TJX To Buy Off-Price Australian Retailer Trade Secret For A$80 Mln

(RTTNews) - TJX Companies, Inc. (TJX) said Tuesday that it has agreed to buy Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Ltd. (GZL.AX) for a purchase price of A$80 million.

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

TJX expects the deal to be completed by the end of calendar 2015.

Trade Secret offers branded apparel for women, men and children, as well as footwear, accessories and home fashions at great values. Virtually all of the Trade Secret stores are located in the eastern part of Australia. Trade Secret opened its first store in 1992 and since then, has grown to A$164.5 million in revenue for its fiscal year ended June 2015.