TJX completes $58.5M acquisition
The Framingham-based TJX Cos. has completed its acquisition of Australian retailer Trade Secret for approximately $58.5 million, TJX announced over the weekend.
TJX has cleared regulatory hurdles and completed the purchase of the company with 35 stores in Australia, from Gazal Corp. Ltd. for $80 million Australian dollars. The acquisition of Trade Secret gives TJX an entry into the Australian market, where TJX currently operates one of its 13 buying offices.
The business is closely aligned with TJX’s own off-price retail business and offers immediate “scale and first-mover advantages in Australia,” according to Carol Meyrowitz, chairwoman and CEO of TJX. It represents the company’s third continent and eighth country, Meyrowitz said in a statement.
The TJX board recently announced that Meyrowitz, the company’s longtime CEO,would step down by the end of 2016 with current president of the company Ernie Herrman named her successor.
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