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Synergy Brands received $3mn orders from PHS Group
16 Aug '06
1 min read
Synergy Brands Inc, announced that its wholly owned subsidiary, PHS Group, has received orders valued at almost $3 million from a leading discount retailer and a major nationwide US retailer for new proprietary grocery products owned or licensed by PHS.
This is the first time that PHS has done business with these two retailers on proprietary products and it is anticipated that there would be additional activity with them in the future.
The major retailer has 5000 stores with more than $40 billion in sales per year. The discount retailer has 3000 stores with total revenues of approximately $12 billion for the last fiscal year. Due to competitive and confidentiality factors, Synergy cannot reveal the identities of these retail operators.
Synergy believes that these business arrangements should increase gross margins for its profitable grocery operations due to its proprietary brand control.
Chicago based Synergy Brands distributes promotional brand-name grocery, cigars, general merchandise and health and beauty products.
This is the first time that PHS has done business with these two retailers on proprietary products and it is anticipated that there would be additional activity with them in the future.
The major retailer has 5000 stores with more than $40 billion in sales per year. The discount retailer has 3000 stores with total revenues of approximately $12 billion for the last fiscal year. Due to competitive and confidentiality factors, Synergy cannot reveal the identities of these retail operators.
Synergy believes that these business arrangements should increase gross margins for its profitable grocery operations due to its proprietary brand control.
Chicago based Synergy Brands distributes promotional brand-name grocery, cigars, general merchandise and health and beauty products.
Synergy Brands Inc
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