UNION, N.J., July 26, 2021 /PRNewswire/ -- Bed
Bath & Beyond Inc. (NASDAQ: BBBY) today announced the next step
in its transformation, which is modernizing and reinventing its
supply chain to significantly improve merchandise replenishment.
Through a strategic partnership with Ryder System, Inc. (NYSE: R),
Ryder will develop and operate two regional distribution centers
that will reduce product replenishment times to Bed Bath &
Beyond® and buybuy BABY® stores to less than 10 days from the
current 35 days, thereby improving the customer experience. This
partnership with Ryder underscores Bed Bath &
Beyond's ongoing progress with its supply chain initiatives,
as the Company last October announced plans to allocate
$250 million of capital investments
in its reinvention of this critical business area over the next
several years.
"The modernization of our supply chain is one of our core
operational transformation initiatives to create greater
efficiencies and reduce 'out of stock' occurrences for our
customers," said John Hartmann,
Chief Operating Officer for Bed Bath & Beyond, and President of
buybuy BABY. "As we provide our customers with an omni-always
shopping environment, it is imperative for our growth to invest in
our supply chain to ensure that we are meeting the needs of the
business and our valued customers. Ryder is a clear leader in
logistics, and we look forward to leaning on their expertise and
capabilities to help modernize our supply chain and distribution
network operations."
Ryder, a leading logistics and supply chain solutions
company, was selected from a competitive request for proposal
process that began last year. The first regional distribution
center will be a one-million-square-foot modern facility, with the
potential for expansion, located in Frackville, Pa. It will provide merchandise to
stores throughout the Northeast for both in-store shopping and
online shopping services such as Buy Online Pickup in Store or
Curbside, Same Day Delivery, and Ship from Store. This regional
distribution center will open this fall, and Ryder will then open a
similar facility next year in Southern
California. These two brand new facilities will each create
300 new jobs in their local communities.
"When we first started talking with Bed Bath & Beyond about
its omni-always strategy, we knew our two companies would be a
great fit," said Steve Sensing,
president of global supply chain solutions for Ryder. "We share the
same steadfast commitment to providing an elevated customer
experience; and, in today's environment, that means meeting
consumers where, when, and how they choose to engage. Ryder helps
brands do just that, so our customers can focus on their core
business."
The selection of Ryder as a third-party logistics provider
continues Bed Bath & Beyond's investments to modernize its
operations as part of a company-wide transformation strategy. This
includes the selection of Oracle earlier this year as the Company's
Enterprise Resource Planning (ERP) technology provider and
announcement of RELEX Solutions, a retail-focused omni-channel
visibility tool that, among many benefits, will provide real-time
visibility into the supply chain. These added technology solutions
will enable the Company to track the merchandise and products
stored and distributed by these new regional distribution centers,
enabling greater efficiencies and capabilities to plan and forecast
product replenishment to improve in-stock positions and speed to
market.
Additional elements of Bed Bath & Beyond executing against its
transformation include launching six Owned Brands ahead of
schedule, re-opening its newly redesigned flagship store emblematic
of a plan to remodel 450 stores, continued progress to becoming a
digital-first, omni-always retailer, and introducing a new brand
positioning.
About Bed Bath & Beyond
Bed Bath & Beyond
Inc. and subsidiaries (the "Company") is an omnichannel
retailer that makes it easy for our customers to feel at home. The
Company sells a wide assortment of merchandise in the Home, Baby,
Beauty and Wellness markets. Additionally, the Company is a
partner in a joint venture which operates retail stores
in Mexico under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, buybuybaby.com,
buybuybaby.ca, harmondiscount.com, facevalues.com,
and decorist.com.
About Ryder
Ryder System, Inc. (NYSE: R) is a leading logistics and
transportation company. It provides supply chain, dedicated
transportation, and fleet management solutions, including full
service leasing, rental, and maintenance, used vehicle sales,
professional drivers, transportation services, freight brokerage,
warehousing and distribution, e-commerce fulfillment, and last mile
delivery services, to some world's most-recognized brands. Ryder
provides services throughout the United
States, Mexico,
Canada, and the United Kingdom. In addition, Ryder manages
nearly 235,000 commercial vehicles and operates more than 300
warehouses encompassing approximately 64 million square feet. Ryder
is regularly recognized for its industry-leading practices in
third-party logistics, technology-driven innovations, commercial
vehicle maintenance, environmentally friendly solutions, corporate
social responsibility, world-class safety and security programs,
military veteran recruitment initiatives, and the hiring of a
diverse workforce. www.ryder.com
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SOURCE Bed Bath & Beyond Inc.