other                         -           -       1,454          -     1,454

Balance, January 30, 1993 107,500      73,222     279,800     44,662   505,184
  Net income                    -           -           -    124,379   124,379
  Cash dividends:
    Preferred stock             -           -           -     (7,156)   (7,156)
    Common stock                -           -           -    (36,660)  (36,660)
  Sale and issuance of
    common stock, net
    of shares repurchased,
    under stock
    incentive plans             -         209       4,563          -     4,772
  Other                         -           -         381          -       381

Balance, January 29, 1994 107,500      73,431     284,744    125,225   590,900
  Net income                    -           -           -     82,619    82,619
  Cash dividends:
    Preferred stock             -           -           -     (7,156)   (7,156)
    Common stock                -           -           -    (41,574)  (41,574)
  Sale and issuance of
    common stock, net
    of shares repurchased,
    under stock
    incentive plans             -          29         807          -       836
  Common stock repurchased      -      (1,059)    (18,202)         -   (19,261)
  Other                         -           -         588          -       588

Balance,January 28, 1995 $107,500     $72,401    $267,937   $159,114  $606,952

The accompanying notes are an integral part of the financial statements.
                                       



                                       3

Consolidated Statements of Cash Flows            The TJX Companies, Inc.

                                         January 28, January 29, January 30,
Fiscal Year Ended                               1995        1994        1993
                                                                  (53 Weeks)
                                                     In Thousands
Cash flows from operating activities:
 Net income                                 $ 82,619    $124,379    $102,846
 Adjustments to reconcile net income
   to net cash provided by operating
   activities:
    Extraordinary item                             -           -       1,198
    Cumulative effect of accounting
     changes                                       -       2,667           -
    Depreciation and amortization             76,528      67,544      62,933
    Loss on property disposals                 6,223       1,714       9,527
    Other, net                                   908        (277)      5,518
    Changes in assets and liabilities:
     (Increase) in accounts receivable       (12,801)     (6,518)     (2,292)
     (Increase) in merchandise
      inventories                           (165,405)    (99,970)   (119,888)
     (Increase) in prepaid expenses           (2,668)     (2,898)     (3,189)
     Increase in accounts payable             98,699      14,800      64,001
     Increase (decrease) in accrued
      expenses and other current
       liabilities                            20,886     (13,993)     25,536
     (Decrease) in deferred income taxes        (440)     (3,000)     (7,559)

Net cash provided by operating activities    104,549      84,448     138,631

Cash flows from investing activities:
 Property additions                         (127,826)   (125,848)   (107,881)

Net cash (used in) investing activities     (127,826)   (125,848)   (107,881)

Cash flows from financing activities:
 Proceeds from borrowings of
   short-term debt                            20,000           -           -
 Proceeds from borrowings of
   long-term debt                             65,500      37,000           -
 Principal payments on long-term debt         (6,057)     (4,201)    (10,392)
 Prepayment of long-term debt                 (5,449)          -           -
 Defeasance of 8 1/8% promissory notes             -           -     (51,897)
 Proceeds from sale and issuance of
   Series A and Series C preferred
   stock, net                                      -           -     104,429
 Proceeds from sale and issuance of
   common stock, net                             741       3,828       3,081
 Common stock repurchased                    (19,261)          -           -
 Cash dividends paid                         (48,730)    (43,816)    (36,112)
 Other                                             -           -        (462)

Net cash provided by (used in) financing
 activities                                    6,744      (7,189)      8,647

Net increase (decrease) in cash and
 cash equivalents                            (16,533)    (48,589)     39,397
Cash and cash equivalents at beginning
 of year                                      58,102     106,691      67,294

                                       4

Cash and cash equivalents at end of year    $ 41,569    $ 58,102    $106,691

The accompanying notes are an integral part of the financial statements.

























































                                       5




Selected Information By Major Business Segment       The TJX Companies, Inc.


                                        January 28, January 29, January 30,
Fiscal Year Ended                              1995        1994        1993
                                                                 (53 Weeks)
                                                    In Thousands
Net sales:
  Off-price family apparel stores        $3,055,573  $2,832,070  $2,588,603
  Off-price women's specialty stores        353,672     373,133     381,979
  Off-price catalog operation               433,573     421,401     290,658
                                         $3,842,818  $3,626,604  $3,261,240

Operating income (loss):
  Off-price family apparel stores        $  208,648  $  236,988  $  216,726
  Off-price women's specialty stores         (4,523)      5,013      (5,548)
  Off-price catalog operation                 6,056      24,651      22,967
                                            210,181     266,652     234,145
General corporate expense*                   39,864      34,312      32,108
Goodwill amortization                         2,614       2,617       2,621
Interest expense                             25,893      19,041      26,298

Income before income taxes,
  extraordinary item and cumulative
  effect of accounting changes           $  141,810  $  210,682  $  173,118

Identifiable assets:
  Off-price family apparel stores        $1,154,258  $  963,750  $  848,987
  Off-price women's specialty stores         89,008      98,351      97,956
  Off-price catalog operation               179,752     162,424     126,842
  Corporate, primarily cash and goodwill    215,200     202,845     231,311
                                         $1,638,218  $1,427,370  $1,305,096

Capital expenditures excluding
  capitalized leases:
  Off-price family apparel stores        $   91,801  $   91,723  $   68,504
  Off-price women's specialty stores          8,151       7,902       6,258
  Off-price catalog operation                11,311      16,676      19,350
  Corporate                                  16,563       9,547      13,769
                                         $  127,826  $  125,848  $  107,881

Depreciation and amortization:
  Off-price family apparel stores        $   53,601  $   47,369  $   44,237
  Off-price women's specialty stores         10,553      10,726      11,535
  Off-price catalog operation                 6,280       5,055       3,665
  Corporate, including goodwill               6,094       4,394       3,496
                                         $   76,528  $   67,544  $   62,933


* The fiscal years ended January 28, 1995 and January 29, 1994 include the net
  operating results of HomeGoods and the Company's United Kingdom venture,
  T.K. Maxx.  The fiscal year ended January 30, 1993 includes the net
  operating results of HomeGoods, costs associated with the former Value Mart
  operation and a reserve for the Hit or Miss real estate repositioning.



                                       6


Notes to Consolidated Financial Statements   The TJX Companies, Inc.


Summary of Accounting Policies

Fiscal Year:  The Company's fiscal year ends on the last Saturday in
January.  The fiscal years ended January 28, 1995 and January 29, 1994 each
included 52 weeks.  The fiscal year ended January 30, 1993 included 53
weeks.

Basis of Presentation:  The consolidated financial statements of The TJX
Companies, Inc. include the financial statements of all the Company's
wholly-owned subsidiaries, including its foreign owned subsidiaries.

Accounting Changes:  The cumulative effect of accounting changes for the
fiscal year ended January 29, 1994 is the net effect of implementing
Statement of Financial Accounting Standards (SFAS) No. 106 "Employers'
Accounting for Postretirement Benefits Other Than Pensions," and SFAS No.
109 "Accounting for Income Taxes."  See Notes E and F for further
information.

Cash Equivalents:  The Company generally considers highly liquid
investments with an initial maturity of three months or less to be cash
equivalents.  The Company's investments are primarily high grade commercial
paper or time deposits with major banks.  Fair value of cash equivalents
approximates carrying value.

Merchandise Inventories:  Inventories are stated at the lower of cost or
market.  The Company primarily uses the retail method for valuing
inventories on the first-in first-out basis.

Depreciation and Amortization:  For financial reporting purposes, the
Company provides for depreciation and amortization of property principally
by the use of the straight-line method, over the estimated useful lives of
the assets.  Leasehold costs and improvements are generally amortized over
the lease term or their estimated useful life, whichever is shorter.
Maintenance and repairs are charged to expense as incurred.  Upon
retirement or sale, the cost of disposed assets and the related
depreciation are eliminated and any gain or loss is included in net income.
Debt discount and related issue expenses are amortized over the lives of
the related debt issues.  Pre-opening costs are charged to operations
within the fiscal year that a new store or facility opens.

Goodwill:  Goodwill is primarily the excess of the purchase price incurred
over the carrying value of the minority interest in the Company's former
83%-owned subsidiary.  The minority interest was acquired pursuant to the
Company's fiscal 1990 restructuring.  In addition, goodwill includes the
excess of cost over the estimated fair market value of the net assets of
Winners Apparel Ltd., acquired by the Company effective May 31, 1990.
Goodwill is being amortized over 40 years.  Annual amortization of goodwill
was $2.6 million in fiscal years 1995, 1994 and 1993.  Cumulative
amortization as of January 28, 1995 and January 29, 1994 was $14.7 million
and $12.0 million, respectively.  The Company periodically reviews the
carrying value of goodwill in relation to the current and expected


                                     7

operating results of the related business segments in order to assess
whether there has been a permanent impairment of goodwill.

Capitalized Interest:  The Company capitalizes interest related to the
development of real estate locations.  Interest in the amount of $347,000,
$171,000 and $317,000 was capitalized in fiscal years 1995, 1994 and 1993,
respectively.

Net Income Per Common Share:  Primary and fully diluted net income per
common share is based upon the weighted average number of common and common
equivalent shares and other dilutive securities outstanding in each year
after adjusting net income for preferred stock dividends of $7.2 million in
fiscal years 1995 and 1994, respectively, and $3.9 million in fiscal 1993.

Foreign Currency Translation:  The assets and liabilities of the Company's
foreign operations are translated at the year-end exchange rate and the
income statement items are translated at the average exchange rates
prevailing during the year.  Cumulative foreign currency translation losses
were $1.6 million as of January 28, 1995 and January 29, 1994 and are
recorded as a component of additional paid-in capital.

Other:  Certain amounts in prior years' financial statements have been
reclassified for comparative purposes.


































                                     8

A.  Long-Term Debt and Credit Lines

At January 28, 1995 and January 29, 1994, long-term debt, exclusive of
current installments, consisted of the following (information as to
interest rates and maturity dates as of January 28, 1995 only):

                                                 January 28,    January 29,
                                                        1995           1994
                                                        In Thousands
Real estate mortgages, interest at 8.25% to
 10.4% maturing February 1, 1997 to
 December 30, 2004                                  $ 77,550       $ 42,823

Equipment notes, interest at 11% to 11.25%
 maturing December 12, 2000 to
 December 30, 2001                                     4,598          6,031

General corporate debt:

 9 1/2% sinking fund debentures, maturing
   May 1, 2016 with $4,400,000 annual sinking
   fund requirement beginning May 1, 1997             99,830        100,000

 9.2% senior unsecured notes, maturing
   November 30, 1995                                       -         25,000

 Medium term notes, interest at 4.53% to
   7.97%, maturing October 21, 1996 to
   September 20, 2004                                 57,500         37,000

   Total general corporate debt                      157,330        162,000

Long-term debt, exclusive of current installments   $239,478       $210,854


The aggregate maturities of long-term debt, exclusive of current
installments, outstanding at January 28, 1995 are as follows:

                                   Real Estate         General
                                  Mortgages and       Corporate
Fiscal Year                      Equipment Notes        Debt          Total
                                               In Thousands

1997                               $11,631            $ 22,000     $ 33,631
1998                                11,033              19,730       30,763
1999                                28,356               4,400       32,756
2000                                 5,695               4,400       10,095
Later years                         25,433             106,800      132,233

Aggregate maturities
  of long-term debt                $82,148            $157,330     $239,478

Real estate mortgages are collateralized by land and buildings.  While the
parent company is not directly obligated with respect to the real estate
mortgages, it or a wholly-owned subsidiary has either guaranteed the debt


                                     9

or has guaranteed a lease, if applicable, which has been assigned as
collateral for such debt.

On December 30, 1994, the Company secured a $45 million real estate
mortgage on its Chadwick's fulfillment center.  The notes require semi-
annual principal payments of $2.5 million beginning June 1996, maturing in
December 2004, and carry an annual interest rate of 8.73%.  The proceeds
were used to prepay the $5.4 million outstanding mortgage on the Chadwick's
facility, with the balance of the proceeds used for general corporate
purposes.  Costs for the early retirement of the $5.4 million mortgage were
immaterial.

In October 1993, the Company filed a shelf registration statement with the
Securities and Exchange Commission which provides for the issuance of up to
$75 million of Medium Term Notes (MTN).  The borrowings under this program
are to support the Company's international and domestic new business
development and capital expenditures.  On October 21, 1993, the Company
issued an aggregate of $37 million of Series A notes under the MTN program
via three separate pricing supplements.  On September 19, 1994, the Company
issued an additional $20.5 million of Series A notes via two pricing
supplements.  The interest rate and maturity information of the Series A
notes issued are as follows:

                                                   Interest     Maturity
Series A Notes:       Issue Date     Principal       Rate         Date  
                                    In Thousands

Supplement No. 1       10/21/93       $15,000        5.87%      10/21/03
Supplement No. 2       10/21/93        12,000        4.53%      10/21/96
Supplement No. 3       10/21/93        10,000        4.55%      10/21/96
Supplement No. 4       09/19/94        15,500        6.97%      09/19/97
Supplement No. 5       09/19/94         5,000        7.97%      09/20/04

To date the aggregate borrowings of $57.5 million have been used entirely
to fund the Company's investment in its Canadian and United Kingdom
operations.  To hedge the Company's investment in its foreign subsidiaries,
it entered into foreign currency swap agreements in both Canadian dollars
and British pounds sterling, in amounts equivalent to the MTN borrowings.
The interest rate payable on the foreign currency is slightly higher than
the interest received on the currency exchanged, resulting in deferred
charges of $4.4 million as of January 28, 1995, which are being amortized
to interest expense over the related terms of the swap agreements.  See
Note B for further information on these transactions.

In May 1992, the Company completed an "in-substance defeasance" of its
outstanding $50 million 8 1/8% promissory notes due May 1, 1993.  The net
proceeds of the Series A preferred stock offering (see Note D) were applied
towards the purchase of $51.9 million of U. S. Treasury Bonds which were
placed in trust.  The U. S. Treasury Bonds, which have all matured, had
scheduled maturities sufficient to fund the Company's interest and
principal payments due on the promissory notes from May 1, 1992 through the
final maturity date of May 1, 1993.  The Company incurred an after-tax
extraordinary loss of $1.2 million, or $.02 per common share, for the early
extinguishment of this debt.



                                     10

On December 30, 1992, the Company called for the redemption of its 7 1/4%
convertible subordinated debentures, pursuant to a standby agreement with
an underwriter.  As a result, virtually all of the $69.8 million of
outstanding debentures were converted into common stock, with the balance
redeemed.  This transaction resulted in the issuance of 3,108,755  shares
of common stock, and increased shareholders' equity by $68.6 million.  The
standby fee paid to the underwriter, as well as other expenses associated
with the transaction, were charged to additional paid-in capital.

As of January 28, 1995, the Company had unsecured committed lines of credit
with its banks in the amount of $300 million, and uncommitted lines of $115
million, with interest payable at rates equal to or less than prime.
Actual short-term borrowings during the fiscal year ended January 28, 1995
were at rates below prime.  The committed lines are used as backup to the
Company's commercial paper program.  At January 28, 1995, all of the
committed lines were available for use as well as $95 million of the
uncommitted lines.  The weighted average interest rate on the Company's
short-term bank lines was 4.86%, 3.41% and 4.00% in fiscal 1995, 1994 and
1993, respectively.  The weighted average interest rate on the Company's
commercial paper was 5.08%, 3.34% and 3.80% in fiscal 1995, 1994 and 1993,
respectively.  The Company does not have any compensating balance
requirements under these arrangements but is required to pay a fee on the
credit lines and must maintain a minimum net worth.

B.  Financial Instruments

The Company enters into foreign currency exchange contracts to reduce
exposure to foreign currency exchange risk.

At January 28, 1995, the Company had $4.7 million of forward foreign
exchange contracts to hedge firm U.S. dollar merchandise purchase
commitments made by its Canadian subsidiary.  The contracts cover
commitments for the first quarter of fiscal 1996 and any gain or loss on
the contract will ultimately be reflected in the cost of the merchandise.
Deferred gains and losses on the contracts as of January 28, 1995 were
immaterial.

The Company also has entered into foreign currency swap agreements in both
Canadian dollars and British pounds sterling in amounts equivalent to
borrowings under the Company's MTN program.  The aggregate borrowings of
$57.5 million under the MTN program approximated the Company's combined
investment in its United Kingdom and Canadian operations at the time of the
borrowings.  As of January 28, 1995, the Company had swap agreements
whereby it exchanged $20.0 million for Canadian dollars and $37.5 million
for British pounds sterling.  The swap agreements are accounted for as a
hedge against the Company's investment in foreign subsidiaries and thus
foreign exchange gains and losses on the agreements are recognized in
shareholders' equity, offsetting translation adjustments associated with
the Company's investment in foreign operations.  The swap agreements
contain rights of offset which minimize the Company's exposure to credit
loss in the event of nonperformance by one of the counterparties.

The counterparties to the exchange contracts and swap agreements are major
international financial institutions.  The Company periodically monitors



                                     11

its position and the credit ratings of the counterparties and does not
anticipate losses resulting from the nonperformance of these institutions.

Pursuant to SFAS No. 107 "Disclosures About Fair Value of Financial
Instruments," the Company has estimated the fair value of its long-term
debt, including current installments.  The fair value of the Company's
long-term debt was estimated by using the quoted market price, if
available, or by using discounted cash flow analysis based upon the
Company's current incremental borrowing rates for similar types of
borrowing arrangements.  The fair value of long-term debt, including
current installments at January 28, 1995 is estimated to be $269.7 million
versus a carrying value of $270.8 million.  These estimates do not
necessarily reflect certain provisions or restrictions in the various debt
agreements which might affect the Company's ability to settle these
obligations.  The fair value of all other financial instruments of the
Company, including cash equivalents and the swap agreements, approximate
carrying value.

C.  Commitments

The Company is committed under long-term leases related to its continuing
operations for the rental of real estate and fixtures and equipment, some
of which meet the SFAS No. 13 definition of capital leases.  Leases are
generally for a 10 year initial term with options to extend for one or more
5 year periods.  In addition, the Company is generally required to pay
insurance, real estate taxes and other operating expenses and in some cases
rentals based on a percentage of sales.

The following is a schedule of future minimum lease payments for continuing
operations as of January 28, 1995:

                                                Capital         Operating
Fiscal Years                                     Leases            Leases
                                                       In Thousands

1996                                             $  997        $  155,335
1997                                                997           149,094
1998                                                117           136,517
1999                                                  -           122,502
2000                                                  -           107,953
Later years                                           -           351,983
Total minimum lease payments                      2,111        $1,023,384
Less amount representing interest                  (166)
Present value of net minimum capital
  lease payments                                 $1,945

The present value of net minimum capital lease payments is included in
accrued expenses and other current liabilities and property under capital
leases is included in furniture, fixtures and equipment on the balance
sheets.
The rental expense under operating leases for continuing operations
amounted to $149.1 million, $126.3 million and $112.4 million for fiscal
years 1995, 1994 and 1993, respectively.  The present value of the
Company's operating lease obligations is $712.7 million as of January 28,
1995, including $92.5 million payable in fiscal 1996.


                                     12


In fiscal 1990, the Company distributed to shareholders the common stock of
Waban Inc., its former warehouse club division.  Subsequent to the
distribution, the Company continued to provide Waban with certain services,
primarily data processing for an agreed upon fee.  Waban has elected to
continue data processing services through January 1998.  In addition, the
Company is contingently liable on a number of Waban leases.  The Company
believes that in view of the nature of the leases and the fact that Waban
is primarily liable, the Company's contingent liability on the Waban leases
will not have a material effect on the Company's financial condition.  For
information on leases acquired by Ames Department Stores, Inc., see Note I.

The Company had outstanding letters of credit in the amount of $53.7
million as of January 28, 1995.  The letters of credit are issued for the
purchase of inventory.

D.  Stock Options, Stock Purchase Plans and Capital Stock

Under its stock option plan the Company has granted certain officers and
key employees options for the purchase of common stock generally within ten
years from the grant date at option prices of 100% of market price on the
grant date.  Most options outstanding are exercisable at various
percentages starting one year after the grant, while certain options are
exercisable in their entirety three years after the grant date.  There were
approximately 1,490,000 shares exercisable under the option plans as of
January 28, 1995.

During June 1993, the Company amended its 1986 Stock Incentive Plan to
increase shares issuable under the plan by 3,000,000 and to extend the
period during which awards may be made under the plan through April 7,
2003.

On April 8, 1993, the Company adopted a stock option plan for non-employee
directors.  Pursuant to the plan, each continuing or newly elected director
who is not a present or former employee of the Company will receive an
option to purchase 1,000 shares of common stock.  On the date of each
subsequent annual meeting, each continuing non-employee director will be
granted an option to acquire an additional 500 shares of common stock and
newly elected directors will each receive an option to purchase 1,000
shares of common stock.  The exercise price of the options will be the fair
market value of the common stock on the date of grant.  The option will
expire ten years after the date of grant and will become fully exercisable
one year after the date of grant.  The plan will expire after five years,
but options outstanding will continue in effect according to their terms.
A total of 50,000 shares have been reserved for issuance under this plan
subject to adjustment by stock split and similar events.











                                     13

Option activity during the past three fiscal years was as follows:

                                                       Shares Reserved for
                                                       Options      Future
                                     Option Prices     Granted      Grants

Outstanding at January 25, 1992    $10.250-$29.000   1,701,035     962,815
  Options or other stock awards
    granted                         16.750- 21.250     512,650    (641,583)
  Options exercised                 10.250- 18.875    (215,612)          -
  Cancellations                     10.250- 29.000     (85,608)     85,960

Outstanding at January 30, 1993     10.250- 29.000   1,912,465     407,192
  Additional options authorized
    under 1986 plan                                          -   3,000,000
  Authorized under 1993 stock
    option plan for non-employee
    directors                                                -      50,000
  Options or other stock awards
    granted                         25.250- 32.875     566,790    (569,290)
  Options exercised                 10.250- 24.500    (249,719)          -
  Cancellations                     10.250- 28.000     (46,568)      3,300

Outstanding at January 29, 1994     10.250- 32.875   2,182,968   2,891,202
  Options or other stock awards
    granted                         13.250- 26.875     631,940    (631,940)
  Options exercised                 10.250- 21.250     (50,498)          -
  Cancellations                     10.250- 25.250     (69,955)     29,000

Outstanding at January 28, 1995     10.250- 32.875   2,694,455   2,288,262

The shares reserved for future grants have been reduced by restricted stock
awards issued under the 1986 Stock Incentive Plan, net of certain shares
forfeited, which are returned to the Company.  Through fiscal 1995, there
have been a total of 486,001 shares issued and 80,625 shares forfeited.
The shares were issued at par value, or at no cost, and have restrictions
which generally lapse over three to five years from date of grant, with the
exception of performance accelerated shares.  These shares have
restrictions which generally lapse equally over four to eight years, with a
provision for accelerated vesting depending upon the Company's earnings, or
other specified criteria.  The market price in excess of cost is charged to
income ratably over the period during which the restrictions lapse.  Such
pre-tax charges amounted to $0.6 million, $1.7 million and $1.9 million in
fiscal years 1995, 1994 and 1993, respectively.

On August 16, 1994, the Company authorized the repurchase of up to $100
million of TJX common stock.  During fiscal 1995, the Company repurchased
1.1 million of its common shares, totalling $19.3 million, representing
approximately 1.5% of the Company's outstanding common shares.  It is the
Company's intention to repurchase additional shares over time through open
market purchases or through other transactions.

In April 1992, the Company issued 250,000 shares of Series A cumulative
convertible preferred stock in a private offering.  The shares have a face
value of $100 per share and are convertible into common stock at a price


                                     14

per common share of $21.  There are 1,190,476 common shares reserved for
the conversion of the Series A preferred stock.  The net proceeds of $24.1
million were applied towards the Company's defeasance of its $50 million 8
1/8% promissory notes (see Note A).  Starting April 1, 1995, the Company
may redeem the Series A stock for a price of $104.80 per share, declining
by $.80 per share each April 1 thereafter to $100 per share on April 1,
2001.  The liquidation preference for Series A preferred stock is currently
$105.60 per share and also declines $.80 per share each April 1 to $100 per
share on April 1, 2001.

In August 1992, the Company issued 1,650,000 shares of Series C cumulative
convertible preferred stock in a public offering.  The shares have a face
value of $50 per share and are convertible into common stock at a price per
common share of $25.9375.  There are 3,180,723 common shares reserved for
the conversion of the Series C preferred stock.  The net proceeds of $80.3
million were used to support the Company's capital expenditure program and
for other general corporate purposes.  The Series C preferred stock is not
redeemable prior to September 1, 1995.  Starting September 1, 1995, the
Company may redeem the stock for $52.1875 per share, declining by $.3125
per share each September 1 thereafter to $50 per share on September 1,
2002.  The liquidation preference for the Series C preferred stock is $50
per share.

Dividends on both the Series A and Series C preferred stock are payable
quarterly on the first business day of each calendar quarter and accrue
from date of issuance.  The Company accrues the dividends evenly throughout
the year.  In fiscal years 1995 and 1994, the Company recorded $2.0 million
of dividends on the Series A preferred and $5.2 million on the Series C
preferred.  In fiscal 1993, the Company recorded $1.6 million of dividends
on Series A preferred and $2.3 million on the Series C preferred.  The
preferred dividends reduce net income to arrive at net income available to
common shareholders.

The Series A and Series C preferred stock rank in parity with each other
and both are senior to all other capital stock of the Company with respect
to payment of dividends and upon liquidation.  There are no voting rights
for either preferred stock unless dividends are in arrears for a specified
number of periods.

During fiscal 1995, the Company's shareholder rights plan was redeemed at a
price of $.01 per common share.  This redemption cost of $0.7 million is
included with common stock dividends as a direct reduction to shareholders'
equity.

E.  Income Taxes

The provisions for income taxes were calculated according to SFAS No. 109
in fiscal years 1995 and 1994 and according to Accounting Principles Board
Opinion No. 11 in fiscal 1993.  The retroactive impact of implementing SFAS
No. 109 as of January 31, 1993 reduced deferred income taxes by $3,478,000
which was recorded as a gain due to the cumulative effect of an accounting
change.





                                     15


The provision for income taxes includes the following:

Fiscal Year Ended January                1995            1994         1993
                                                   In Thousands
Current:
  Federal                             $50,093         $70,523      $58,582
  State                                 8,053          16,632       18,647
  Foreign                               1,425              90            -

Deferred:
  Federal                              (1,944)         (2,870)      (4,820)
  State                                    27            (739)      (3,335)
  Foreign                               1,537               -            -

Provision for income taxes            $59,191         $83,636      $69,074

The fiscal 1994 deferred provision above reflects a $1.1 million benefit
from a Canadian net operating loss carryforward as well as a charge of $0.4
million for the adjustment of the Company's net deferred tax liability due
to the increase in the statutory federal income tax rate enacted during the
year.

The Company had a net deferred tax liability as follows:

                                                 January 28,  January 29,
                                                        1995         1994
                                                       In Thousands
Deferred tax assets:
   Capital loss carryforward                         $49,107      $49,568
   Foreign net operating loss carryforward             4,191        2,075
   Reserves for discontinued operations                6,054        8,877
   Insurance costs not currently deductible
      for tax purposes                                14,782       15,025
   Pension, postretirement and employee benefits      15,950       15,427
   Leases                                              4,961        4,318
   Other                                              11,906       12,159
   Valuation allowance                               (53,968)     (51,241)

      Total deferred tax assets                       52,983       56,208

Deferred tax liabilities:
   Property, plant and equipment                      26,072       27,337
   Safe harbor leases                                 51,386       54,817
   Other                                               9,048        8,017

      Total deferred tax liabilities                  86,506       90,171

Net deferred tax liability                           $33,523      $33,963

The capital loss carryforward tax asset relates to the surrendering of the
Ames preferred stock upon consummation of the Ames reorganization plan.
Utilization of this pre-tax capital loss of $140.3 million is only
available to the extent of future capital gains and thus this deferred tax
asset is fully reserved for in the valuation allowance.


                                     16


The change in the valuation allowance during the year is the result of
changes in foreign net operating loss carryforwards and utilization of a
portion of the capital loss carryforward.

The Company does not provide for U.S. deferred income taxes on the
undistributed earnings its foreign subsidiaries, as the earnings are
considered to be permanently reinvested.  The undistributed earnings of its
foreign subsidiaries as of January 28, 1995 were immaterial.

The Company has a United Kingdom net operating loss carryforward of
approximately $12 million for both tax and financial reporting purposes.
Future utilization of this operating loss carryforward is dependent upon
future earnings of the Company's United Kingdom subsidiary.  The United
Kingdom operating loss does not expire under current United Kingdom tax
law.

The Company's worldwide effective tax rate was 42% for the fiscal year
ended January 28, 1995 and 40% for the fiscal years ended January 29, 1994
and January 30, 1993.  The difference between the U.S. federal statutory
income tax rate and the Company's worldwide effective income tax rate is
summarized as follows:

Fiscal Year Ended January                         1995      1994     1993

U.S. federal statutory income tax rate             35%       35%      34%
Effective state income tax rate                     5         5        6
Impact of foreign operations                        3         -        -
All other                                          (1)        -        -

Worldwide effective income tax rate                42%       40%      40%

In fiscal 1994, the benefit of the Canadian net operating loss carryforward
was offset by the impact of the Company's entry into the United Kingdom.

F.  Pension Plans and Other Retirement Benefits

The Company has a non-contributory defined benefit retirement plan covering
the majority of full-time employees.  Employees who have attained twenty-
one years of age and have completed one year of service are covered under
the plan.  Benefits are based on compensation earned in each year of
service.  The Company also has an unfunded supplemental retirement plan
which covers certain key employees of the Company and provides additional
retirement benefits based on average compensation.













                                     17

Net periodic pension cost of the Company's plans includes the following
components:

Fiscal Year Ended January                   1995         1994         1993
                                                     In Thousands

Service cost                            $  4,554     $  3,375     $  2,650
Interest cost on projected benefit
  obligation                               6,526        5,995        5,466
Actual return on assets                    4,545      (12,188)     (10,828)
Net amortization and deferrals           (11,600)       5,760        5,031

Net periodic pension cost               $  4,025     $  2,942     $  2,319

The following  table sets  forth the funded status of the Company's pension
plans and  the amounts  recognized in the Company's statements of financial
position:

                                                  January 28, January 29,
                                                         1995        1994
                                                        In Thousands
Accumulated benefit obligation, including
  vested benefits of $71,592 and $78,588              $77,256     $84,049

Projected benefit obligation                          $82,297     $90,092
Plan assets at fair market value                       66,454      75,378

Projected benefit obligation in excess of
  plan assets                                          15,843      14,714
Unrecognized net gain (loss) from past experience
  different from that assumed and
  effects of changes in assumptions                    (1,897)     (4,584)
Prior service cost not yet recognized in net
  periodic pension cost                                (1,127)     (1,218)
Unrecognized net asset (obligation) as of initial
  date of application of SFAS No. 87                     (568)       (138)

Accrued pension cost included in accrued expenses     $12,251     $ 8,774

The projected benefit obligation in excess of plan assets is primarily
attributable to the Company's unfunded supplemental retirement plan.

The weighted average discount rate used in determining the actuarial
present value of the projected benefit obligation was 8.25% and 7.0% for
fiscal years 1995 and 1994, respectively.  The rate of increase on future
compensation levels was 4.5% and 5% in fiscal years 1995 and 1994,
respectively, and the expected long-term rate of return on assets was 9.5%
in fiscal years 1995 and 1994.  The Company's funding policy is to
contribute annually an amount allowable for federal income tax purposes.
Pension plan assets consist primarily of fixed income and equity
securities.

Effective January 31, 1993, the Company adopted the Statement of Financial
Accounting Standards No. 106 "Employers' Accounting for Postretirement
Benefits Other Than Pensions."  This standard requires accrual for the cost


                                     18

of postretirement health care and life insurance benefits during the years
that an employee provides services to the Company.  The Company elected to
recognize the transition obligation in full as of January 31, 1993, and
accordingly recorded a one-time implementation charge of $6,145,000, net of
a tax benefit of $3,937,000, as a cumulative effect of an accounting
change.  The Company's cash flows are not impacted by the new accounting.

The Company's postretirement benefit plan is unfunded and provides limited
postretirement medical and life insurance benefits to associates who
participate in the Company's retirement plan and who retire at age 55 or
older with 10 years or more of service.

Net periodic postretirement benefit cost of the Company's plan includes the
following components:

Fiscal Year Ended January                                1995         1994
                                                           In Thousands

Service cost                                           $  952       $  476
Interest cost on accumulated
  benefit obligation                                      963          820
Net amortization                                           88            -

Net periodic postretirement benefit cost               $2,003       $1,296

The components of the accumulated postretirement benefit obligation and the
amount recognized in the Company's statements of financial position are as
follows:

                                                  January 28,  January 29,
                                                         1995         1994
                                                        In Thousands

Accumulated postretirement obligation:
  Retired associates                                  $ 6,394      $ 7,038
  Fully eligible active associates                        712          302
  Other active associates                               5,168        4,565
Accumulated postretirement obligation                  12,274       11,905
Unrecognized net gain (loss) due to change
  in assumptions                                         (149)      (1,140)
Accrued postretirement benefits included in
  accrued expenses                                    $12,125      $10,765

Assumptions used in determining the actuarial present value of the
accumulated postretirement obligation include a discount rate of 8.25% at
January 28, 1995 and 7.0% at January 29, 1994.  A medical inflation rate of
5% was assumed in both periods for all future years.  Due to the nature of
the plan, the Company's exposure to medical inflation is primarily limited
to increases in the Medicare deductible.  A 1% increase in the medical
inflation assumption would increase the postretirement benefit cost for
fiscal 1995 by $0.2 million and the accumulated postretirement obligation
as of January 28, 1995 by approximately $1.1 million.

The Company sponsors an employee savings plan under Section 401(k) of the
Internal Revenue Code for eligible employees.  Employees may contribute up


                                     19

to 15% of eligible pay.  The Company matches employee contributions up to
5% of eligible pay at rates ranging from 25% to 50% based upon Company
performance.  The Company contributed $2.2 million in fiscal 1995, $2.2
million in fiscal 1994 and $1.9 million in fiscal 1993.

G.  Accrued Expenses and Other Current Liabilities

The major  components of accrued expenses and other current liabilities are
as follows:

                                                 January 28,    January 29,
                                                        1995           1994
                                                        In Thousands

Employee compensation and benefits                  $ 64,210       $ 59,296
Reserves associated with discontinued
  operations                                          13,085         17,618
Insurance, rent, utilities, advertising
  and other                                          190,387        168,225

Accrued expenses and other current liabilities      $267,682       $245,139

H.  Supplemental Cash Flow Information

The  Company's  cash  payments  for  interest  expense  and  income  taxes,
including discontinued operations, and its non-cash investing and financing
activities for the past three years are as follows:

                                   January 28,   January 29,   January 30,
Fiscal Year Ended                         1995          1994          1993
                                                In Thousands

Cash paid for:
  Interest, net of amounts
    capitalized                        $25,051       $18,573       $28,166
  Income taxes                          68,940        94,580        65,040

Non-cash investing and financing
    activities:

  Conversion of 7 1/4% convertible
    debentures into common stock             -             -       $69,031

  Capital lease additions                    -             -         4,069

I.  Ames Department Stores, Inc. and Related Contingent Liabilities

In October 1988, the Company completed the sale of its former Zayre Stores
division to Ames Department Stores, Inc. ("Ames").  The Company received
$431.4 million in cash, a 12%-16% ten year $200 million increasing rate
note receivable (the "Ames Note"), which was paid on May 24, 1989, and
400,000 shares of 6% cumulative convertible senior preferred stock of Ames
then valued at $140 million.




                                     20

In its results for the fiscal year ended January 27, 1990, the Company
provided a $185 million ($172.1 million after-tax) reserve against its
preferred stock investment in Ames Department Stores, Inc., and for
contingent lease and other liabilities associated with the sale of the
former Zayre Stores division to Ames in fiscal 1989.  On April 25, 1990,
Ames filed for protection under Chapter 11 of the Federal Bankruptcy Code.

The Company continued to monitor the adequacy of its reserves since the
April 1990 bankruptcy filing of Ames and in the fourth quarter of the
fiscal year ended January 25, 1992 increased its reserves by recording a
charge of $50 million, net of tax benefits of $27 million, to discontinued
operations.

On December 30, 1992, Ames emerged from bankruptcy via its Third Amended
and Restated Plan of Reorganization.  Upon consummation of the plan, the
Company received $23 million in cash, 4% of the voting stock of the new
Ames, which the Company has subsequently sold, and the right to receive up
to an additional $7 million in cash based on Ames exceeding its cash flow
projections for future years by varying amounts.  The Company also
surrendered the Ames preferred stock it received in the sale of the Zayre
Stores division.  Ames also released all claims (including any fraudulent
conveyance and preference claim) that it might have had against the
Company.  The Company is liable for certain amounts to be distributed under
the plan for certain unassigned landlord claims under certain former Zayre
store leases on which Zayre Corp. was liable as of the date of acquisition
and which Ames has rejected.

As of January 28, 1995, the Company has available reserves of $13.1 million
for lease and other contingent liabilities associated with the sale of the
Zayre stores to Ames and believes these reserves should be adequate to
cover all reasonably expected liabilities that it may incur as a result of
the Ames bankruptcy.

The Company remains contingently liable for the leases of most of the
former Zayre stores still operated by Ames.  The Company also has the
potential of recognizing tax benefits, subject to federal income tax
considerations, related to the $140.3 million capital loss carryforward
created by surrendering the Ames preferred stock.

J.  Segment Information

For data on business segments for fiscal 1995, 1994 and 1993 see page 20.















                                     21

Selected Financial Data (Continuing Operations)


Fiscal Year Ended January  1995       1994       1993       1992       1991
                              Dollars in Thousands Except Per Share Amounts

Income statement and
per common share data:
 Net sales           $3,842,818 $3,626,604 $3,261,240 $2,757,715 $2,446,279
 Income from
   continuing
   operations
   before extra-
   ordinary item and
   cumulative effect
   of accounting
   changes               82,619    127,046    104,044     70,114     74,128
 Number of common
   shares for
   primary and fully
   diluted earnings
   per common share
   computations      73,467,003 74,192,358 73,873,276 70,050,835 72,924,288
 Earnings per common
   share from continuing
   operations before
   extraordinary item
   and cumulative effect
   of accounting changes  $1.03      $1.62      $1.40      $1.00      $1.06
 Dividends per common
   share                    .56        .50        .46        .46        .46


Balance sheet data:
 Working capital     $  287,932 $  290,203 $  245,312 $  171,611 $  230,444
 Total assets         1,638,218  1,427,370  1,305,096  1,105,319  1,047,301
 Capital expenditures,
   excluding
   capitalized
   leases               127,826    125,848    107,881     89,532     79,019
 Long-term debt         239,478    210,854    179,787    307,385    308,593
 Shareholders' equity   606,952    590,900    505,184    260,517    270,507


Stores in operation end
 of year:
   T.J. Maxx                551        512        479        437        393
   Hit or Miss              490        493        505        576        574
   Winners                   37         27         15          9          5
   HomeGoods                 15         10          6          -          -
   T.K. Maxx                  5          -          -          -          -






                                     22

MANAGEMENT'S DISCUSSION AND ANALYSIS OF           The TJX Companies, Inc.
RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS


RESULTS OF OPERATIONS

Income Before  Extraordinary  Item  and  Cumulative  Effect  of  Accounting
Changes:   Income  before  extraordinary  item  and  cumulative  effect  of
accounting changes  was $82.6 million for fiscal 1995 versus $127.0 million
and $104.0  million in  fiscal 1994  and 1993,  respectively.   On a  fully
diluted earnings  per common  share basis, income before extraordinary item
and cumulative effect of accounting changes was $1.03 in fiscal 1995 versus
$1.62 in  fiscal 1994 and $1.40 in fiscal 1993.  These results are prior to
a net  after-tax charge  for the cumulative effect of accounting changes of
$2.7 million, or $.04 per common share, in fiscal 1994 and an extraordinary
charge of  $1.2 million, or $.02 per common share, for the early retirement
of debt, in fiscal 1993.

These results  reflect a  decline in  the operating income of the Company's
three major business segments of 21.2% in fiscal 1995 versus an increase of
13.9% in  operating income  in fiscal  1994.   The fiscal  1995 performance
reflects a  weak U.S.  apparel environment,  due largely  to a  lack of new
fashion, an  increased emphasis  on casual  dress,  and  shifting  consumer
emphasis from  apparel to home furnishings.  Fiscal 1995 also experienced a
highly promotional U.S. retail environment and unseasonably warm weather in
the fall  and winter  months.   The proliferation  of apparel stores in the
U.S. was  a continuing  challenge for  the Company  in  fiscal  1995.    In
addition to  these external  factors, there  were areas  within the Company
where execution  was below  par, primarily  at our  Chadwick's division  as
discussed later.   The off-price family apparel store segment, comprised of
T.J. Maxx  and Winners,  recorded a decline of 12.0% in operating income in
fiscal 1995 versus an increase of 9.3% in fiscal 1994.  Winners, although a
relatively small  part of  the segment,  doubled its  operating income  for
fiscal 1995  as Canada  did not face the same difficult apparel environment
as the U.S.  The Company's off-price women's specialty stores, comprised of
the Hit  or Miss  division, recorded  an operating  loss for fiscal 1995 of
$4.5 million  versus operating  income of $5.0 million in fiscal 1994.  Hit
or Miss  was more directly affected by the weak U.S. apparel environment as
it is narrowly focused on women's apparel.  The Company's off-price catalog
operation, Chadwick's  of Boston, recorded operating income of $6.1 million
in fiscal  1995 versus  $24.7 million  in fiscal  1994.   The U.S.  apparel
cycle, combined  with operational  problems, contributed  to the decline in
Chadwick's profits.

Net Sales:   Net sales for fiscal 1995 increased 6.0% to $3.84 billion from
$3.63 billion  in 1994.   Fiscal  1994 net  sales increased  11.2% to $3.63
billion from  $3.26 billion  in fiscal  1993.    Same  store  sales,  on  a
consolidated basis,  decreased 1%  in fiscal  1995 versus  a 2% increase in
fiscal 1994.   Lack  of U.S. consumer interest in apparel throughout fiscal
1995, the  highly promotional  retail  environment  and  unseasonably  warm
weather in  the fall  and winter  months were  all factors  affecting sales
results for 1995.

T.J. Maxx same store sales were flat in fiscal 1995 versus a 2% increase in
fiscal 1994.   Although  apparel categories  were weak throughout the year,


                                     23

the non-apparel  categories recorded solid same store sales gains in fiscal
1995.   Winners achieved  same store  sales increases of 10% in fiscal 1995
and 7%  in fiscal  1994.   Hit or Miss recorded a 7% decrease in same store
sales in  fiscal 1995 versus a 4% increase in fiscal 1994.  The Hit or Miss
division, which  is based  exclusively on  the sale of apparel merchandise,
was more  affected than  the Company's  other divisions  by the  weak  U.S.
apparel environment.   Hit or Miss' total sales have declined over the last
two fiscal years due to a net reduction in the number of stores operated by
the chain.   Chadwick's sales increased 3% in fiscal 1995 after an increase
of 45%  in fiscal  1994.   In addition to the weak apparel cycle, the rapid
growth of  this division  over the  last several  years  put  a  strain  on
operations, which  had a  negative impact  on this  division's  ability  to
service its customers.

[A  pie  chart  is  included  in  the  discussion  of  Net  Sales  entitled
"Divisional Net Sales" and includes the following data:]

                                             Divisional Net Sales
                                            $ in Millions FYE 1/95

              T.J. Maxx                             $2,932
              Chadwick's                               434
              Hit or Miss                              354
              Winners (U.S. $)                         124

Cost of  Sales, Including  Buying and  Occupancy Costs:  The cost of sales,
including buying  and occupancy  costs, as  a percentage  of net  sales was
76.2%, 75.1%  and 75.7%  in fiscal 1995, 1994 and 1993, respectively.  T.J.
Maxx and  Hit or  Miss experienced a decline in gross margin in fiscal 1995
versus an  increase in gross margin in fiscal 1994.  The decrease in fiscal
1995 is  due to  weak sales  performance and higher-than-planned markdowns.
The increase  in fiscal 1994 is attributable to same store sales growth and
good inventory  control.   Chadwick's experienced  a slight increase in its
gross margin  in fiscal  1995.  Although this division did incur additional
costs to  liquidate merchandise  in fiscal 1995, these costs were offset by
savings in  the  net  cost  of  shipping  merchandise.    In  fiscal  1994,
Chadwick's experienced  a decline  in gross margin as the division absorbed
costs to liquidate residual inventory from several of its catalogs.

Selling,  General  and  Administrative  Expenses:    Selling,  general  and
administrative expenses as a percentage of net sales were 19.5%, 18.6%, and
18.2% in  fiscal 1995,  1994 and  1993, respectively.  T.J. Maxx and Hit or
Miss experienced an increase in this expense ratio in fiscal 1995 primarily
due to  weak sales  results.   In fiscal  1994, T.J.  Maxx's expense  ratio
remained constant  with the  prior year  while Hit  or Miss  experienced  a
slight expense ratio decrease.  Chadwick's had an expense ratio increase in
fiscal 1995  primarily due to increased production and postage costs of its
catalogs and  order processing  costs, while  maintaining a fairly constant
rate in  fiscal 1994  with that  of the  prior year.   Also,  the operating
results of  T.K. Maxx, the Company's United Kingdom venture, and HomeGoods,
are factors  increasing this  ratio in both fiscal 1995 and fiscal 1994, as
the net  results of  both these  divisions are included in selling, general
and administrative expenses.




                                     24

Interest Expense:  Interest expense was $25.9 million in fiscal 1995, $19.0
million in  fiscal 1994  and $26.3 million in fiscal 1993.  The increase in
fiscal 1995  is attributable  to increased  borrowings and  an increase  in
borrowing rates.  In addition, fiscal 1994 includes interest income of $2.0
million recorded  in the  fourth quarter,  associated with  a  federal  tax
refund.   The overall  decrease in  interest for fiscal 1994 as compared to
fiscal 1993,  in addition  to  the  interest  income  mentioned  above,  is
attributable to  lower borrowing rates, and the conversion to equity of the
Company's 7 1/4% convertible subordinated debentures in December 1992.

Income Taxes:  The Company's worldwide effective income tax rate was 42% in
fiscal 1995  and 40%  in fiscal  1994 and fiscal 1993.  The increase in the
rate in  fiscal 1995 is attributable to the Company's entry into the United
Kingdom where  a net  operating loss  carryforward has  been incurred.   In
fiscal 1994, increases in the tax rate associated with the new U.S. tax law
passed in  August 1993,  as well  as the impact of the Company's entry into
the United  Kingdom, were offset by a lower effective state income tax rate
and the  benefit of  a Canadian  net  operating  loss  carryforward.    The
difference between  the U.S.  federal statutory  tax rate and the Company's
worldwide effective  income tax  rate in  each  fiscal  year  is  primarily
attributable to  the effective  state income  tax rate, with the additional
impact in fiscal 1995 of the aforementioned net operating loss carryforward
attributable to the Company's entry into the United Kingdom.

During the  first quarter of fiscal 1994, the Company implemented Statement
of Financial  Accounting Standards  No. 109  (SFAS No. 109) "Accounting for
Income Taxes"  which resulted  in an  after-tax gain of $3.5 million due to
the cumulative effect of implementing this accounting change.

CAPITAL SOURCES AND LIQUIDITY

[A bar graph entitled "Long-Term Capitalization" is included in the Capital
Sources and  Liquidity section  of this  discussion.   Each bar shows total
long-term capitalization  with the  bottom portion  of the bar representing
the percent comprised of equity and the top portion of the bar representing
the percent  comprised of long-term debt.  The graph includes the following
data:]

                        Total Long-Term
Fiscal Year Ended        Capitalization      Percent        Percent
January                ($'s in Millions)      Equity     Long-Term Debt

1991                          579              47%            53%
1992                          568              46%            54%
1993                          685              74%            26%
1994                          802              74%            26%
1995                          846              72%            28%

Operating Activities:  Net cash provided by operating activities was $104.5
million, $84.4  million and  $138.6 million  in fiscal 1995, 1994 and 1993,
respectively.  Cash provided by operations increased in fiscal 1995 despite
reduced net  income.   The impact  of the lower net income was offset by an
increase in  the consolidated  accounts payable  to  merchandise  inventory
ratio, and  lower payments against the Ames reserve.  The reduction in cash
provided by  operations in fiscal 1994 versus 1993 was due to a decrease in


                                     25

the consolidated  accounts payable  to  merchandise  inventory  ratio,  the
impact of  the receipt  of the  Ames cash  settlement in  fiscal  1993  and
additional taxes, paid in fiscal 1994, on the Ames cash settlement.

Inventories as  a percentage  of net sales were 24.4% in fiscal 1995, 21.3%
in fiscal 1994 and 20.6% in fiscal 1993.  The increase in the percentage in
fiscal 1995  was attributable  to T.J.  Maxx's higher  warehouse  inventory
related to  opportunistic merchandise  purchases and a larger percentage of
spring merchandise  on hand  at the end of fiscal 1995 than in fiscal 1994.
The  increase  in  the  percentage  in  fiscal  1994  reflected  growth  in
Chadwick's which  maintains a higher inventory as a percentage of net sales
than the  other divisions, as well as the impact of Winners as its ratio of
inventory to  net sales  moved closer  to that  of the  T.J. Maxx division.
Working capital was $287.9 million in fiscal 1995, $290.2 million in fiscal
1994 and $245.3 million in fiscal 1993.

Investing Activities:   The  principal investing  activities of the Company
are for  capital expenditures.  Total capital expenditures for the last two
years are set forth in the table below:

Fiscal Year Ended January                           1995            1994
                                                         In Millions

New stores                                          $ 58.1        $ 45.8
Store renovations and improvements                    42.1          25.3
Office and distribution centers                       27.6          54.7
Capital expenditures, excluding
   capitalized leases                               $127.8        $125.8

Fiscal  1995   capital  expenditures   emphasized  new   stores  and  store
renovations.  The fiscal 1994 capital expenditures include costs associated
with T.J.  Maxx's new distribution center in Charlotte, NC as well as costs
associated with the expansion of Chadwick's fulfillment center.

The Company expects that capital expenditures will approximate $125 million
for fiscal  1996, including  approximately  $52  million  for  new  stores,
primarily T.J.  Maxx; $40  million for  improvements  to  existing  stores,
primarily  T.J.   Maxx;  and  approximately  $33  million  for  office  and
distribution centers.

Financing Activities:   During  fiscal 1995,  the  Company  borrowed  $20.5
million under  its $75  million Medium  Term Note program.  In fiscal 1994,
the Company borrowed $37 million under this program.  The borrowings are to
support the  Company's international  and domestic new business development
and capital  expenditures.   The aggregate  borrowings of  $57.5 million to
date have  been entirely for the funding of the Company's investment in its
Canadian and  United Kingdom operations.  To hedge the Company's investment
in its foreign subsidiaries, the Company entered into foreign currency swap
agreements in  both Canadian  dollars and British pounds sterling, in total
amounts equivalent  to its  medium term note borrowings.  See Notes A and B
to the  consolidated financial  statements for  further information.  Also,
during fiscal  1995, the  Company borrowed  $45 million under a mortgage of
its Chadwick's  fulfillment center.  The mortgage has a ten year term, with
interest payable at 8.73% per year, and with semi-annual principal payments
of $2.5 million beginning in June 1996.  Proceeds of this loan were used to


                                     26

repay the  outstanding $5.4  million real  estate mortgage,  assumed by the
Company upon  the purchase  of the  Chadwick's fulfillment center, with the
balance used for general corporate purposes.

The Company  declared quarterly  dividends on  its common stock of $.14 per
share in  fiscal 1995 and $.125 per share in fiscal 1994.  Annual dividends
on common  stock totalled $41.6 million in fiscal 1995 and $36.7 million in
fiscal 1994.   In  addition, in  fiscal 1995 and 1994, the Company recorded
dividends on  its Series  A and  Series C  preferred stock,  totalling $7.2
million in  each year.   During  fiscal 1995, the Company announced a stock
buy-back program for up to $100 million and purchased 1.1 million shares at
a cost  of $19.3  million,  which  represents  approximately  1.5%  of  the
Company's outstanding  common shares.   The  Company's  intentions  are  to
purchase additional  shares over  time.  The Company's shareholders' equity
as a  percentage of  total long-term  capitalization (defined  as long-term
debt plus  shareholders' equity)  has been  in excess of 70% in each of the
last three fiscal years.

The Company  has traditionally funded its seasonal merchandise requirements
through  short-term   bank  borrowings   and  the  issuance  of  short-term
commercial paper.   The  Company has  unsecured committed short-term credit
lines totalling  $300 million,  all of  which were  available for use as of
January 28,  1995.   These lines,  when needed,  are drawn  upon or used to
backup the  Company's commercial  paper program.    The  Company  also  has
uncommitted  lines   totalling  $115  million  of  which  $20  million  was
outstanding as  of January  28, 1995.   The  maximum amount  of  short-term
borrowings outstanding  during  fiscal  1995,  1994  and  1993  was  $181.5
million, $133.0  million and  $104.3  million,  respectively.    Management
believes that the Company's internally generated funds along with available
short-term credit  lines and  ability to access external financing sources,
are adequate  to meet  its needs.   For  further information  regarding the
Company's long-term  debt and capital stock transactions, see Notes A and D
to the consolidated financial statements.

Ames Department  Stores, Inc.  and  Related  Contingent  Liabilities:    In
October 1988,  the Company  completed the  sale of  its former Zayre Stores
division to  Ames  Department  Stores,  Inc.  ("Ames").    Ames  filed  for
protection under  Chapter 11  of the  Federal Bankruptcy  Code in  1990 and
emerged from bankruptcy on December 30, 1992.

As of January 28, 1995, the Company has available reserves of $13.1 million
for lease  and other contingent liabilities associated with the sale of the
Zayre stores  to Ames  and believes  these reserves  should be  adequate to
cover all  reasonably expected liabilities that it may incur as a result of
the Ames bankruptcy.

The Company  remains contingently  liable for  the leases  of most  of  the
former Zayre  stores still  operated by  Ames.   The Company  also has  the
potential for  recognizing tax  benefits, subject  to  federal  income  tax
considerations, related to a $140.3 million capital loss carryforward.  The
capital loss carryforward was created when the Company, as part of the Ames
reorganization plan,  surrendered the  Ames preferred  stock  it  initially
received as  partial  consideration  for  the  sale  of  the  Zayre  Stores
division.



                                     27







Report of Independent Accountants


COOPERS & LYBRAND L.L.P.

To the Board of Directors of The TJX Companies, Inc.:

We have audited the accompanying consolidated balance sheets of The TJX
Companies, Inc. and subsidiaries as of January 28, 1995 and January 29,
1994 and the related consolidated statements of income, shareholders'
equity, and cash flows for each of the three fiscal years in the period
ended January 28, 1995.  These financial statements are the responsibility
of the Company's management.  Our responsibility is to express an opinion
on these financial statements based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

     In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidated financial position of
The TJX Companies, Inc. and subsidiaries as of January 28, 1995 and January
29, 1994 and the consolidated results of their operations and their cash
flows for each of the three fiscal years in the period ended January 28,
1995 in conformity with generally accepted accounting principles.



Boston, Massachusetts
March 1, 1995                                COOPERS & LYBRAND L.L.P.















                                     28


Report of Management



The financial statements and related financial information in this annual
report have been prepared by management which is responsible for their
integrity, objectivity and consistency.  The financial statements were
prepared in accordance with generally accepted accounting principles and
necessarily include amounts which are based upon judgments and estimates
made by management.

    The Company maintains a system of internal controls designed to
provide, at appropriate cost, reasonable assurance that assets are
safeguarded, transactions are executed in accordance with management's
authorization and the accounting records may be relied upon for the
preparation of financial statements.  The system of controls includes the
careful selection and training  of associates, and the communication and
application of formal policies and procedures that are consistent with high
standards of accounting and administrative practices.  The accounting and
control systems are continually reviewed, evaluated and where appropriate,
modified to accommodate changing business conditions and the
recommendations of the Company's internal auditors and the independent
public accountants.

    An Audit Committee, comprised of members of the Board of Directors who
are neither officers nor employees of the Company, meets periodically with
management, internal auditors and the independent public accountants to
review matters relating to the Company's financial reporting, the adequacy
of internal accounting controls and the scope and results of audit work.
The Committee is responsible for reporting the results of its activities
and for recommending the selection of independent auditors to the full
Board of Directors.  The internal auditors and the independent public
accountants have free access to the Committee and the Board of Directors.

     The financial statements have been examined by Coopers & Lybrand
L.L.P., whose report appears separately.  Their report expresses an opinion
as to the fair presentation of the consolidated financial statements and is
based on an independent examination performed in accordance with generally
accepted auditing standards.



Bernard Cammarata                       Donald G. Campbell
President and Chief Executive Officer   Senior Vice President - Finance and
                                        Chief Financial Officer
March 1, 1995










                                     29


Selected Quarterly Financial Data (Unaudited)  The TJX Companies, Inc.



                                       First    Second      Third     Fourth
                                     Quarter   Quarter    Quarter    Quarter
                                      In Thousands Except Per Share Amounts


Fiscal year ended January 28, 1995
  Net sales                         $851,736  $866,689 $1,011,879 $1,112,514
  Gross earnings*                    216,022   210,100    260,952    228,632
  Net income                          19,369    18,796     32,788     11,666
    Per common share, fully diluted      .24       .23        .42        .14


Fiscal year ended January 29, 1994
  Net sales                         $785,637  $841,054 $  959,683 $1,040,230
  Gross earnings*                    200,231   204,550    262,342    236,655
  Income before extraordinary
    item and cumulative effect
    of accounting changes             22,657    25,985     47,721     30,683
    Per common share, fully diluted      .28       .33        .61        .39
  Net income                          19,990    25,985     47,721     30,683
    Per common share, fully diluted      .25       .33        .61        .39


* Gross earnings equals net sales less cost of sales, including buying and
  occupancy costs.



Price Range of Common Stock

The common stock of the Company is listed on the New York Stock Exchange
(Symbol:TJX).  The quarterly high and low stock prices for fiscal 1995 and
fiscal 1994 are as follows:

                                            Fiscal 1995       Fiscal 1994
Quarter                                    High      Low     High      Low

First                                   $29 3/8  $22 7/8  $33 1/4  $27
Second                                   24 7/8   18 1/8   34 1/4   26
Third                                    23 1/4   15 5/8   33 3/8   24 1/2
Fourth                                   16 1/4   13 3/16  34 1/4   25 3/8


The approximate number of common shareholders at January 28, 1995 was
18,500.
The Company declared four quarterly dividends of $.14 and $.125 per common
share for fiscal years 1995 and 1994, respectively.





                                     30


Shareholder Information

Transfer Agent and Registrar,
Common and Series C Preferred Stock
State Street Bank and Trust Company
Boston, Massachusetts
1-800-426-5523


Trustees
Public Debentures
9 1/2% Sinking Fund Debentures
    Chase Manhattan Bank
    New York, New York


Auditors
Coopers & Lybrand L.L.P.


Independent Counsel
Ropes & Gray


Form 10-K
Information    concerning    the    Company's
operations and financial position is provided
in this  report and  in the  Form 10-K Report
filed  with   the  Securities   and  Exchange
Commission.  A copy of the 10-K Report may be
obtained  without   charge  by   writing   or
calling:

    The TJX Companies, Inc.
    Investor Relations
    770 Cochituate Road
    Framingham, Massachusetts 01701
    (508)390-2323


Annual Meeting
The 1995 annual meeting will be held at 11:00
a.m.  on   Tuesday,  June   6,  1995  in  the
Enterprise Room,  5th Floor  at State  Street
Bank,   225    Franklin    Street,    Boston,
Massachusetts.


Executive Offices
Framingham, Massachusetts 01701






                      31

EXHIBIT 21



                              SUBSIDIARIES




                                 State or Jurisdiction   Name Under Which
                                    of Incorporation      Does Business
Operating Subsidiaries              or Organization       (if Different)

Avon Trading Corp.                   Massachusetts
Hit or Miss Inc.                     Delaware
Chadwick's of Boston, Ltd.           Massachusetts
Commonwealth Direct Marketing, Inc.  Massachusetts
Newton Buying Corp.                  Delaware
NBC Distributors Inc.                Massachusetts
NBC Merchants, Inc.                  Indiana
NBC Charlotte Merchants, Inc.        North Carolina
NBC Nevada Merchants, Inc.           Nevada
T.J. Maxx of Illinois, Inc.          Illinois               T.J. Maxx
T.J. Maxx of PA, Inc.                Delaware               T.J. Maxx
T.J. Maxx of Texas, Inc.             Delaware               T.J. Maxx
Winners Apparel Ltd.                 Ontario, Canada
Winners Investments Limited          Ontario, Canada
Winners Merchants Ltd.               Ontario, Canada
Strathmex Corp.                      Delaware
HomeGoods, Inc.                      Delaware
H.G. Merchants, Inc.                 Massachusetts
CDM Corp.                            Nevada
NBC Apparel, Inc.                    Delaware
NBC Apparel Limited                  United Kingdom         T.K. Maxx


Leasing Subsidiaries

Cochituate Realty, Inc.              Massachusetts
NBC First Realty Corp.               Indiana
NBC Second Realty Corp.              Massachusetts
NBC Fourth Realty Corp.              Nevada
NBC Fifth Realty Corp.               Illinois
NBC Sixth Realty Corp.               North Carolina
NBC 195 Realty Corp.                 New York




                                                                 
                                                    EXHIBIT 24



                        POWER OF ATTORNEY


     KNOW ALL MEN BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints Bernard
Cammarata, Donald G. Campbell and Sumner L. Feldberg and each of
them, his or her true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign the form 10-K to be filed by The TJX
Companies, Inc. for the fiscal year ended January 28, 1995 and
any or all amendments thereto and to file the same, with all
exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and
agents, or their substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.


/s/ Bernard Cammarata              /s/ Donald G. Campbell     
Bernard Cammarata, President,      Donald G. Campbell, Senior
Principal Executive Officer and    Vice President-Finance,
Director                           Principal Financial and
                                   Accounting Officer


/s/ Phyllis B. Davis               /s/ Willow B. Shire        
Phyllis B. Davis, Director         Willow B. Shire, Director


/s/ Stanley H. Feldberg            /s/ Robert F. Shapiro      
Stanley H. Feldberg, Director      Robert F. Shapiro, Director


/s/ Sumner L. Feldberg             /s/ Burton S. Stern        
Sumner L. Feldberg, Director       Burton S. Stern, Director


/s/ Arthur F. Loewy                /s/ Fletcher H. Wiley      
Arthur F. Loewy, Director          Fletcher H. Wiley, Director


/s/ John M. Nelson                 /s/ Abraham Zaleznik       
John M. Nelson, Director           Abraham Zaleznik, Director


Dated:  April 4, 1995




 

5 This schedule contains summary financial information extracted from the statements of income and balance sheets and is qualified in its entirety by reference to such financial statements YEAR JAN-28-1995 JAN-28-1995 41,569,000 0 43,440,000 0 937,729,000 1,046,197,000 865,420,000 377,595,000 1,638,218,000 758,265,000 239,478,000 72,401,000 0 107,500,000 427,051,000 1,638,218,000 3,842,818,000 3,842,818,000 2,927,112,000 2,927,112,000 748,003,000 0 25,893,000 141,810,000 59,191,000 82,619,000 0 0 0 82,619,000 1.03 1.03
EXHIBIT 99
                        EXHIBIT INDEX


(3i) Articles of Incorporation.

     (a)  Second Restated Certificate of Incorporation filed
          June 5, 1985, is filed herewith.

     (b)  Certificate of Amendment of Second Restated
          Certificate of Incorporation filed June 3, 1986, is
          filed herewith.

     (c)  Certificate of Amendment of Second Restated
          Certificate of Incorporation filed June 2, 1987, is
          filed herewith.

     (d)  Certificate of Amendment of Second Restated
          Certificate of Incorporation filed June 20, 1989, is
          filed herewith.

     (e)  Certificate of Designations, Preferences and Rights
          of New Series A Cumulative Convertible Preferred
          Stock of the Company is filed herewith.

     (f)  Certificate of Designations, Preferences and Rights
          of $3.125 Series C Cumulative Convertible Preferred
          Stock of the Company is filed herewith.

(3ii) By-laws.

      (a) The by-laws of the Company, as amended, are filed
          herewith.

(4)  Instruments defining the rights of security holders,
     including indentures.

     (a)  Common and Preferred Stock: See the Second Restated
          Certificate of Incorporation, as amended (Exhibit
          (3i)(a)-(f) hereto).

     (b)  A composite copy of the Share Purchase Agreements
          dated as of April 15, 1992 regarding Series A
          Cumulative Convertible Preferred Stock is
          incorporated by reference to Exhibit 4(c) to the
          Form 10-K filed for the fiscal year ended January
          25, 1992.

     (c)  Exchange Agreement dated as of August 6, 1992
          between the Company and the holders of New Series A
          Cumulative Convertible Preferred Stock is
          incorporated by reference to Exhibit 19.1 to the
          Form 10-Q filed for the quarter ended July 25, 1992.
          Each other instrument relates to securities the
     total amount of which does not exceed 10% of the total
     assets of the Company and its subsidiaries on a
     consolidated basis.  The Company agrees to furnish to the
     Securities and Exchange Commission copies of each such
     instrument not otherwise filed herewith or incorporated
     herein by reference.

(10) Material Contracts.

     (a)  The Amended and Restated Employment Agreement dated
          as of April 26, 1988 with Stanley Feldberg is
          incorporated herein by reference to Exhibit 10(a) to
          the Form 10-K filed for the fiscal year ended
          January 30, 1988.  The First Amendment to the 1988
          Amended and Restated Employment Agreement of Stanley
          Feldberg dated June 8, 1993 is incorporated herein
          by reference to Exhibit 10(a) to the Form 10-K filed
          for the fiscal year ended January 29, 1994. *

     (b)  The Amended and Restated Employment Agreement dated
          as of June 1, 1989 with Sumner L. Feldberg is
          incorporated herein by reference to Exhibit 10(b) to
          the Form 10-K filed for the fiscal year ended
          January 27, 1990.  The First Amendment dated as of
          December 9, 1992 to Sumner L. Feldberg's Amended and
          Restated Employment Agreement is incorporated herein
          by reference to Exhibit 10(b) to the Form 10-K for
          the fiscal year ended January 30, 1993. *

     (c)  The Employment Agreement dated as of June 1, 1989
          with Arthur F. Loewy is incorporated herein by
          reference to Exhibit 10(c) to the Form 10-K filed
          for the fiscal year ended January 27, 1990.  The
          Amendment dated as of January 26, 1991 to Arthur F.
          Loewy's Employment Agreement is incorporated herein
          by reference to Exhibit 10(c) to the Form 10-K filed
          for the fiscal year ended January 26, 1991.
          Amendment No. 2 dated as of January 25, 1992 to
          Arthur F. Loewy's Employment Agreement is
          incorporated herein by reference to Exhibit 10(c) to
          the Form 10-K filed for the fiscal year ended
          January 25, 1992.  Amendment No. 3 dated as of
          January 30, 1993 to Arthur F. Loewy's Employment
          Agreement is incorporated herein by reference to
          Exhibit 10(c) to the Form 10-K filed for the fiscal
          year ended January 30, 1993.  Amendment No. 4, dated
          as of January 29, 1994, to Arthur F. Loewy's
          Employment Agreement is incorporated herein by
          reference to Exhibit 10(c) to the Form 10-K filed
          for the fiscal year ended January 29, 1994. *

     (d)  The Employment Agreement dated as of January 30,
          1994 with Bernard Cammarata is filed herewith.*

     (e)  The Amended and Restated Employment Agreement dated
          as of February 1, 1995 with Richard Lesser is filed
          herewith.*

     (f)  The Amended and Restated Employment Agreement dated
          as of February 1, 1995 with Donald G. Campbell is
          filed herewith.*

     (g)  The Management Incentive Plan, as amended, is
          incorporated herein by reference to Exhibit 10(g) to
          the Form 10-K filed for the fiscal year ended
          January 29, 1994. *

     (h)  The 1982 Long Range Management Incentive Plan, as
          amended, is incorporated herein by reference to
          Exhibit 10(h) to the Form 10-K filed for the fiscal
          year ended January 29, 1994. *

     (i)  The 1986 Stock Incentive Plan, as amended, is
          incorporated herein by reference to Exhibit 10(i) to
          the Form 10-K filed for the fiscal year ended
          January 29, 1994. *

     (j)  The TJX Companies, Inc. Long Range Performance
          Incentive Plan, as amended, is incorporated herein
          by reference to Exhibit 10(j) to the Form 10-K filed
          for the fiscal year ended January 29, 1994. *

     (k)  The General Deferred Compensation Plan, as amended,
          is incorporated herein by reference to Exhibit 10(n)
          to the Form 10-K filed for the fiscal year ended
          January 27, 1990. *

     (l)  The Supplemental Executive Retirement Plan, as
          amended, is incorporated herein by reference to
          Exhibit 10(l) to the Form 10-K filed for the fiscal
          year ended January 25, 1992. *

     (m)  The 1993 Stock Option Plan for Non-Employee
          Directors is incorporated herein by reference to
          Exhibit 10.1 to the Form 10-Q filed for the quarter
          ended May 1, 1993. *

     (n)  The Retirement Plan for Directors, as amended, is
          incorporated herein by reference to Exhibit 10.2 to
          the Form 10-Q filed for the quarter ended May 1,
          1993. *

     (o)  The form of Indemnification Agreement between the
          Company and each of its officers and directors is
          incorporated herein by reference to Exhibit 10(r) to
          the Form 10-K filed for the fiscal year ended
          January 27, 1990. *

     (p)  The Trust Agreement dated as of April 8, 1988
          between the Company and State Street Bank and Trust
          Company is incorporated herein by reference to
          Exhibit 10(y) to the Form 10-K filed for the fiscal
          year ended January 30, 1988. *

     (q)  The Trust Agreement dated as of April 8, 1988
          between the Company and Shawmut Bank of Boston, N.A.
          is incorporated herein by reference to Exhibit 10(z)
          to the Form 10-K filed for the fiscal year ended
          January 30, 1988. *

     (r)  The Distribution Agreement dated as of May 1, 1989
          between the Company and Waban Inc. is incorporated
          herein by reference to Exhibit 3 to the Company's
          Current Report on Form 8-K dated June 21, 1989.

     (s)  The Services Agreement between the Company and Waban
          Inc. dated as of May 1, 1989 is incorporated herein
          by reference to Exhibit 4 to the Company's Current
          Report on Form 8-K dated June 21, 1989.
          Correspondence related to the Services Agreement is
          incorporated herein by reference to Exhibit 10(dd)
          to the Form 10-K filed for fiscal year ended January
          27, 1990.  Correspondence related to the Services
          Agreement is incorporated herein by reference to
          Exhibit 10(z) to the Form 10-K filed for fiscal year
          ended January 26, 1991.  Correspondence related to
          the Services Agreement is incorporated herein by
          reference to Exhibit 10(x) to the Form 10-K filed
          for the fiscal year ended January 25, 1992.
          Correspondence related to the Services Agreement is
          incorporated herein by reference to Exhibit 10(s) to
          the Form 10-K filed for fiscal year ended January
          30, 1993.  Correspondence related to the Services
          Agreement is incorporated herein by reference to
          Exhibit 10(s) to the Form 10-K filed for the fiscal
          year ended January 30, 1994.

     (t)  The Agreement between the Company and Waban Inc.
          related to computer services dated as of January 29,
          1995 is filed herewith.

     (u)  The Executive Services Agreement between the Company
          and Waban Inc. dated as of June 1, 1989, with
          respect to the services of Sumner L. Feldberg is
          incorporated herein by reference to Exhibit 10(ff)
          to the Form 10-K filed for the fiscal year ended
          January 27, 1990.

     (v)  The Executive Services Agreement between the Company
          and Waban Inc. dated as of June 1, 1989, with
          respect to the services of Arthur F. Loewy is
          incorporated herein by reference to Exhibit 10(gg)
          to the Form 10-K filed for the fiscal year ended
          January 27, 1990.  Amendment dated as of January 26,
          1991 to Executive Services Agreement between the
          Company and Waban Inc. with respect to the services
          of Arthur F. Loewy is incorporated herein by
          reference to Exhibit 10(cc) to Form 10-K filed for
          the fiscal year ended January 26, 1991.  Amendment
          No. 2 dated as of January 25, 1992 to Executive
          Services Agreement between the Company and Waban
          Inc. with respect to the services of Arthur F. Loewy
          is incorporated herein by reference to Exhibit
          10(aa) to the Form 10-K filed for the fiscal year
          ended January 25, 1992.  Amendment No. 3 dated as of
          January 30, 1993 to Executive Services Agreement
          between the Company and Waban Inc. with respect to
          the services of Arthur F. Loewy is incorporated
          herein by reference to Exhibit 10(u) to Form 10-K
          filed for the fiscal year ended January 30, 1993.
          Amendment No. 4 dated as of January 29, 1994 to
          Executive Services Agreement between the Company and
          Waban Inc. with respect to the services of Arthur F.
          Loewy is incorporated herein by reference to Exhibit
          10(u) to the Form 10-K filed for the fiscal year
          ended January 29, 1994.

     (w)  The Agreement dated as of July 5, 1989 between the
          Company and Waban Inc. is incorporated herein by
          reference to Exhibit 10(hh)
          to the Form 10-K filed for the fiscal year ended
          January 27, 1990.

(11) Statement re computation of per share earnings.

     This statement is filed herewith.

(13) Annual Report to security holders.

     Portions of the Annual Report to Stockholders for the
     fiscal year ended January 28, 1995 are filed herewith.

(21) Subsidiaries.

     A list of the Registrant's subsidiaries is filed
          herewith.

(23) Consents of experts and counsel.

     The Consent of Coopers & Lybrand is contained on Page F-2
     of the Financial Statements filed herewith.

(24) Power of Attorney.
     The Power of Attorney given by the Directors and certain
     Executive Officers of the Company is filed herewith.


*  Management contract or compensatory plan or arrangement.