Overstock Inc.

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Overstock1.JPG
Type: Public
Industry: Internet Retailer
Founded: 1999
Founder(s): Dr. Patrick M. Byrne
Headquarters: Salt Lake City, Utah
Country: USA
Revenue: $1,089,873,000 as of 2010 [1]
Website: Overstock.com
Facebook: O.co
Twitter:
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@odotco
Key People
Dr. Patrick M. Byrne, Chairman & CEO
Jonathan E. Johnson III, President
Geoff Atkinson, SVP, CRM & Demand Management
Steve Chesnut, SVP Finance
Sam Peterson, SVP Technology

Stormy D. Simon, Board Member & SVP Customer Experience
Stephen Tryon, SVP Logistics

Overstock.com also known O.co is an online close out retail store offering a variety of brand name merchandise including apparel, bed & bath,electronics, home decorations, furniture, jewelry, kitchenware and many other products. The company also maintains an auction site where interested entities will be able to buy and sell products and services. A listing for cars and real estate for sale is also available in the company website.[2]

History

Overstock.com was originally founded by Robert Brazell as D2: Discounts Direct, a limited liability corporation in 1997. D2:Discounts Direct failed and Dr. Patrick M. Byrne acquired the company. In 1999, Byrne launched the company website under its new name, Overstock.com selling excess inventory merchandise with less than 100 products. Byrne established Overstock.com under the principles of value,investing and fair dealing.[3] Brazell remain President and CEO of the new Overstock.com until his resignation on October of 1999. He agreed to serve the company as consultant for 18 months.[4]

At the end of year 1999, the company recorded a total revenue of $1,089,873,000.[5] In 2000, Overstock.com acquired ToyTime.com Inc.,[6] Gear.com, a leading closeout online retailer of sporting goods, online jewelers Miadora.com, Jewelry.com.[7]

In 2002, the company filed its Initial Public Offering (IPO) under the ticker symbol OSTK with the Security and Exchange Commission. Overstock.com offered 3 million common shares at $13 per share and it was able to raise $39 million. [8]

Overstock.com acquired online travel company Ski West Inc. for $ 25 million cash in 2005.[9] The acquisition expanded the company's travel business which was introduced to in 2003. However in 2005, the company decided to sell OTravel.com, its travel services subsidiary because of its $6.9 million loss and a goodwill impairment charge of 4.5 million in 2006.[10]

On April 2011, Overstock.com acquired the naming rights of the Oakland-Alameda County Coliseum for six years. The name of the coliseum is now Overstock.com Coliseum.[11]

Objective

The company aims to become the leading internet-based close-out solution for brand name merchandise holders and the primary one-stop online discount shop for consumers.[12]

Company Growth

Since the company's re-launching 1n 1999 with only less than 100 products to sell, currently Overstock.com has more than 960,000 products for sale on its website. In 2010, it reported a total revenue of more than $1.089 billion with 1500 employees. [13] Overstock.com's business operations expanded internationally. Its services is now available in 32 countries and its online retail store is now offering its products to consumers across 91 countries.[14]

Worldstock Fair Trade

In an effort to provide consumers with cheaper prices, Overstock.com created a department known as the Worldstock Fair Trade (Worldstock.com) by offering products made by artisans from developing countries such as Guatemala, Kenya, Malawi, and Nepal. The company's main objective is not to make profit but to help create jobs for poor craftsmen and craftswomen in different countries around the world. As of September 2011, Worldstock Fair Trade has already created an estimated 10,000 jobs for artisans in 52 countries worldwide. As of August 2011, more than $71 million has been returned to the artisans from the sales price of products under Worldstock.com.[15]

Awards

Overstock.com received several accolades from organizations including:[16]

  • The National Retail Federation & American Express- ranked 4th in Customer Service
  • Stevie Awards- Customer Service Department of the Year and Retail and Sales Department of the Year (2011)
  • Forbes- No. 1 in Employee Satisfaction
  • Glassdoor- One of the Top Ten Best Places to Work in Corporate America

References

  1. ↑ Revenue 2010
  2. ↑ www.overstock.com Who We Are
  3. ↑ Company History
  4. ↑ Overstock.com FORM S-1 REGISTRATION STATEMENT, page 64
  5. ↑ Corporation Information Quick Statistics
  6. ↑ Estate Sale Today
  7. ↑ S.L.-based Overstock.com triples inventory through acquisitions
  8. ↑ overstock.com, Inc. Initial Public Offering
  9. ↑ Overstock.com Acquires Ski West, Inc.
  10. ↑ Overstock.com selling its OTravel.com subsidiary
  11. ↑ Overstock.com Acquires Naming Rights to Oakland-Alameda County Coliseum
  12. ↑ Overstock.com FORM 10-K/A
  13. ↑ Corporate Information
  14. ↑ Overstock.com expands international sales to 32 more countries
  15. ↑ Worldstock Fair Trade
  16. ↑ Awards and Recognition
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