TJX Companies Closes Acquisition Of Australian Off-Price Retailer Trade Secret

(RTTNews) - TJX Companies Inc. (TJX) said that it has completed its acquisition of Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited (GZL.AX) for a purchase price of A$80 million subject to customary post-closing adjustments.

The acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where TJX currently operates one of its 13 buying offices.

Trade Secret offers branded apparel for women, men and children, as well as footwear, accessories and home fashions at great values. Trade Secret stores are located in Queensland, New South Wales, Victoria, and the Capital Territory. Trade Secret opened its first store in 1992 and since then, has grown to over A$160 million in revenue for its fiscal year ended June 2015.