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Overstock.com responds to economic uncertainty with the Overstock.com Family Bailout
SALT LAKE CITY, Nov. 24 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) today announced that the online retailer will pay off $50,000 of the debt of the winner of its "Overstock.com Family Bailout" plan. The contest kicks off today, November 24, 2008, with an official entry deadline of December 22, 2008. The winner of the bailout package will be announced December 30, 2008. No purchase is necessary for eligibility; however, entrants are automatically submitted when purchasing items through Overstock.com. To enter or nominate someone you know, visit: (http://www.overstock.com/familybailout).
"We're sinking into the most challenging economic environment since the Great Depression," said Patrick Byrne, Overstock.com chairman and CEO. "This is our way of lending a helping hand to those that need it."
Overstock.com created the Family Bailout plan in order to give those who visit Overstock.com the chance to pay off their mortgage, credit cards, or other large debts in a troubled economic time.
The bailout will award one qualifying entrant with up to $50,000 to be paid by Overstock.com directly to one or more qualified creditors of the winner or the winner's immediate family.
"In these tough times we wanted to do something special to help the families who visit us," said Byrne. "That's why we've created the Overstock.com Family Bailout Plan."
For further details and complete terms and conditions on the Overstock.com Family Bailout, visit (http://www.overstock.com/familybailout).
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.
Overstock.com(R) is a registered trademark of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the economic environment and the company's way of helping its customers. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
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