CloseOutNow.com Acquires Brains of Bricks and Mortar Firm to Help Shape Future of e-Commerce Fashion Market.Business, Technology & Fashion Editors NEW YORK--(BUSINESS WIRE)--May 25, 2000 R&R Imports to Serve as Manufacturer, Retailer Liaison for B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Online Auction CloseOutNow.com(TM), a cutting edge, one-stop, B2B auction servicing the $100 billion plus market of excess fashion inventories, announced today that it has acquired R & R Imports, a licensee firm that has specialized in the distribution of surplus inventories of numerous, well-known apparel firms for the past seven years. "Acquiring R&R Imports and retaining its top management brings great value to CloseOutNow.com," said Steven R. Lubinski, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Richard and Richard will play integral roles as liaisons between retailers, manufacturers and the site. There couldn't be a better combination of experience and talent to enhance CloseOutNow.com's capabilities than the masterminds behind R&R Imports." Richard Cole
Richard Cole (born January 2, 1946) was heavily involved in the rock music business from the mid-1960s to 2003, and is most famous for being the tour manager of English rock band Led Zeppelin from and Richard Vieira, founders of R&R Imports, built a substantial business filling an ever-present need in the fashion industry for distribution of surplus inventory. As CloseOutNow.com's Managing Directors of Sales and Merchandising, the two bring a wealth of expertise with a combined sixty-year track record in the retail and manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation . Channeling their knowledge of fashion labels, seasonality of product and market fluctuations, Cole and Vieira have been enlisted to lead the B2B site to the achievement of projected milestones in solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its customer base. Former chairman and CEO of the M.I. Group of Manhattan Industries for nearly 20 years, Cole's focus is the cultivation and management of relationships with retailers and manufacturers, drawing upon his extensive experience in "cut, make and trim" production. Vieira's responsibilities include maintaining the site's integrity by evaluating vendors' closeout closeout, closure the finalization of a feeding program in a feedlot. The cattle are sold and a balance sheet is struck which includes the costs of feeding and housing or confining them. apparel to determine appropriate resale value for auction. Previous, long-time ownership of OP's Only, an off-price buying office, developed Vieira's expertise in merchandising. "We want to help fashion firms realize that they no longer need to make expensive trips to market where they only see a few showrooms of merchandise, spend the better part of the trip working out the purchase, the logistics and transportation of goods, then have to turn around and make the long trip back to home base," said Cole. "CloseOutNow.com simplifies the entire process enabling buyers to see a limitless number of products right from their desktop and make all the attendant arrangements online, including transportation of goods, allowing them to spend more valuable time in their stores." CloseOutNow.com facilitates a virtual international marketplace where buyers and sellers of unsold branded and non-branded inventories of fashion merchandise are matched through auction. The site's global reach provides buyers an expanded spectrum for purchase of product and sellers a worldwide platform to broaden their current exposure, substantially increasing opportunities for distribution. Replacing the traditional middleman mid·dle·man n. 1. A trader who buys from producers and sells to retailers or consumers. 2. An intermediary; a go-between. , or "jobber A merchant, middle person, or wholesaler who purchases goods from a manufacturer in lots or bulk and resells the goods to a consumer, or to a retailer, who then sells them to a consumer. One who buys and sells on the stock exchange or who deals in stocks, shares, and Securities. ," by putting manufacturers and wholesalers in direct contact with retailers, CloseOutNow.com offers buyers and sellers considerably improved profit margins on merchandise that has historically made only pennies on the dollar. "Business to business on the Internet is the future of the fashion industry. It will eventually overtake o·ver·take tr.v. o·ver·took , o·ver·tak·en , o·ver·tak·ing, o·ver·takes 1. a. To catch up with; draw even or level with. b. To pass after catching up with. 2. the demand for bricks and mortar A store (shop, supermarket, department store, etc.) in the real world. Contrast with clicks and mortar. middlemen like R&R Imports," said Vieira. "We feel that this a great opportunity to get involved on the front end, lend our expertise and help to shape the nature of e-commerce in the fashion market, rather than wait to be replaced by it in a few years." About CloseOutNow.com(TM) CloseOutNow.com is a privately held, B2B on-line auction site for excess inventories of branded and non-branded fashion merchandise. Based in Manhattan's Fashion District, CloseOutNow.com offers a global solution for manufacturers, wholesalers and retailers, both in its scope of services and its geographic reach. The company is the brainchild brain·child n. An original idea or plan attributed to a person or group. brainchild Noun Informal an idea or plan produced by creative thought Noun 1. of fashion field notables Steven R. Lubinski, Chairman and CEO, and R. Fulton Macdonald, Vice Chairman and chief e-commerce officer, who together bring over 70 years of fashion and retail industry experience to the venture. In addition to facilitating a global marketplace, the full-service auction provides financing and logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation support, if necessary, to its customers. |
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