BEST Inc. Announces Wind Down of BEST Store+ and Management Change to Increase Focus on Core Businesses
HANGZHOU, China, Nov. 15, 2020 /PRNewswire/ — BEST Inc. (NYSE:BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China, today announced that it will begin to wind down its BEST Store+ (“Store+“) business.
The Company believes that by phasing out Store+, it can eliminate the significant cashflow requirements associated with this early stage business, allowing the Company to further prioritize capital allocation towards its core businesses.
The Company expects to cease all operations of Store+ by the end of the year except for the self-operated WoWo convenience stores, which the Company plans to continue running while evaluating various strategic options. The online merchandise sourcing and store management platform will be handed over to independent third parties for continued operations.
“Store+ provided a creative solution for last-mile delivery and empowered many small merchants to participate in online-to-offline commerce,” said Johnny Chou, Chairman and Chief Executive Officer of BEST Inc. “Over the past several quarters, Store+ has been making encouraging progress in reducing losses. …