GNX ANNOUNCES THAT KMART HAS JOINED THE EXCHANGE
Leading discount store retailer leverages GNX Negotiations to improve buying efficiency, reduce costs
San Francisco, CA. – January 8, 2004-- GlobalNetXchange (GNX), a leading e-business solution and service provider for the global retail industry, today announced that Kmart Holding Corporation, operator of one of the largest U.S.-based discount retailers, has signed a new customer agreement. Initially, Kmart will use the GNX Negotiations solution to purchase a wide variety of merchandise, goods and service, with plans to evaluate supplier performance management initiatives with GNX in the near future.
Established in 1899, Kmart Corporation is a mass merchandising company that has been serving America with Kmart retail outlets for more than 100 years. With annual sales of approximately $25 billion, Kmart operates 1,512 stores in locations across the United States, the Caribbean and Guam. K-Mart was also a founding member of the World Wide Retail Exchange.
"For Kmart to achieve its financial objectives, we absolutely must ensure that our buying and supply chain operations are as efficient and effective as possible. After an evaluation of all solution providers in the market, we have chosen to partner with GNX because they are the leader in online negotiations for the retail industry, and can help us take our auction program to the next level," said Bruce Johnson, Senior Vice President, Supply Chain and Operations. In addition, we look forward to evaluating how their collaborative supplier Performance Management tool could drive greater efficiencies for our supply chain."
He continued, "GNX’s retail focus and the opportunity to leverage best practices from other leading retailers were key factors in Kmart’s decision to work exclusively with them for exchange-enabled procurement and supply chain activities."
"Kmart is very experienced in auction procurement, and we are delighted they have chosen GNX to further scale their negotiations program, especially in goods-for-resale," said Joe Laughlin, Chief Executive Officer of GNX. "Kmart went through an extensive evaluation process to determine the critical tools needed to support their business as they move forward. The selection of GNX is a strong endorsement of our ability to drive significant ROI and process efficiency for retailers."
About GlobalNetXchange
GNX is an e-business solution and service provider for the global retail industry. GNX solutions help retailers, manufacturers and their trading partners reduce costs and improve efficiency by streamlining and automating sourcing and supply chain processes. With a hosted platform, comprehensive customer support and deep retail experience, GNX simplifies the implementation process – and makes technology investments go further. GNX customers include many of the world`s largest retailers and manufacturers: Federated; Carrefour; Coles Myer; KarstadtQuelle AG; The Kroger Co.; Metro Group; Pinault-Printemps-Redoute SA; Ace Hardware; J Sainsbury plc; Sears, Roebuck and Co.; Bed Bath & Beyond; Diageo; Unilever; Colgate-Palmolive; and Kimberly Clark. Based in San Francisco, California, GNX also has offices in England, France, Germany and Japan. More information is available at www.gnx.com or 415.399.0990.
About Kmart Holding Corporation
Kmart Holding Corporation (NASDAQ: KMRT) and its subsidiaries (together, "Kmart") is a mass merchandising company that offers customers quality products through a portfolio of exclusive brands that include THALIA SODI, DISNEY, JACLYN SMITH, JOE BOXER, KATHY IRELAND, MARTHA STEWART EVERYDAY, ROUTE 66 and SESAME STREET. Kmart operates more than 1,500 stores in 49 states and is one of the 10 largest employers in the country with 170,000 associates. For more information visit Kmart`s website at www.kmart.com.
Cautionary Statement Regarding Forward-Looking Information and Other Matters
Statements made by Kmart that address activities, events or developments that we expect or anticipate may occur in the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Kmart’s current views with respect to current events and financial performance. Such forward-looking statements are based upon assumptions concerning future conditions that may ultimately prove to be inaccurate and involve risks, uncertainties and factors that could cause actual results to differ materially from any anticipated future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, factors relating to Kmart’s internal operations and the external environment in which it operates; marketplace demand for the products of Kmart’s key brand partners as well as the engagement of appropriate new brand partners; increasing competition from other retailers; Kmart’s ability to operate pursuant to its exit financing facility; outcome of negotiations on collective bargaining agreements and other labor issues with unions representing employees in Kmart’s distribution centers; Kmart’s ability to obtain and maintain normal terms with its vendors, attract and retain customers, obtain and maintain appropriate inventory, implement its business plan and strategies, attract, motivate and/or retain key executives and associates; and other risks detailed in Kmart’s Securities and Exchange Commission filings. Kmart undertakes no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances after the date such statements were made.
CONTACT:
Melissa Gisler
GlobalNetXchange
415.283.3804
mgisler@gnx.com
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