UNION, N.J., March 25, 2021 /PRNewswire/ -- Bed Bath
& Beyond Inc. (Nasdaq: BBBY) today announced another step in
its $250 million technology
transformation with the selection of RELEX Solutions as its
inventory management technology partner. RELEX Solutions will
provide technology solutions to modernize and drive efficiencies in
the Company's inventory management systems that support its store
network and distribution centers.
The cloud-based technology platform will deliver automated
forecasting, replenishment, and allocation planning to improve the
Company's in-stock position and inventory turnover, enhancing the
customer experience while driving sales and gross margin
improvements.
Scott Lindblom, Chief Technology
Officer of Bed Bath & Beyond said, "We are leading with a
digital-first, omni-always approach to build authority in our
core markets and make it easy to feel at home. Investing in modern
inventory management technologies is a critically important
component of this approach. We are delighted to partner with
RELEX Solutions to help drive efficiencies in our business, improve
our ability to respond to customer demand with agility, and enhance
the experience for our customers however they choose to shop with
us."
"We are thrilled to partner with Bed Bath & Beyond and to
support their omnichannel growth with our market-leading,
machine-learning enabled forecasting and replenishment solution,"
says Carlos Victoria, SVP Sales, Americas for RELEX Solutions.
"RELEX will enable Bed Bath & Beyond to reduce inventory across
their channels and automate their supply chain processes while also
improving their already impressive customer service levels."
Today's news follows other recent technology transformation
announcements to modernize the Company's enterprise resource
planning (ERP) and expand its utilization of cloud-based
solutions. The Company will begin to implement technologies from
RELEX Solutions in the spring of 2021 as part of its ERP
rollout.
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.
Bed Bath & Beyond operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, facevalues.com
and decorist.com
About RELEX Solutions
RELEX Solutions is a leading provider of cutting-edge retail
optimization software that's built for the age of Living Retail,
where change is the only constant. We help retailers adapt to every
future, faster.
Our cloud-native Living Retail Platform delivers pragmatic AI
across all retail functions and at retail scale, eradicating
siloes, rigidities and inefficiencies along the way. We offer a
fast lane to value that builds from a foundation of radically
improved demand forecasting and supply chain optimization. Our
customers leverage this enhanced supply chain visibility into
exponential benefits — optimizing their space, allocation,
workforce, pricing and promotion strategies, all within our unified
platform.
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.