Framingham, MA — The TJX Companies, Inc. has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyo., for approximately $200 million.
Framingham, MA — The TJX Companies, Inc., a leading off-price retailer of apparel and home fashions, has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyo. The purchase price of approximately $200 million, which is subject to customary post-closing adjustments, was paid in cash and financed from TJX’s existing cash balances.
Sierra Trading Post is a privately held company which launched its e-commerce business in 1999. As part of this transaction, TJX acquired Sierra’s office, fulfillment center and photography studios in Cheyenne, Wyo., its customer call centers in Cheyenne and Cody, Wyo., and its four outlet stores in Idaho, Nevada and Wyoming.
Carol Meyrowitz, CEO of The TJX Companies, Inc., says: “We are very pleased with the addition of Sierra Trading Post to the TJX family. We continue to plan on launching e-commerce sites for TJX brands and this acquisition adds immediate scale, capabilities and infrastructure in e-commerce, which we can leverage in that regard. We believe we will be able to build upon this platform as we continue to develop our e-commerce strategy.”
Peter J. Solomon Company, LLC, and BofA Merrill Lynch acted as financial advisors and Ropes & Gray LLP provided legal counsel to the company in connection with this transaction.
The TJX Companies, Inc. operates 1,039 T.J. Maxx, 912 Marshalls, and 417 HomeGoods stores in the United States; 222 Winners, 88 HomeSense, and 14 Marshalls stores in Canada; and 344 T.K. Maxx and 24 HomeSense stores in Europe. For more information, visit www.tjx.com.
SOURCE: The TJX Companies, Inc.