Sierra Trading Post (STP), which has acted as a primary clearance outlet for outdoor sporting goods, has been acquired by The TJX Companies, Inc. The purchase price of approximately $200 million, or one times STP’s annual sales, was paid in cash, financed from TJXs existing cash balances and is subject to customary post-closing adjustments.

TJX expects that this transaction will be slightly accretive to earnings beginning in fiscal 2014, but that this impact will not be material to TJXs consolidated financial statements.

Sierra Trading Post is a privately held company which launched its e-commerce business in 1999. The company has successfully grown its business to over $200 million in annual revenue, is profitable, and has a strong organization of approximately 700 associates with substantial e-commerce experience and expertise. As part of this transaction, TJX acquired Sierras office, fulfillment center and photography studios in Cheyenne, its customer call centers in Cheyenne and Cody, WY, and its four outlet stores in Idaho, Nevada and Wyoming.

We are very pleased with the addition of Sierra Trading Post to the TJX family,” said Carol Meyrowitz, CEO of The TJX Companies, Inc. “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 continued, As an off-price online retailer, Sierra Trading Post shares many characteristics with TJX. As we do, Sierra offers branded apparel, footwear and home furnishings at great values, has a very loyal customer base, strong vendor relationships, and operates with a low cost structure. We also see Sierras management team, with their deep Internet retailing experience, as a complement to the strong e-commerce team we have built within TJX. Further, we see the organization and company culture at Sierra Trading Post as a great fit with our own. The addition of Sierra Trading Post further strengthens our opportunities for growth and we welcome its management team and organization to the TJX family of companies.

Peter J. Solomon Company, LLC, and BofA Merrill Lynch acted as financial advisors and Ropes & Gray LLP provided legal counsel to the Company in connection with this transaction.