Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The online retailer will pay off $50,000 of debt for the winner of the contest that runs through Dec. 22. Anyone can enter, and any shopper who makes a purchase at Overstock.com is automatically enrolled in the contest.
With hundreds of billions of dollars in federal bailout dollars earmarked for banks and other corporations, many consumers have wondered who might give them a hand with their debts. The answer, at least for one lucky consumer, is online retailer Overstock.com Inc.
Overstock announced this week that it will pay off $50,000 of debt for the winner of its Overstock.com Family Bailout contest. Anyone can register for the contest at Overstock.com, and anyone who makes a purchase at the discounter’s site through Dec. 22 will be automatically enrolled.
"We`re sinking into the most challenging economic environment since the Great Depression," says Patrick Byrne, chairman and CEO of Overstock.com, No. 30 in the Internet Retailer Top 500 Guide. "This is our way of lending a helping hand to those that need it."
Overstock.com will pay up to $50,000 directly to the creditors of the winner or of members of the winner’s immediate family, allowing them to pay off credit card bills, mortgage or other large debts, the retailer says.