Liquidity Services Expands Footprint with New Distribution Center in Pennsylvania

Rhea-AI Summary

Liquidity Services (NASDAQ: LQDT) has announced the opening of a new 100,000 square foot warehouse in Northern Pennsylvania, enhancing its retail segment operations. This expansion aims to lower freight costs and improve shipping cycles for clients in the Northeast, with an expected 75% reduction in shipping expenses. The facility, strategically located near major interstates, will facilitate better service to omni-channel retailers and e-commerce brands. It aligns with the company's sustainability goals by optimizing logistics and reducing the carbon footprint.

Positive

• Opening of a 100,000 square foot warehouse in Northern Pennsylvania.
• Expected 75% reduction in shipping costs for Northeast clients.
• Enhanced service capabilities for omni-channel retailers and e-commerce brands.

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• None.

PITTSTON, Pa., Nov. 4, 2021 /PRNewswire/ -- Liquidity Services, (Nasdaq: LQDT), operator of the world's largest B2B e-commerce marketplace for retail, industrial and government surplus, today announced its northeast expansion with the opening of a new 100,000 square foot warehouse in Northern Pennsylvania for its Retail segment. With a significant base of retail and e-commerce clients, as well as buyers in the region, this new location offers customers improved shipping cycles, lower freight costs, and an option for onsite pickups. These benefits make Liquidity Services' supply of used, returned and excess inventory available in more cost-effective ways for Northeast buyers.

"E-commerce is experiencing massive growth in the retail sector. We're seeing parallel growth in the secondary market. Expanding our footprint to accommodate the growing number of returns and unsold items is a natural extension of our e-commerce marketplace and logistics infrastructure. This new location allows us to best serve buyers and sellers in the Northeast," said Bill Angrick, Co-Founder, CEO and Chairman of Liquidity Services. "We chose this location to better serve several large omni-channel retailers and growing e-commerce brands who are operating fulfillment and return centers in the immediate area and larger Northeast corridor."

The current delays and high costs in shipping, both globally and domestically, have significantly impacted manufacturers and retailers. Liquidity Services expects to see as much as a 75% reduction in shipping costs for both inbound sellers and outbound buyers in the Northeast region by operating this new distribution center. Previously, the closest company facility to the region was in Indiana.

"Over time, the product mix flowing through this new distribution center will resemble the broad mix of items we have on our Liquidation.com marketplace," said Jeff Rechtzigel, Vice President of Retail at Liquidity Services.  "We receive inventory from major retailers on the east coast ranging from tools and hardware to lighting, appliances, furniture, home décor, housewares and more. This new location allows us to reduce our carbon footprint in a number of ways - from shipping and transportation costs, to refurbishing and reselling used products, and breaking down packaging materials like cardboard and Styrofoam for reuse."

Eco-Friendly Inside and Out
The building is situated in an industrial park in Pittston focused on making the least possible environmental impact while maximizing preservation of natural areas.  The warehouse is just minutes away from five interstates, two hours from New York and Philadelphia, with 51 million people living within a 200-mile radius. The building features abundant outdoor space and high ceilings to optimize racking and storage space, with several dock doors and parking spaces to accommodate a steady flow of inbound and outbound delivery trucks.

As with all Liquidity Services buildings, the Pennsylvania warehouse employs sustainability programs and utilizes technologies that extend the life of products and materials that flow through the warehouse. The company has developed proprietary software that optimizes product dispositioning and handling while minimizing waste.   

"The only thing we want to go to waste in our buildings is truly trash - everything else is redeployed, reused and repurposed - from pallets to cardboard to electronics. Our mission is to extend the life of every product's original intended purpose," added Rechtzigel.

About Liquidity Services
Liquidity Services (NASDAQ: LQDT) operates the world's largest B2B e-commerce marketplace platform for surplus assets with over $8.5 Billion of completed transactions, to approximately 4 million qualified buyers worldwide and 15,000 corporate and government sellers. It supports clients' sustainability efforts by helping them extend the life of assets, prevent unnecessary waste and carbon emissions, and defer products from landfills. Through its vital mission of Building a Better Future for Surplus, Liquidity Services has played an integral role in many of its clients' zero-waste initiatives and worked with corporations, federal and municipal government agencies to pioneer some of the largest green initiatives to date, deferring billions of pounds of surplus assets from landfills. For more information visit www.liquidityservices.com.

Press Contact:
Karen Blondell
Lightspeed PR/M for Liquidity Services
424-263-7371
karen@lightspeedpr.com

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SOURCE Liquidity Services