Terms of the investment were not disclosed. Aptos’ solution is positioned in the market as an “end-to-end” platform that includes solutions for point-of-sale, customer relationship management, warehouse management, analytics and audit and operations management.
Forman Mills was founded in 1985 and is based in Pennsauken, N.J. The company operates 36 stores in nine states and via an e-commerce site. It offers consumers apparel, footwear and home goods.
“The retailer has grown from a single store to a chain of ‘big-box’ warehouse-style stores and is now poised to enter its next stage of growth and expansion in connection with [an October] investment from New York-based Goode Partners LLC,” the companies said today.
Allen Weinstein, executive chairman and interim chief executive officer of Forman Mills, said the Aptos platform “will enable us to better serve our customers through a faster and more efficient checkout process and provide us tools to match assortment and store inventory allocations to customer needs.” The ceo also noted that the solution provider’s cloud delivery model “also eliminates the need for significant infrastructure and hosting investment.”
Noel Goggin, ceo of Aptos, said the retailer has grown substantially over the past three decades “to become a major multistate retailer in the off-price sector.” Within the apparel sector, the off-price companies, which includes TJX Cos., Ross Stores and Burlington Stores, have outperformed the sector – in sales and earnings growth, according to recent analyst reports. A research note from Telsey Advisory Group last month said off-price retailers are expected to continue growing this year.