The Framingham-based TJX Cos. will buy an Australian retailer, Trade Secret, for approximately $58.5 million, TJX announced Wednesday.
TJX said it has reached an agreement to buy the off-price retailer, with 35 stores in Australia, from Gazal Corp. Ltd. for $80 million Australian dollars. TJX said it operates a buying office in Australia but doesn’t have stores there.
The acquisition highlights opportunities for international growth, Chairman and CEO Carol Meyrowitz said in a statement. The company has already expanded into Europe and Canada, she said, explaining that the Australian market is similar to the Canadian market that TJX entered in 1990 with its acquisition of Winners.
“We are excited about the anticipated addition of Trade Secret to the TJX family of companies and expanding to another continent,” Meyrowitz said. “We view Trade Secret as a good fit with our own corporate culture and are looking forward to growing this business for the future.”
TJX expects the acquisition to be completed by the end of this year.
