Web-based B2B Marketplace Offers Simplified Online Trade MINNEAPOLIS,
April 26 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY) today
announced that it has become a founding member of the WorldWide
Retail Exchange, the web-based, business-to-business marketplace
founded last month. The open marketplace is expected to benefit
all participating retailers and suppliers by offering the ability
to make business decisions closer to the time of consumer demand
thereby reducing costs.
"Use of the Worldwide Retail Exchange is expected to improve
Best Buy operational efficiencies in the supply chain benefiting
our suppliers, our Company, and ultimately our consumers," said
Marc D. Gordon, Best Buy CIO. "The open exchange provides an equal
opportunity for all participants to benefit from the business
process functionality and standardization of information offered
within the Exchange."
Best Buy will use the Exchange for the procurement of merchandise,
supplies, equipment, infrastructure and other business-related
goods and services from participating suppliers.
"The strength of the Best Buy brand brings important strategic
supplier relations and increased business activity to the WorldWide
Retail Exchange," said a spokesman for the Exchange. "A strong
Exchange is in the interests of all members. It is expected to
become the standard for e-commerce transactions, decreasing costs
for all parties involved."
Statements made in this news release, other than those concerning
historical financial information, should be considered forward-looking
and subject to various risks and uncertainties. Such forward-looking
statements are based on management's beliefs and assumptions regarding
information currently available, and are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. The Company's actual results could differ
materially from those expressed in the forward-looking statements.
Factors that could cause results to vary include, among others,
those identified in the Company's filings with the Securities
and Exchange Commission. The Company has no obligation to publicly
update or revise any of the forward-looking statements that may
be in this news release.
Minneapolis-based Best Buy Co., Inc. is the nation's largest
volume specialty retailer of consumer electronics, personal computers,
entertainment software and appliances. The Company operates 358
retail locations in 39 states, and will soon launch its new e-commerce
site at http://www.BestBuy.com
.
CONTACT:
Laurie Bauer of Best Buy Co.
612-947-2450
or
laurie.bauer@bestbuy.com
07:29 EDT
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