Overstock.com quadruples its inventory with buys from gear.com and miadora.com

Overstock.com today announced its acquisition of Gear.com, the No. 1 closeout sporting goods e-retailer, and its $2.5 million purchase of Miadora.com and Jewelry.com's inventories valued at more than $12 million retail. "By absorbing these inventories and combining our traffic, we are primed to triple our sales during the upcoming holiday season," said Patrick Byrne, CEO of Overstock.com. "We anticipate a minimum of $10 million per month in sales by the end of this year, which will position us to become the first profitable e-tailer and reinforce our position as the market leader for online liquidation and discount shopping." Overstock.com will obtain all of The Gear.com Corp. stock, and with that, its inventory valued at an estimated $14 million retail. The inventory includes 3000 SKUs of sporting goods equipment. By purchasing the inventories of now-defunct online jewelers, Miadora.com and Jewelry.com, Overstock.com acquired more than 1,500 SKUs of high-end jewelry, including diamond earrings, bracelets and rings; gold and silver jewelry from top designers; and watches from prestigious brands such as Rolex, TAG Heuer, Breitling, Cartier and Bulgari.