1847 Goedeker Triples Shipping Capacity with New Fulfillment Center to Meet Expected Rapid Growth in 2021

Rhea-AI Summary

1847 Goedeker Inc. (GOED) announced an upgrade to its fulfillment center, enhancing capacity to support 2021 growth forecasts and Appliances Connection shipments. The new facility will feature a showroom and nearly 200% increase in warehouse capacity, boosting shipping capabilities threefold. The company aims to capitalize on the $21 billion appliance retail industry as the only pure-play online retailer on a major exchange. CEO Doug Moore emphasized that this investment aligns with their vision of achieving billion-dollar revenues and becoming the largest online appliance retailer in the U.S.

Positive

• New fulfillment center enhances capacity by nearly 200%.
• Facility expected to improve shipping capabilities by 3x.
• Aims to capitalize on a $21 billion industry as a unique online retailer.

Negative

• None.

1847 Goedeker Inc. (NYSE American: GOED) (“Goedekers” or the “Company”), a one-stop e-commerce destination for appliances and furniture, today announced the upgrade of its fulfillment center to provide increased capacity to meet the Company’s 2021 growth forecasts and to support Appliances Connection’s regional shipments.

“Our new fulfillment center includes an on-trend retail space in a high-growth corridor and will showcase premium brand offerings,” stated Jacob Guilhas, Vice President of Logistics for 1847 Goedeker. “The new showroom and nearly 200 percent increase in warehouse capacity will help us meet our 2021 projections and serve as an expanded warehouse to support Appliances Connection’s customers in the western-half of the US. The expanded capacity will also allow us to inventory the best-selling products, reducing time from order to shipment and driving a 3x improvement to shipping capacity compared to our current facility.”

The Company expects to start using the warehouse space immediately and open its new showroom by April 2021. As the new facility’s latest tenant, Goedeker’s build out of the space will maximize efficiencies, including expanded cross-docking capabilities for improved order to shipment times.

"We are addressing a $21 billion industry as the only pure play online appliance retailer listed on a major exchange, and we are still at an early stage of capitalizing on this tremendous opportunity," stated Doug Moore, CEO of 1847 Goedeker. "Over the past year, we have been investing in people, processes, and systems, and this new facility is another important milestone for these initiatives. Combined with our highly targeted digital marketing platform, we believe these investments will drive significant revenue growth and dramatically increase our market share as we continue to execute on our vision of growing Goedeker's to a billion-dollar revenue company, and in the process, becoming the largest, most profitable online retailer of appliances in the US."

About 1847 Goedeker Inc.

1847 Goedeker is an industry leading e-commerce destination for appliances, furniture, and home goods. Since its founding in 1951, Goedekers has transformed from a local brick and mortar operation serving the St. Louis metro area to a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. While the Company maintains its St. Louis showroom, over 90% of sales are placed through its website (www.goedekers.com). Goedekers provides visitors an easy to navigate shopping experience and offers more than 185,000 items organized by category and product features. Specialization in the home category has enabled Goedekers to build a shopping experience and an advanced logistics infrastructure that is tailored to the unique characteristics of the market. Learn more at www.goedekers.com.

About Appliances Connection

Founded in 2000, Appliances Connection is one of the leading retailers of household appliances with a 200,000 square foot warehouse in Hamilton, NJ and a 23,000 square foot showroom in Brooklyn, New York. Appliances Connection carries many household name brands, including Bosch, GE, Frigidaire, Whirlpool, LG, and Samsung, and also carries many major luxury appliance brands such as Verona, Thermador, La Cornue, Dacor, Smeg, and Viking. Appliance Connection provides appliance installation services and old appliance removal services. In addition to selling appliances, it also sells furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on 1847 Goedeker Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and 1847 Goedeker Inc. undertakes no duty to update such information except as required under applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005512/en/