Overstock continues restructuring its retail business as it posted a first quarter loss and named Dave Nielsen president of retail.
Overstock.com pursued more robust marketing initiatives in the third quarter ended September 30 and, partially because of those efforts, posted a net loss of $47.9 million, or $1.55 per diluted share, versus $786,000, or three cents per diluted share, in the year-earlier period.
Overstock.com has added three new executives to its retail leadership team. Catherine Borda was appointed to the newly created position of chief customer officer, Chris Donnelly appointed chief of staff to the president, and former Overstock co-president Dave Nielsen appointed chief sourcing and operations officer.
Overstock.com has launched an integrated lease-to-own purchase option through Progressive Leasing.
Patrick Byrne, Overstock.com founder and CEO, is selling about 10% of his stock in the company to fund several investments, he revealed in a letter to shareholders.
Overstock.com said it will begin expanding its physical and digital operations, including supply chain, marketing, and recruiting, into states in which tax nexus concerns previously prevented the company from having an on-the-ground presence.
Across the retail industry, some disagreement has followed a U.S. Supreme Court ruling upholding a 2016 South Dakota law that requires online merchants to collect state sales tax if, annually, they do more than $100,000 in sales or complete 200 transactions with state residents.
Are the myriad design trends in the housewares and home furnishings marketplace overwhelming consumers? Overstock.com has determined, through its inaugural “Not Another Trend Survey,” that consumers may be dizzied by all the home style and fashion input they get when shopping.