TJ Maxx 2014 Annual Report Download - page 36

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paying to exercise rights to terminate, and the performance of any of these obligations may be expensive. When
we assign leases or sublease space to third parties, we can remain liable on the lease obligations if the assignee
or sublessee does not perform. In addition, when the lease term for the stores in our ongoing operations expire,
we may be unable to negotiate renewals, either on commercially acceptable terms or at all, which could cause
us to close stores or to relocate stores within a market on less favorable terms.
We depend upon strong cash flows from our operations to supply capital to fund our operations, growth, stock
repurchases and dividends and interest and debt repayment.
Our business depends upon our operations to continue to generate strong cash flow to supply capital to support
our general operating activities, to fund our growth and our return of cash to stockholders through our stock
repurchase programs and dividends, and to pay our interest and debt repayments. Our inability to continue to
generate sufficient cash flows to support these activities or to repatriate cash from our international operations in a
manner that is cost effective could adversely affect our growth plans and financial performance including our earnings
per share. We borrow on occasion to finance our activities and if financing were not available to us in adequate
amounts and on appropriate terms when needed, it could also adversely affect our financial performance.
ITEM 1B. Unresolved Staff Comments
None.
ITEM 2. Properties
We lease virtually all of our over 3,300 store locations, generally for 10-year terms with options to extend the
lease term for one or more 5-year periods in the U.S. and Canada, and 10 to 15-year terms in Europe, some of
which have options to extend. We have the right to terminate some of these leases before the expiration date
under specified circumstances and some with specified payments.
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