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The company was founded as D2:Discounts Direct in May 5, 1997 by Robert Brazell. The company went bankrupt in 1999. Patrick M. Byrne and Jason Lindsey acquired the company and renamed it as Overstock.com. [6] 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 ...
Overstock (NASDAQ:OSTK) is a noteworthy name on the stock market these days, not for good or bad performance, but for the sheer weirdness of the news that seems to come out of the company ...
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The company had generated slightly more than $500,000 in revenue the previous year by liquidating excess furniture inventory online, but was out of capital and shutting its doors. Byrne found the idea of online closeouts intriguing, and in the spring of 1999 invested $7 million for a 60 percent equity stake in the company.
Beyond/Overstock saw sales peak in 2021, when it hit $2.76 billion. Last year, that total fell to $1.56 billion, on a combination of underperformance from the Website and weakening consumer demand.
The hedge fund, run by John Thaler, owns a 9.1% stake in Overstock.com, and made its demands public in the filing after sending a letter outlining its wishes to the company last week.
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