LINENS ’N THINGS SELECTS GLOBALNETXCHANGE FOR ONLINE NEGOTIATIONS
CONTACT:
Melissa Gisler
GlobalNetXchange
415.283.3804 or mgisler@gnx.com
Leading home specialty retailer joins GNX, leverages GNX Negotiations for
goods-for-resale purchasing
San Francisco, CA. – June 17, 2002 -- GlobalNetXchange (GNX), the leading
global B2B marketplace for the retail industry, today announced that Linens
`n Things (NYSE:LIN), the New Jersey-based home furnishings retailer, has
joined the exchange. Linens ’n Things, with over $1.8 billion in annual
sales and more than 350 superstores offering home textiles, housewares and
decorative home accessories throughout the U.S. and Canada, has already
implemented and begun actively using GNX’s online negotiation tool to
purchase goods for resale.
"Linens `n Things views online negotiations as a promising new tool that
will assist us in streamlining – and driving down costs in -- our
procurement process," said William Giles, senior vice president and chief
financial officer of Linens `n Things. "Partnering with GNX is a
cost-effective way to access not only world-class technology solutions, but
also the community of experience and best practices that accelerates
adoption. We chose GNX because they were the most advanced in terms of user
support and goods for resale experience.”
“We’re delighted that Linens `n Things has chosen to partner with GNX to
enhance the effectiveness of their procurement process,” said Joe Laughlin,
chief executive officer of GNX. “Linens ’n Things’ high volume of activity
in their first few months with GNX reflects a growing trend among specialty
retailers who have adopted online auctions as the way they buy non-branded
and private label goods for resale.”
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 Linens `n Things
Linens `n Things, Inc., with 2001 sales of $1.8 billion, is one of the
nation’s largest and fastest growing specialty retailers of home textiles,
housewares and decorative home accessories. As of March 30, 2002, the
company operated 348 stores in 43 states and in four provinces across
Canada. More information about Linens ’n Things can be found online at
www.linensnthings.com.
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