UNION, N.J., Feb. 11, 2021 /PRNewswire/ -- Bed Bath
& Beyond Inc. (Nasdaq: BBBY) today announced it has
selected Oracle as its Enterprise Resource Planning (ERP)
technology provider. Oracle Cloud will provide real-time financial,
supply chain and merchandising solutions, replacing the Company's
legacy suite of technology systems and delivering new data,
insights and planning capabilities.
John Hartmann, Bed Bath &
Beyond's Chief Operating Officer and President of buybuy BABY said,
"We are building authority in Home, Baby, Beauty and Wellness with
a digital-first, omni-always and customer-inspired approach.
Oracle's proven leadership and state-of-the-art technologies will
allow us to better serve customers and improve the efficiency and
effectiveness of our business. Additionally, the agile partnership
will enable continual innovation and improvement as our enterprise
evolves."
The ERP deployment is the first key component in the Company's
$250 million technology investment
roadmap to deploy industry-leading solutions that enhance the
experience for customers and drive efficiencies across the
enterprise. These technology investments will enable the use of
analytics and automation to support improvements in merchandising
and inventory management, product life cycle management, retail
space planning and optimization, the launch of an array of exciting
Owned Brands, and real-time tracking of merchandise fulfilment
within the supply chain. Oracle Cloud ERP will also provide
real-time financial and operational insight to support strategic
planning decisions.
"Having the right retail technology in place is fundamental to
Bed Bath & Beyond's transformation strategy and Oracle is proud
to be supporting them in this journey," said Mike Webster, Senior Vice President and General
Manager, Oracle Retail. "By adopting Oracle Cloud, Bed Bath &
Beyond will be better able to manage its continually evolving
inventory, plan margins, and improve sales forecasting in a
digital-first shopping environment."
About Bed Bath & Beyond Inc.
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.
About Oracle
Oracle offers suites of integrated applications plus
secure, autonomous infrastructure in the Oracle Cloud. For
more information about Oracle (NYSE: ORCL), please visit us
at oracle.com.
Oracle and Java are registered trademarks of Oracle
Corporation.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's progress and
anticipated progress towards its long-term objectives, plans with
respect to potential asset sales, as well as more generally the
status of its future liquidity and financial condition. Many of
these forward-looking statements can be identified by use of words
such as may, will, expect, anticipate, approximate, estimate,
assume, continue, model, project, plan, goal, and similar words and
phrases, although the absence of those words does not necessarily
mean that statements are not forward-looking. The Company's actual
results and future financial condition may differ materially from
those expressed in any such forward-looking statements as a result
of many factors. Such factors include, without limitation: general
economic conditions including the housing market, a challenging
overall macroeconomic environment and related changes in the
retailing environment; risks associated with COVID-19 and the
governmental responses to it, including its impacts across the
Company's businesses on demand and operations, as well as on the
operations of the Company's suppliers and other business partners,
and the effectiveness of the Company's actions taken in response to
these risks; consumer preferences, spending habits and adoption of
new technologies; demographics and other macroeconomic factors that
may impact the level of spending for the types of merchandise sold
by the Company; civil disturbances and terrorist acts; unusual
weather patterns and natural disasters; competition from existing
and potential competitors across all channels; pricing pressures;
liquidity; the ability to achieve anticipated cost savings, and to
not exceed anticipated costs, associated with organizational
changes and investments, including the Company's strategic
restructuring program; the ability to attract and retain qualified
employees in all areas of the organization; the cost of labor,
merchandise and other costs and expenses; potential supply chain
disruption due to trade restrictions, and other factors such as
natural disasters, pandemics, including the COVID-19 pandemic,
political instability, labor disturbances, product recalls,
financial or operational instability of suppliers or carriers, and
other items; the ability to find suitable locations at acceptable
occupancy costs and other terms to support the Company's plans for
new stores; the ability to establish and profitably maintain the
appropriate mix of digital and physical presence in the markets it
serves; the ability to assess and implement technologies in support
of the Company's development of its omnichannel capabilities; the
ability to effectively and timely adjust the Company's plans in the
face of the rapidly changing retail and economic environment,
including in response to the COVID-19 pandemic; uncertainty in
financial markets; volatility in the price of the Company's common
stock and its effect, and the effect of other factors, including
the COVID-19 pandemic, on the Company's capital allocation
strategy; risks associated with the ability to achieve a successful
outcome for the Company's business concepts and to otherwise
achieve its business strategies; the impact of intangible asset and
other impairments; disruptions to the Company's information
technology systems, including but not limited to security breaches
of systems protecting consumer and employee information or other
types of cybercrimes or cybersecurity attacks; reputational risk
arising from challenges to the Company's or a third party product
or service supplier's compliance with various laws, regulations or
standards, including those related to labor, health, safety,
privacy or the environment; reputational risk arising from
third-party merchandise or service vendor performance in direct
home delivery or assembly of product for customers; changes to
statutory, regulatory and legal requirements, including without
limitation proposed changes affecting international trade; changes
to, or new, tax laws or interpretation of existing tax laws; new,
or developments in existing, litigation, claims or assessments;
changes to, or new, accounting standards; foreign currency exchange
rate fluctuations; and the other factors summarized in the
Company's reports filed with the U.S. Securities and Exchange
Commission. The Company does not undertake any obligation to update
its forward-looking statements.
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SOURCE Bed Bath & Beyond Inc.