Cost Plus World Market Expands GT Nexus-Powered Global Supply Chain Operating Platform to Support New Customs ISF Requirements
Data in existing system used to automate filing and compliance with U.S. Customs’ new Importer Security Filing (ISF) Rule
Oakland CA, March 31, 2010 – GT Nexus today announced that Cost Plus World Market (NASDAQ: CPWM) has successfully expanded its use of the GT Nexus global supply chain operating platform to include functions that allow the retailer to comply with the new U.S. Customs and Border Protection’s Importer Security Filing (ISF) rule, which came into full effect on January 26, 2010.
The ISF rule – also known as the “10+2 rule” – requires all U.S. importers to electronically submit containerized shipment details before ocean vessels depart the origin port. Importers that fail to comply with the rule face fines and/or costly supply chain delays.
Cost Plus World Market is a leading specialty retailer of casual home living and entertaining products. The company operates more than 260 stores in 30 states and reported $1 billion in sales for FY 2008.
GT Nexus has served as the retailer’s global trade and logistics operating platform for the past several years. The platform serves as a central data repository for purchase orders, shipments, inventory, events, documents, and supply chain costs. While originally deployed to provide global supply chain visibility and control, the system also captures and standardizes the very information elements that U.S. Customs requires for ISF compliance.
“The new U.S. Customs ISF rule has the potential to seriously disrupt import supply chains,” said Jeff Turner, EVP Operations and CIO at Cost Plus World Market. “With GT Nexus, we had the difficult task of collecting timely and accurate inventory information already done. When the ISF rule took effect in January, we were already in compliance with an automated system.”
“Most companies are either manually keying ISF data into filing systems or paying partners to do it for them,” said Greg Johnsen, co-founder and EVP of marketing at GT Nexus. “There are few importers who have a fully automated ISF solution like the one Cost Plus is running on our portal.“
The Advanced ISF solution in use at Cost Plus gathers data from digitized purchase orders, vendor documents, and origin processes. The system then auto-populates an ISF compliance form with the right information. Users at Cost Plus then review the data and submit it directly to U.S. Customs at the click of a button.
The platform also provides information on filing status and event milestones in an easily digestible “dashboard” format that gives a quick overview of what needs most attention. The data can also be managed and viewed at a much finer-grained level, down to specific items and orders.
As U.S. Customs steps up its enforcement of the ISF rule after an introductory grace period, the ability to identify inventory that is at risk for an ISF-related delay will be a key tool to help Cost Plus minimize supply chain disruptions.
“Customs has indicated that it will issue fines and do-not-load orders for shipments that don’t have proper ISF documentation,” added Turner. “This was a risk we weren’t willing to take. The GT Nexus ISF technology was the ideal option because it is part of the same core technology that’s supporting our import operations. This allows us to proactively manage any orders and shipments that are at risk of missing the ISF cut-off window.”
The entire platform is provided to Cost Plus as an on-demand service over the Web. The GT Nexus portal connects Cost Plus with its network of carriers, suppliers, 3PLs and brokers, which, in turn, allows operational data to be captured and standardized in a central repository. A suite of Web applications provides Cost Plus with visibility, transportation management, document automation, supplier enablement, and ISF capabilities.
About Cost Plus World Market
Cost Plus, Inc (NASDAQ: CPWM) operates more than 260 stores in 30 states under the names “World Market” and “Cost Plus World Market.” The stores feature an ever-changing selection of casual home furnishings, housewares, gifts, decorative accessories, gourmet foods and beverages offered at great prices and imported from more than 50 countries. Many items are unique and exclusive to Cost Plus World Market. All are regularly supplied by an international network of individual and regional artisans developed over the Company’s 50 years in the import business. The value, breadth and continual refreshment of products invites customers to come back throughout a lifetime of changing home furnishings and entertaining needs. For more information, visit www.worldmarket.com <http://www.worldmarket.com/> .
About GT Nexus
GT Nexus runs the world's only industry-backed, on-demand global trade & logistics portal. Today, more than 40,000 registered users, from over 15,000 organizations use a range of capabilities on the portal to optimize the global flow of goods and trade information from order point to final payment. GT Nexus connects the physical and financial supply chains. This allows buyers, sellers, banks and logistics providers to work over a common platform with a core set of information that supports multiple trade and logistics functions. Customers include Xerox, American Eagle Outfitters, Procter & Gamble, Weyerhaeuser and The Home Depot. For information, visit www.gtnexus.com <http://www.gtnexus.com> .
Oakland CA, March 31, 2010 – GT Nexus today announced that Cost Plus World Market (NASDAQ: CPWM) has successfully expanded its use of the GT Nexus global supply chain operating platform to include functions that allow the retailer to comply with the new U.S. Customs and Border Protection’s Importer Security Filing (ISF) rule, which came into full effect on January 26, 2010.
The ISF rule – also known as the “10+2 rule” – requires all U.S. importers to electronically submit containerized shipment details before ocean vessels depart the origin port. Importers that fail to comply with the rule face fines and/or costly supply chain delays.
Cost Plus World Market is a leading specialty retailer of casual home living and entertaining products. The company operates more than 260 stores in 30 states and reported $1 billion in sales for FY 2008.
GT Nexus has served as the retailer’s global trade and logistics operating platform for the past several years. The platform serves as a central data repository for purchase orders, shipments, inventory, events, documents, and supply chain costs. While originally deployed to provide global supply chain visibility and control, the system also captures and standardizes the very information elements that U.S. Customs requires for ISF compliance.
“The new U.S. Customs ISF rule has the potential to seriously disrupt import supply chains,” said Jeff Turner, EVP Operations and CIO at Cost Plus World Market. “With GT Nexus, we had the difficult task of collecting timely and accurate inventory information already done. When the ISF rule took effect in January, we were already in compliance with an automated system.”
“Most companies are either manually keying ISF data into filing systems or paying partners to do it for them,” said Greg Johnsen, co-founder and EVP of marketing at GT Nexus. “There are few importers who have a fully automated ISF solution like the one Cost Plus is running on our portal.“
The Advanced ISF solution in use at Cost Plus gathers data from digitized purchase orders, vendor documents, and origin processes. The system then auto-populates an ISF compliance form with the right information. Users at Cost Plus then review the data and submit it directly to U.S. Customs at the click of a button.
The platform also provides information on filing status and event milestones in an easily digestible “dashboard” format that gives a quick overview of what needs most attention. The data can also be managed and viewed at a much finer-grained level, down to specific items and orders.
As U.S. Customs steps up its enforcement of the ISF rule after an introductory grace period, the ability to identify inventory that is at risk for an ISF-related delay will be a key tool to help Cost Plus minimize supply chain disruptions.
“Customs has indicated that it will issue fines and do-not-load orders for shipments that don’t have proper ISF documentation,” added Turner. “This was a risk we weren’t willing to take. The GT Nexus ISF technology was the ideal option because it is part of the same core technology that’s supporting our import operations. This allows us to proactively manage any orders and shipments that are at risk of missing the ISF cut-off window.”
The entire platform is provided to Cost Plus as an on-demand service over the Web. The GT Nexus portal connects Cost Plus with its network of carriers, suppliers, 3PLs and brokers, which, in turn, allows operational data to be captured and standardized in a central repository. A suite of Web applications provides Cost Plus with visibility, transportation management, document automation, supplier enablement, and ISF capabilities.
About Cost Plus World Market
Cost Plus, Inc (NASDAQ: CPWM) operates more than 260 stores in 30 states under the names “World Market” and “Cost Plus World Market.” The stores feature an ever-changing selection of casual home furnishings, housewares, gifts, decorative accessories, gourmet foods and beverages offered at great prices and imported from more than 50 countries. Many items are unique and exclusive to Cost Plus World Market. All are regularly supplied by an international network of individual and regional artisans developed over the Company’s 50 years in the import business. The value, breadth and continual refreshment of products invites customers to come back throughout a lifetime of changing home furnishings and entertaining needs. For more information, visit www.worldmarket.com <http://www.worldmarket.com/> .
About GT Nexus
GT Nexus runs the world's only industry-backed, on-demand global trade & logistics portal. Today, more than 40,000 registered users, from over 15,000 organizations use a range of capabilities on the portal to optimize the global flow of goods and trade information from order point to final payment. GT Nexus connects the physical and financial supply chains. This allows buyers, sellers, banks and logistics providers to work over a common platform with a core set of information that supports multiple trade and logistics functions. Customers include Xerox, American Eagle Outfitters, Procter & Gamble, Weyerhaeuser and The Home Depot. For information, visit www.gtnexus.com <http://www.gtnexus.com> .