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Framingham, Mass. -- The TJX Cos. said Friday it has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyoming, for approximately $200 million in cash.
The purchase was financed from TJX’s existing cash balances.
Sierra Trading Post is a privately held company that launched its e-commerce business in 1999. The company has successfully grown its business to more than $200 million in annual revenue, and has a strong organization of approximately 700 associates with substantial e-commerce experience and expertise.
As part of this 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 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, said Carol Meyrowitz, CEO, TJX Cos. “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.”
The TJX Cos. 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.