GSI Commerce to Develop and Operate Linens'N Things Online Business
KING OF PRUSSIA, PENNSYLVANIA, April 30, 2003 - GSI COMMERCE, INC. (NASDAQ: GSIC), a leading outsource solution provider for e-commerce, announced today that it has entered into a service agreement with Linens ‘n Things, Inc. (NYSE: LIN) for GSI Commerce to support their online retail business.
Linens ‘n Things is one of the leading, national large-format retailers of home textiles, housewares and home accessories and operates 400 stores in 45 states and four Canadian provinces as of April 5, 2003. Under the terms of the service agreement, GSI Commerce will support Linens ‘n Things’ e-commerce business by providing, among other things, technology and merchandise fulfillment on behalf of Linens ‘n Things. Linens ‘n Things’ online business, which is operated through the Company’s website at www.lnt.com, complements its in-store shopping experience by enabling its guests to purchase an extensive selection of quality home furnishing products, access information on store locations or access gift registries.
Commenting on the agreement, Norman Axelrod, Chairman and Chief Executive Officer, said, “We are excited to align ourselves with GSI Commerce to enhance and build upon our existing online business of Linens ‘n Things. After evaluating alternatives, we concluded that GSI offered the best solution for Linens ‘n Things to maximize our opportunity in e-commerce.”
Michael Rubin, Chairman and Chief Executive Officer of GSI Commerce, said, ”Linens ‘n Things is a great company with an already strong online business. We look forward to supporting their growth opportunities in this channel of distribution.”
About GSI Commerce
GSI Commerce is a leading outsource solution provider for e-commerce. The company develops and operates e-commerce businesses for retailers, branded manufacturers, media companies, television networks and professional sports organizations. The GSI Commerce platform includes Web site design and development, e-commerce technology, customer service, fulfillment, merchandising, content development and management, and online and database marketing.
About Linens ‘n Things, Inc.
Linens ‘n Things, Inc. is one of the leading, national large-format retailers of home textiles, housewares and decorative home accessories. As of January 4, 2003, the company operated 391 stores in 45 states and four Canadian provinces. More information about Linens ‘n Things, Inc. can be found online at www.lnt.com.
Forward-Looking Statements
All statements made in this release, other than statements of historical fact, are forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “would”, “should”, “guidance”, “potential”, “continue”, “project”, “forecast” and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce and the industry and markets in which the company operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward- looking statements. Factors which may affect GSI Commerce’s business, financial condition and operating results include the effects of changes in the economy, consumer spending, the stock market and the industries in which GSI Commerce operates, changes affecting the Internet, e-commerce and direct response marketing, the ability of the company to maintain relationships with strategic partners and suppliers, the ability of the company to timely and successfully develop, maintain and protect its technology and product and service offerings and execute operationally, the ability of the company to attract and retain qualified personnel, the ability of the company to successfully launch new businesses and integrate acquisitions of other businesses and the performance of acquired businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the Securities and Exchange Commission. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise specifically stated by GSI Commerce.
Contact:
Media Contact:
Dawn Fryer
Corporate Communications Coordinator
GSI Commerce, Inc.
(610) 491-7013
fryerd@gsicommerce.com
