TJX Acquires Sierra Trading Post
December 26, 2012,
FRAMINGHAM, Mass-The TJX Companies, Inc., has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyoming.
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. TJX expects that this transaction will be slightly accretive to earnings beginning in fiscal 2014, but that this impact will not be material to TJX's consolidated financial statements.
"We are very pleased with the addition of Sierra Trading Post to the TJX family," said Carol Meyrowitz, chief executive officer of the TJX Companies. "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."
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