To spend 360 mln usd (Il Sole 24 Ore Radiocor) - New York, 21 Aug - The TJX Companies, a US off-price apparel and home fashions retailer, said that it has signed a definitive agreement to pay 360 million dollars for a 35% ownership stake in the privately-held company Brands for Less (BFL).

BFL is based in Dubai and is the region's only major off-price branded apparel, toys and home fashions retailer, according to TJX.

BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business.

"As TJX seeks to continue its global growth, this transaction gives the company an opportunity to invest in an established, off-price retailer with significant growth potential," the US retailer said.

The stake in BFL is expected to be slightly accretive to earnings per share beginning in fiscal 2026, it added.

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(RADIOCOR) 21-08-24 19:26:18 (0500) 5 NNNN