Roger Hardy, who in February sold web-only eyewear company Coastal Contacts for $385.7 million, will consolidate OnlineShoes.com and ShoeMe.ca.
The company will use the net proceeds of the offering primarily for general corporate purposes and working capital requirements.
Overstock.com Inc. has issued 700,000 shares of its common stock for $16.8 million at a price of $24 per share. The company expects to use the net proceeds of the offering primarily for general corporate purposes and working capital requirements, including sales and marketing activities.
The company was comfortable with its cash position for 2006, but several parties made overtures regarding the placement of additional capital into the business and Overstock.com opted it would be prudent to accept, the company says. The names of the investors were not immediately available.
Overstock.com, No. 19 in the Internet Retailer Top 400 Guide to Retail Web Sites, grew sales 62.5% to $804 million in 2005 compared with $494.6 million in 2004.