R&R Imports to Serve as Manufacturer, Retailer Liaison for B2B Online Auction

CloseOutNow.com(TM), a cutting edge, one-stop, B2B auction servicing the $100 billion plus market of excess fashion inventories, announced today that it has acquired R & R Imports, a licensee firm that has specialized in the distribution of surplus inventories of numerous, well-known apparel firms for the past seven years.

"Acquiring R&R Imports and retaining its top management brings great value to CloseOutNow.com," said Steven R. Lubinski, CEO. "Richard and Richard will play integral roles as liaisons between retailers, manufacturers and the site. There couldn't be a better combination of experience and talent to enhance CloseOutNow.com's capabilities than the masterminds behind R&R Imports."

Richard Cole and Richard Vieira, founders of R&R Imports, built a substantial business filling an ever-present need in the fashion industry for distribution of surplus inventory. As CloseOutNow.com's Managing Directors of Sales and Merchandising, the two bring a wealth of expertise with a combined sixty-year track record in the retail and manufacturing industries. Channeling their knowledge of fashion labels, seasonality of product and market fluctuations, Cole and Vieira have been enlisted to lead the B2B site to the achievement of projected milestones in solidifying its customer base.

Former chairman and CEO of the M.I. Group of Manhattan Industries for nearly 20 years, Cole's focus is the cultivation and management of relationships with retailers and manufacturers, drawing upon his extensive experience in "cut, make and trim" production. Vieira's responsibilities include maintaining the site's integrity by evaluating vendors' closeout apparel to determine appropriate resale value for auction. Previous, long-time ownership of OP's Only, an off-price buying office, developed Vieira's expertise in merchandising.

"We want to help fashion firms realize that they no longer need to make expensive trips to market where they only see a few showrooms of merchandise, spend the better part of the trip working out the purchase, the logistics and transportation of goods, then have to turn around and make the long trip back to home base," said Cole. "CloseOutNow.com simplifies the entire process enabling buyers to see a limitless number of products right from their desktop and make all the attendant arrangements online, including transportation of goods, allowing them to spend more valuable time in their stores."

CloseOutNow.com facilitates a virtual international marketplace where buyers and sellers of unsold branded and non-branded inventories of fashion merchandise are matched through auction. The site's global reach provides buyers an expanded spectrum for purchase of product and sellers a worldwide platform to broaden their current exposure, substantially increasing opportunities for distribution. Replacing the traditional middleman, or "jobber," by putting manufacturers and wholesalers in direct contact with retailers, CloseOutNow.com offers buyers and sellers considerably improved profit margins on merchandise that has historically made only pennies on the dollar.

"Business to business on the Internet is the future of the fashion industry. It will eventually overtake the demand for bricks and mortar middlemen like R&R Imports," said Vieira. "We feel that this a great opportunity to get involved on the front end, lend our expertise and help to shape the nature of e-commerce in the fashion market, rather than wait to be replaced by it in a few years."

About CloseOutNow.com(TM)

CloseOutNow.com is a privately held, B2B on-line auction site for excess inventories of branded and non-branded fashion merchandise. Based in Manhattan's Fashion District, CloseOutNow.com offers a global solution for manufacturers, wholesalers and retailers, both in its scope of services and its geographic reach. The company is the brainchild of fashion field notables Steven R. Lubinski, Chairman and CEO, and R. Fulton Macdonald, Vice Chairman and chief e-commerce officer, who together bring over 70 years of fashion and retail industry experience to the venture. In addition to facilitating a global marketplace, the full-service auction provides financing and logistical support, if necessary, to its customers.