Discount retailer The TJX Companies Inc.TJX recently completed the takeover of Australian off-price retailer Trade Secret for AUD$80 million ($58 million).
Trade Secret offers branded apparel for women, men and children, as well as footwear, accessories and home fashions. Its stores are located across Australia through Queensland, New South Wales, Victoria and the Capital Territory.
TJX acquired Trade Secret from Gazal Corporation Ltd. and the buyout is subject to customary post-closing adjustments. With this buyout, the company debuted in Australia, the third continent following Canada and Europe and the eighth country.
Trade Secret complements TJX's business and will help it to capitalize on the growth opportunities in Australia.
Apart from carrying on strategic acquisitions, TJX has been shuffling its top management also. Recently, the company named Ernie Herrman as the new CEO effective Jan 31, 2016. He has been associated with TJX since 1989 and took office as the President in Jan 2011. Herrman boasts a rich and illustrious career at the company and will retain his position as the President. Incidentally Herman headed the takeover of Trade Secret while he was the President of the company.
The company also added him as a director effective immediately.
TJX currently carries a Zacks Rank #4 (Sell).
Stocks to Consider