Spin, I totally agree. I liked it @ 6 and bought in, only to get stopped out. They have a brand new state of the art 1.2million square foot distribution center in Virginia to service the East Coast. Last year they did NOT have a distribution center on the East coast.
This is the PR that mentions the new center back in August. Note the print in bold.
eToys Inaugurates East Coast Distribution Center in Virginia, an Anchor of Fulfillment Strategy
BLAIRS, Va.--(BUSINESS WIRE)--Aug. 29, 2000--eToys Inc. (Nasdaq:ETYS - news) today officially inaugurated its East Coast distribution complex and said the facilities, which will process and ship the bulk of the company's customer orders in the eastern half of the U.S., are now fully operational, well in advance of the 2000 holiday season.
Virginia Governor Jim Gilmore, state and local dignitaries and eToys officials, including President and CEO Toby Lenk, attended today's dedication.
The complex, which is located in south central Virginia near the North Carolina border, covers roughly 1.2 million square feet in two adjacent buildings and employs state-of-the-art automated and manual operations. The company began shipping orders from its first building here in late March. The newly-built second building is dedicated to receiving and storing inventory.
During peak season, the Blairs operation is expected to pick, pack and ship more than 100,000 items - ranging from toys and videos to books and baby products - per day. Shipments will be made by FedEx, UPS and the United States Postal Service, providing a combination of air and ground transport that will operate seven days a week during the holiday season. The Blairs facilities will employ approximately 1500 permanent and temporary employees at the height of the season.
In 1999, Governor Gilmore approved a $200,000 grant from the Governor's Opportunity Fund to assist Pittsylvania County (Va.) with site preparation for the original building. The county matched those funds and eToys applied the grants to the Blairs project.
Said eToys' Mr. Lenk: ``Today is a milestone in the evolution of our company. Building a national distribution capability, with strong operations close to our customers, has been a strategic priority for us. The Blairs facilities, coupled with our Southern California hub, position us extremely well coming into the holiday season and give us ample fulfillment capacity for at least the next two years.''
``This expansion confirms that all regions of the Commonwealth can prosper in economic development,'' Governor Gilmore said. ``eToys now has better access to their East Coast markets and will benefit from hiring Virginia's skilled workers. This decision also reinforces my administration's commitment to assisting technology firms in their quest for growth.''
The first Blairs building incorporates 440,000 square feet of automated processing space, including advanced conveyance and sortation systems, that will anchor the company's East Coast operations during the holiday season. That building is supplemented by 720,000 square feet of reserve inventory storage and manual processing capability on the second Blairs site. The company has also recently completed its West Coast distribution center in Ontario, Calif., a 763,000 square foot facility that houses both manual processing capability and reserve storage to serve customers in the western U.S.
About eToys.com
Based in Santa Monica, Calif., eToys Inc. (www.eToys.com; www.eToys.co.uk; AOL Keyword eToys) is the premier Internet retailer for children's products with an extensive selection of both nationally advertised and specialty toys, software, books, videos, music, video games, and baby oriented-products. By combining this extensive selection, with helpful and fun ideas and award-winning customer service, eToys offers consumers a unique one-stop source for children's products. Through its wholly owned subsidiary, BabyCenter, Inc. (www.babycenter.com), eToys offers Webby-award winning content and community, as well as an extensive selection of merchandise for new and expectant parents.
Forward-Looking Statements
Statements made in this document that are forward-looking involve risks and uncertainties that could cause results to differ materially from those expressed. Such risks and uncertainties include, but are not limited to, the company's expectation of operating losses and negative cash flow for the foreseeable future. Other risks are set forth in the company's form 10-K and in its quarterly form 10-Q for the period ended June 30, 2000.
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Contact:
eToys Inc.
Lori Riano, 804/835-1143 (Blairs, Va.)
Ken Ross, 310/664-8410 (Santa Monica, Calif.) |
