CloseOutNow.com Creates Alliance with US Factory Outlets, Inc. Becoming "Clicks and Mortar" Site.Business Editors NEW YORK--(BUSINESS WIRE)--July 17, 2000 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 Auction To Form Management Company Offering Additional Distribution Channel for Excess Fashion Inventories CloseOutNow.com(TM), a cutting edge, one-stop, B2B auction servicing the estimated $100 billion plus market of excess fashion inventories announced today that it has formed a strategic alliance with U.S. Factory Outlets, Inc. (USFO) to create an additional distribution channel for suppliers to sell their merchandise. "While CloseOutNow.com provides an alternative to the traditional means of distributing excess inventory, there will be some suppliers who may choose to sell their merchandise at retail rather than at less than cost," said Steven 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. of CloseOutNow.com. "To assist those suppliers, we are pleased to offer another option - distribution through U.S. Factory Outlet stores An outlet store or factory outlet is a retail store in which manufacturers sell their stock directly to the public through their own branded stores. The stores can be can be brick and mortar or online. throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." 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 B2B site posts inventory listings of apparel, footwear and accessories making them available for bid by CloseOutNow.com customers around the globe. U.S. Factory Outlets, which features bargains and closeouts of all types of merchandise, will act as an additional distribution platform for suppliers. "USFO's alliance with CloseOutNow.com is a great opportunity for us to expand our offerings. With ties to manufacturers and retailers around the world, the site provides us with a greatly expanded international sourcing base," said Fred Raiff, USFO chairman and CEO. "Our involvement will automatically increase the variety of fashion merchandise available in our stores as well as provide CloseOutNow.com's customers the option to distribute their merchandise through our retail stores. Basically, this means that the supplier now has a chain of retail outlet retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → stores to sell their products. By using USFO, the supplier will be getting a bigger return on their merchandise. The main difference is that instead of being paid a lower price up front, they will receive a larger return over a period of time." The B2B auction site will form the CloseOutNow Management Company to implement this alliance with U.S. Factory Outlets, whose stores are located throughout the United States. USFO will sell the inventory on a consignment basis, realizing a percentage of retail value for merchandise sold. Suppliers will also receive a percentage with CloseOutNow Management Company obtaining a portion of the retail value of goods sold for its part in channeling suppliers' excess inventories to USFO. About CloseOutNow.com(TM) CloseOutNow.com is a privately held, B2B on-line auction exchange 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 support, if necessary, to its customers. About U.S. Factory Outlets, Inc. Established in 1983, USFO operates stores in Arkansas, Arizona, California, Indiana, Illinois, Minnesota, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Missouri, North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). , Massachusetts, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Pennsylvania, Mississippi, Tennessee, Virginia and Texas with headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . It offers manufacturers closeouts and other items at a discount of 75 percent off department store prices. The manufacturers - often more than 300 per store - provide a merchandise mix of hard and soft goods soft goods pl.n. See dry goods. Noun 1. soft goods - textiles or clothing and related merchandise drygoods commodity, trade good, good - articles of commerce targeted at a price-sensitive family market. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion