Wednesday, logistics solutions provider Velocity Express Corp. (VEXP) announced that it won a multi-year contract worth more than $30 million from specialty department store operator Stage Stores, Inc.(SSI).
Under the contract, Velocity Express will provide logistics services to Stage Stores' Peebles brand stores throughout the Midwest, Northeast and Southeast. The total transportation solution will include daily store replenishment and vendor inbound transportation services to 310 Peebles stores, Velocity said.
Commenting on the deal Vincent Wasik, chief executive officer of Velocity Express, said "Our new agreement with Stage is confirmation that the top retailers recognize the value that Velocity brings to this business segment."
Houston, Texas-based Stage Stores owns more than 715 stores throughout the United States, and under the "Peebles" name, it operates throughout the New England, Mid Atlantic, Southeastern and Midwestern states.
VEXP is currently trading $1.03, up $0.68, or 194% on Nasdaq and SSI at $12.82, up $0.49, 3.97% on NYSE.
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