This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The TJX Companies, Inc. Acquires Off-Price Internet Retailer Sierra Trading Post

The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced that it 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.

Sierra Trading Post is a privately held company which launched its e-commerce business in 1999. The company has successfully grown its business to over $200 million in annual revenue, is profitable, 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.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “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. Further, we are confident that TJX can help grow the Sierra business profitably through our buying scale, marketing and our other capabilities.”

Meyrowitz continued, “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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,628.33 +187.74 1.08%
S&P 500 2,094.93 +27.29 1.32%
NASDAQ 5,095.59 +55.8140 1.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs