CONTACT:
Melissa Gisler
GlobalNetXchange
415.283.3804 or mgisler@gnx.com
Leading department store retailer partners with GNX following successful deployment of auction program for apparel purchasing
San Francisco, CA. – July 24, 2002 -- GlobalNetXchange (GNX), the leading B2B marketplace for the retail industry, today announced that Federated Department Stores, Inc., (NYSE:FD) (PCX:FD), the largest U.S.-based department store retailer, has joined the exchange. Having completed a successful auction pilot program, Federated will now integrate the GNX Negotiations solution into their global procurement process for apparel and other goods for resale.
With over $15.6 billion in annual sales, Federated operates more than 460 stores in 34 states, Guam and Puerto Rico, under the names of Macy`s, Bloomingdale`s, The Bon Marche, Burdines, Goldsmith`s, Lazarus and Rich`s.
"Customers depend on Federated stores to deliver innovative private brands and excellent value. In fulfilling this mission, we are aggressive in our pursuit of strategies, like online negotiations, that can help us drive down costs in our operations, while also helping buyers be more productive," said Harry Frenkel, chief financial officer and S.V.P finance/logistics/facilities for Federated Merchandising Group. "The benefits of auction procurement for non-branded and private brand goods are proven. We’ve chosen to partner with GNX because they offer an auction tool and support services tailored to retail buying processes -- and the opportunity to learn best practices from GNX’s retailer community.”
“Federated is a leader among department store retailers in the size and strength of their private brand program. The fact that they are entrusting the mission-critical private label buying function to GNX is further validation of the breadth and depth of our retail-focused solution,” said Joe Laughlin, chief executive officer of GNX. “We are very pleased to extend our relationship with Federated, and will continue to work closely with them to integrate online auctions as a standard process for purchasing private brand goods across the Federated organization.”
About GlobalNetXchange
GlobalNetXchange, LLC is the retail industry exchange focused on customer success. GNX helps retailers and manufacturers streamline the processes at the core of their business and drive down costs across the entire supply chain. GNX equity partners include many of the world`s largest retailers: Carrefour SA; Coles Myer Ltd.; Karstadt Quelle AG; The Kroger Co.; METRO AG; Pinault-Printemps-Redoute SA; J Sainsbury plc; and Sears, Roebuck and Co. More information is available at www.gnx.com or +1 (415) 399-0990.
About Federated
Federated, with corporate offices in Cincinnati and New York, is one of the nation`s leading department store retailers, with annual sales of more than $15.6 billion. Federated currently operates more than 460 stores in 34 states, Guam and Puerto Rico, under the names of Macy`s, Bloomingdale`s, The Bon Marche, Burdines, Goldsmith`s, Lazarus and Rich`s. The company also operates macys.com and Bloomingdale`s By Mail.
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