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CANTON, Mass. and REDWOOD SHORES, Calif. -- Cumberland Farms Inc., the largest convenience store/ petroleum marketer in the Northeast with more than 900 locations, selected the Oracle E-Business Suite to help improve financial reporting and establish a platform for growth across its retail, fuel distribution and property management businesses.
The chain will use the applications to gain greater insight into results of operations, internal controls and synergies across those core business operations. The Oracle implementation is part of Cumberland Farms' strategy to manage growth as its retail enterprise expands throughout an 11-state region in the northeastern United States and Florida.
"The Oracle team had deep expertise in our core business and understood our unique challenges," said William Barnes, vice president, corporate controller for the Canton, Mass.-based chain. "We require speed and agility in the retail environment, and the ability to identify and enhance synergies across our lines of business. Oracle applications will help us establish a core platform that supports our entire enterprise and helps us grow profitably. Our legacy information systems will not get us there alone."
Cumberland Farms decided to upgrade its information systems to help streamline its financial reporting systems, improve internal controls and provide the foundation for future system enhancements. After a comprehensive evaluation of solutions, the chain selected Oracle because its applications best met the company's requirements for a scalable platform and functionality that would readily support all facets of its business.
"We've selected a phased approach that will give us immediate benefits in financial management, while leveraging existing legacy systems and setting the course for long-term growth," Barnes added.
Oracle Financial Management will comprise the first phase of implementation and will help the chain immediately streamline and improve financial reporting, while enabling compliance with corporate governance best practices. The company expects to close month-end reports faster and gain more precise and visible internal controls, enabling financial managers to scale the business for growth.
"Cumberland Farms represents a complex business model shared by many companies, combining consumer retail, wholesale and real estate operations," said Gladys Lau, Oracle's senior industry director for retail. "Oracle applications are uniquely suited to enable Cumberland Farms to quickly achieve its objectives, while gaining flexibility for managing and growing its businesses."