Overstock.com

We are a tech-driven online retailer located near Salt Lake City in the shadow of the Wasatch Mountains. Since our beginnings in 1999, Overstock has evolved from a fledging startup to a billion-dollar online retailer as a result of a hard-working and creative team.

We are passionate about doing our part to make life better. Providing high-quality merchandise, great value, and exceptional customer service is something we’re proud of. You can connect with products and services in new and unexpected ways. 

Industry leaders and influencers recognize Overstock as one of the most trustworthy retail companies in the U.S., ranking high for both customer and employee satisfaction.

Overstock.com, Inc. is an American internet retailer selling primarily furniture headquartered in Midvale, Utah, near Salt Lake City. Patrick M. Byrne founded Overstock.com in 1999. The company initially sold exclusively surplus and returned merchandise on an online e-commerce marketplace, liquidating the inventories of at least 18 failed dot-com companies at below-wholesale prices. The company continues to sell home decor, furniture, bedding, and many other goods that are closeout merchandise; however, it also sells new merchandise.

In May 2002, Overstock held an IPO at a per-share price of $13; furthermore, after achieving significant growth and profits in some early quarters, the company achieved a profit of $7.7 million in 2009 and reported its first billion-dollar year in 2010. The business started rebranding in early 2011, as “O.co”, to simplify and unify its international operations but interrupted this effort a few months later, citing consumer confusion over the new name.

Business Model and Management

Part of Overstock.com’s merchandise is purchased by or manufactured specifically for the company. Among their products are handmade goods produced for Overstock by workers in developing nations. The company also manages the inventory supply for other retailers. In addition to its direct retail sales, Overstock.com began offering online auctions on its website in 2004, known as Overstock.com Marketplace and later O.co Marketplace. This service was retired in July 2011.

After initially relying solely on word-of-mouth marketing from customers, the company turned to distinctive television advertisements starring German actress Sabine Ehrenfeld. Later, they would employ other advertising spokespersons.

In July 2006, John J. Byrne, the father of Overstock’s chief executive, resigned from the board of directors after a public airing of the elder Byrne’s unhappiness with his son’s actions against naked short-selling. In August 2008, Jack Byrne said that after “much initial skepticism” he believed his son was “right all along” about the battle and lawsuits with short-sellers and analysts. In 2010 the elder Byrne returned to the Overstock.com board of directors.

On January 2, 2008, Overstock announced that cofounder Jason Lindsey had resigned as president, COO, and as a director of Overstock effective from December 31, 2007. Byrne said Lindsey had “played a decisive role getting [Overstock] back on track” after “I screwed it up a couple years ago”. Overstock stock dropped to a four-year low following the announcement, which an analyst for investment bank Broadpoint Capital described as a “key loss”.

Naming Rights

During the same year, Overstock.com acquired naming rights to the former Oakland–Alameda County Coliseum, renaming it Overstock.com Coliseum. The Coliseum was later rebranded O.co Coliseum, in keeping with Overstock’s then-rebranding as O.co (in April 2016, the name O.co Coliseum was dropped in favor of Oakland-Alameda Coliseum).

In 2013, Overstock began promoting increased immigration. Overstock president Jonathan Johnson told the Los Angeles Times that his firm had struggled to hire enough computer programmers and software developers to expand the business. “We pay more, and they are still hard to fill”, he said. “We need to be more free in letting people in. That helps us solve our border problem. No one goes through the window of a house if they can ring the doorbell and come in the front door.”

In 2014, Overstock began developing software that would allow it to distribute corporate stock online instead of using traditional methods like the New York Stock Exchange or NASDAQ.

Byrne took an indefinite leave of absence in April 2016, because of hepatitis C complications. The general counsel, Mitch Edwards, was named acting CEO. In July 2016, Byrne returned as CEO.

The company announced a digital dividend with a record date of September 23, 2019. For each 10 shares of traditional stock held, and investor will be entitled to 1 share of Digital Voting Series A-1 Preferred Stock. Initially the digital shares will only be tradable on the PRO Securities alternative trading system, which licenses its technology from tZero, an overstock subsidiary focused on blockchain technology