In its second-largest acquisition, Amazon buys the company for $970 million.
About 5% of its sales were to businesses buying inventory to re-sell, so Overstock.com will open a B2B web store.
Overstock.com plans to launch a B2B web site today, according to Patrick Byrne, CEO. The company found that about 5% of its sales were being made to businesses, which prompted Overstock to build the site that will allow businesses to buy overstock merchandise. “We started to see regular purchases from businesses on our site and when we called them up we realized there was a demand to provide to them as well as consumers,” Byrne says.
Overstock.com is an Internet retailer of name-brand surplus and close-out merchandise, that specializes in selling first-quality merchandise at discounts of 40% to 70% across a broad range of categories, including housewares, electronics, sporting goods, travel/leisure products, gifts, toys, and jewelry.