HANGZHOU, China, Nov. 15, 2020 /PRNewswire/ -- BEST Inc. (NYSE:
BEST) ("BEST" or the "Company"), a leading integrated smart supply
chain solutions and logistics services provider in China,
today announced that it will begin to wind down its BEST
Store+ ("Store+") business.
The Company believes that by phasing out Store+, it
can eliminate the significant cashflow requirements associated with
this early stage business, allowing the Company to further
prioritize capital allocation towards its core businesses.
The Company expects to cease all operations of Store+
by the end of the year except for the self-operated WoWo
convenience stores, which the Company plans to continue running
while evaluating various strategic options. The online merchandise
sourcing and store management platform will be handed over to
independent third parties for continued operations.
"Store+ provided a creative solution for last-mile
delivery and empowered many small merchants to participate in
online-to-offline commerce," said Johnny
Chou, Chairman and Chief Executive Officer of BEST Inc.
"Over the past several quarters, Store+ has been making
encouraging progress in reducing losses. However, as we continue to
deploy capital towards our core businesses in order to strengthen
our position in the increasingly competitive market environment, we
concluded that phasing out Store+ is in the best
interest of our Company as a whole and in line with our commitment
to sustainable profitability and enhancing shareholder value."
In addition, the Company announced a management change to BEST
Express. Effective as of the date of this announcement, Mr.
Shaohua Zhou will cease his role as
Senior Vice President, General Manager of BEST Express, and take up
a new role as special assistant to Mr. Johnny Chou. Mr. Xiaoqing Wang will assume the position of Vice
President, General Manager of BEST Express.
Prior to taking up the new role, Mr. Wang had been General
Manager of BEST's Jiangsu province
branch since 2009, spearheading BEST Express and other service
lines in Jiangsu province,
China. From 2004 to 2009, Mr. Wang
was senior sales manager of the Nanjing branch of UTStarcom China. Mr. Wang
received a bachelor's degree in economics and management from
Nanjing Agricultural University and an EMBA degree from the
University of Texas.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about BEST's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
continue to innovate, meet evolving market trends, adapt to
changing customer demands and maintain its culture of innovation;
fluctuations in general economic and business conditions in
China and other countries in which
BEST operates, and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in BEST's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and BEST does not undertake any obligation to
update any forward-looking statement, except as required under
About BEST Inc.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China. Through its proprietary technology
platform and extensive networks, BEST offers a comprehensive set of
logistics and value-add services, including express and freight
delivery, supply chain management and last-mile services, truckload
service brokerage, international logistics and financial services.
BEST's mission is to create a smarter, more efficient supply chain
in the new retail era by leveraging technology and business model
innovation. For more information, please visit:
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