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The TJX Companies Inc., has bought discount Internet retailer Sierra Trading Post for about $200 million in cash, the companies announced last month.
TJX is developing online shopping sites for its private label brands, and this acquisition adds immediate e-commerce abilities. As part of the transaction, TJX acquired Sierra’s office, fulfillment center and photography studios in Cheyenne, Wyoming, its customer call centers in Cheyenne and Cody, Wyoming, and its four outlet stores in Idaho, Nevada and Wyoming.
“We are very pleased with the addition of Sierra Trading Post to the TJX family,” TJX CEO Carol Meyrowitz stated. “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. Further, we are confident that TJX can help grow the Sierra business profitably through our buying scale, marketing and our other capabilities.
“As an off-price online retailer, Sierra Trading Post shares many characteristics with TJX. As we do, Sierra offers branded apparel, footwear and home furnishings at great values, has a very loyal customer base, strong vendor relationships, and operates with a low cost structure. We also see Sierra’s management team, with their deep Internet retailing experience, as a complement to the strong e-commerce team we have built within TJX. Further, we see the organization and company culture at Sierra Trading Post as a great fit with our own. The addition of Sierra Trading Post further strengthens our opportunities for growth and we welcome its management team and organization to the TJX family of companies.”
TJX is the leading discount retailer of apparel and home fashions in the U.S. and worldwide, including T.J. Maxx, Marshalls, and HomeGoods stores in the U.S.