In the spring of 1999, Dr. Patrick M. 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. 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 bookings (previously called gross merchandise sales or
GMS) have blossomed from $1.8 million in 1999 to more than $540 million in 2004.
Overstock.com delivers the best name-brand values to consumers.
Overstock purchases only top quality inventory from manufacturers, distributors,
importers, retailers, e-tailers and catalog companies that are commonly left
with excess merchandise due to the uncertainty of predicting exactly what, when
and how much of their products will sell. Overstock also purchases inventories
in bankruptcy settlements