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IN BRIEF / Technology

Overstock.Com Files for IPO

March 06, 2002|Bloomberg News

Overstock.com Inc., a Salt Lake City seller of surplus and close-out merchandise such as kitchenware and jewelry over the Internet, filed to raise as much as $36.8 million in an initial public offering. The company didn't disclose the number of shares to be sold or an estimated price

The company brings together suppliers with excess inventory and customers looking to buy brand-name merchandise at a discount. The 4,000 products for sale on Overstock's Web sites include bed-and-bath items, electronics and sporting goods.

Overstock has reported increasing annual revenue since 1999, with $40 million in 2001 compared with $25.5 million a year earlier. The company's net loss declined to $13.8 million last year from $21.3 million in 2000. Overstock plans to use proceeds from the IPO to repay $3 million in debt.

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