Overstock.com
is an Internet leader for name-brands at clearance prices. At Overstock.com
they help you shop smarter, by offering top-quality name-brand merchandise
at 40 - 80% off, every day of the week.
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History In the spring of 1999, Patrick Byrne recognized the potential in liquidating excess inventory through the Internet. Up until then, consumers had relied upon far-off outlet centers with crowds and limited product selections for finding bargains, and small retailers found little access into the world of closeout merchandise. Meanwhile, adoption of online shopping was skyrocketing. Patrick calculated that while the Internet would prove inefficient at competing with normal retail channels, it was tailor-made for liquidation due to the highly fragmented and inefficient nature of the industry in the offline world. Six months later and with no outside funding, the Overstock.com website launched with the mission of being the premier company selling excess inventory through the Internet. Founded on the principles of value investing and fair dealing, Overstock.com has quickly become the on-line leader in a market valued at $60 billion in the United States. Since then, Overstock.com's gross merchandise sales have blossomed from $1.8 million in 1999 to nearly $70 million in 2001. Overstock.com calculates that, since launching the site in October 1999, Overstock.com has saved consumers more than $100 million off the retail prices recommended by manufacturers. What
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