Off-price retailer TJX has acquired discount online retailer Sierra Trading Post in a $200m (£124.5m) cash deal.

TJX is developing online shopping sites for its own brands and the acquisition adds online operating capabilities and infrastructure.

TJX chief executive Carol Meyrowitz said: “We see Sierra’s management team, with its deep internet retailing experience, as a complement to the strong ecommerce team we have built within TJX.

“We see the organisation and company culture at Sierra Trading Post as a great fit with our own. The addition of Sierra Trading Post further strengthens opportunities for growth.”