TJX Closes Trade Secret Acquisition

Purchase involves Australian operation with 35 off-price stores
October 26, 2015David Gill

TJX20153x2FRAMINGHAM, Mass.-The TJX Cos. has completed its acquisition of Trade Secret, the Australian off-price retailer that operates 35 stores in Australia, from Gazal Corp.

The purchase price was AUD$80 million (about $57.7 million), subject to customary post-closing adjustments. Trade Secret operates 35 stores in the provinces of Queensland, New South Wales, Victoria and The Capital Territory. The retailer offers home fashions; branded apparel for women, men and children; footwear; and accessories.

The acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where the retailer currently operates one of its 13 buying offices, according to a TJX statement. “We believe that, similar to our successful expansion in Canada, which started with our acquisition of Winners in 1990, we can further develop Trade Secret by leveraging our off-price leadership experience, global buying scale, vendor universe, marketing, and other capabilities,” said Carol Meyrowitz, TJX’s chairman and CEO.

David GillDavid Gill | Senior Editor
dgill@hfnmag.com

David Gill covers home textiles, small electrics housewares, personal-care products, cleaning products, mattresses, consumer electronics and major appliances. He also reports on retailers and writes about the business and financial side of both vendors and retailers. He has more than 30 years of experience in business journalism, and has worked for other publications and websites that cover consumer products from both the manufacturer and retailer sides. His outside interests include sports (he is a big fan of the New York teams and of British soccer), cooking, movies and theater. He occasionally enjoys a good cigar as well.

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