TJX Cos. Inc., the Framingham-based owner of T.J. Maxx and Marshalls stores, said it bought discount online retailer Sierra Trading Post for about $200 million.
The privately-held Sierra Trading Post, which launched in 1999 and is headquartered in Cheyenne, Wyoming, generates annual revenue of more than $200 million. The company specializes in apparel, footwear, and home furnishings.
As part of the deal, TJX said, it is acquiring Sierra Trading Post’s office, distribution center and photography studios in Cheyenne, customer call centers in Cheyenne and Cody, Wyoming, and four outlet stores in Idaho, Nevada and Wyoming.
“We are very pleased with the addition of Sierra Trading Post,” TJC chief executive Carol Meyrowitz said in a statement. “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 also indicated that TJX is not planning a major management shake-up at Sierra Trading Post. She cited its “deep Internet retailing experience.” and called the company management “a complement to the strong e-commerce team we have built within TJX.” .