TJX Acquires Wyoming Retailer
The TJX Companies of Framingham has acquired Sierra Trading Post of Cheyenne, Wyo., an off-price web and brick-and-mortar retailer of clothing and outdoor wear, in a cash deal valued at about $200 million.
Sierra, which is privately held, launched its e-commerce business in 1999, and has 700 employees with substantial e-commerce experience and expertise, according to a statement from TJX, the parent company of the T.J. Maxx, Marshalls and HomeGoods store brands.
As part of the transaction, TJX acquired Sierra's office, fulfillment center and photography studios in Cheyenne, its customer call centers in Cheyenne and Cody, Wyo., and its four outlet stores in Idaho, Nevada and Wyoming.
TJX's CEO, Carol Meyrowitz, said the acquisition complements her company's plans to launch e-commerce sites for TJX brands by offering "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."
In a WBJ report earlier this year, one retail analyst said TJX is doing the right thing in working on its e-commerce strategy because that was one of the few areas where the company was lagging.
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