Overstock.com Essay

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Overstock.com

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Overstock.com, Inc.

Type Public

Traded as NASDAQ: OSTK

Industry Retail

Founded 1999

Headquarters Cottonwood Heights, Utah, United States

Key people Patrick Byrne, CEO

Revenue US$1.3 Billion (FY 2013)

Operating income US$16.6 Million (FY 2013)

Net income US$88.5 Million (FY 2013)

Total assets US$219.3 Million (FY 2013)

Total equity US$122.9 Million (FY 2013)

Employees 1,500

Website Overstock.com

Overstock.com, Inc., also known by its shortcut, O.co, is an American online retailer headquartered in Cottonwood Heights, Utah, near Salt Lake City.[1] CEO Patrick M. Byrne launched the company in May 1999.[2] Overstock.com initially sold 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. In recent years it has expanded to sell new merchandise, as well.[3][4][5][6][7][8] The business started rebranding in early 2011 as "O.co" to simplify and unify its international operations[9] but interrupted this effort a few months later, citing consumer confusion over the new name.[10] Overstock went public in May 2002 at an IPO price of $13, and after achieving significant growth and profits in some early quarters, achieved a profit of $7.7 million in 2009[11] and reported its first billion-dollar year in 2010.

Contents [hide] 1 Business Model 2 Awards 3 O.co Coliseum 4 Sales Tax 4.1 New York 4.2 Illinois 5 Naked Short Selling Campaign 6 Lawsuits 7 SEC and Regulatory Action 8 Goldman Sachs Documents Naked Short Selling 9 Board of Directors 10 Bitcoin 11 See also 12 References 13 External links

Business Model[edit] Part of Overstock.com's merchandise is purchased by or manufactured specifically for Overstock.com. Among their products are handmade goods produced for Overstock by workers in developing nations.[12][13] 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 on September 24, 2004, known as Overstock.com Marketplace and later O.co Marketplace. This service was retired in July, 2011.[14] After initially relying solely on word-of-mouth marketing from customers,[7] the company turned to distinctive television advertisements starring German actress Sabine Ehrenfeld.[15][16] Later, Briana Walker became the new spokesperson.[17] In January 2011, Caitlin Keats became their spokesperson.[18] Since 1999, when Byrne took control and relaunched the company as Overstock the company took its time to become profitable. Byrne projected in May 2008 that Overstock would be profitable in the fourth quarter of 2008, and would achieve a $10 million profit.[19] The company indeed was profitable in Q4/2008, but resumed making losses in Q1 and Q2/2009. Overstock.com finally has its first annual profit in April 2010. On the announcement shares of the company rose more than 30 percent. In 2011, revenues dropped 5 percent over a two month penalty period imposed by Google. According to the Associated Press, Overstock set up fake websites linking back to its own site. Overstock said it was penalized, in part, for a practice of encouraging college and university websites to post links to Overstock pages so that students and faculty could receive discounts. As a result of the Google penalty, search results for certain products dropped in Google rankings.[20][21] 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
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