The “For Sale” sign may be going up at Overstock.com.
CNNMoney reported that Patrick Byrne, Overstock CEO, is considering selling the company’s retail business in order to focus on Overstock’s ownership of 10 blockchain companies. Blockchains are the technology behind cryptocurrency, such as Bitcoin.
In addition, the report said that Overstock on December 18 is launching a $250 million Initial Coin Offering (ICO) to raise funds to “reshape” the business.
Byrne told CNBC that his goal is to “walk away” from the retail side of the business within 60 to 90 days. He outlined three possible options for Overstock’s retail business. They include selling to a traditional brick-and-mortar retailer, investment from an overseas investor and investment by a private equity firm that would take Overstock private.
Recently named a Homeworld Business Retailer to Watch for 2018, Overstock recently reported third quarter revenues of $424 million, down from revenues of $441.6 million in the comparable quarter the previous year. The company recorded a net loss of $786,000, or three cents per diluted share, versus a net loss of $3.1 million, or 12 cents per diluted share, in the year-earlier period.