Benzinga | Jul 26, 2021 01:24PM EDT

Bed Bath & Beyond Partners With Ryder System For Supply Chain Modernization

* Bed Bath & Beyond Inc (NASDAQ:BBBY) has partnered with Ryder System Inc (NYSE:R) to modernize its supply chain system.

* Ryder will develop and operate two regional distribution centers to reduce product replenishment times to Bed Bath & Beyond and buybuy BABY stores to less than ten days from the current 35 days.

* The partnership underscores the company's ongoing progress with its supply chain initiatives, as announced last October to allocate $250 million of capital investments.

* "The modernization of our supply chain is one of our core operational transformation initiatives to create greater efficiencies and reduce 'out of stock' occurrences for our customers," said COO John Hartmann.

* The first regional distribution center, which will open this fall, will be a one-million-square-foot facility in Frackville, Pennsylvania.

* It will provide merchandise to stores throughout the Northeast for both in-store shopping and online shopping services.

* Ryder will then open a similar facility next year in Southern California. These two new facilities will each create 300 new jobs in their local communities.

* Price action: BBBY shares are trading higher by 2.47% at $29.43, while R is trading down 1.12% at $72.59 on the last check Monday.