Concern for Customer Safety Prompts Removal of Products From Website
SALT LAKE CITY, Dec. 9, 2015 (GLOBE NEWSWIRE) -- Due to growing safety concerns around "hover board" self-balancing electric scooters, Overstock.com, Inc. (NASDAQ:OSTK) has made the decision to discontinue selling these items, effective immediately.
"Customer safety is always our top priority," said Overstock.com General Counsel and Senior Vice President Mitch Edwards. "With the continued emergence of news reports highlighting safety concerns with 'hover board' self-balancing electric scooters, we have made the decision to remove all similar products from our website as a precautionary measure."
To further emphasize the company's commitment to customer safety, Overstock.com has individually contacted customers who have purchased a "hover board" self-balancing electric scooter. They have been offered the option to return the item for a full refund if a return is initiated within two weeks of the notice, or within two weeks of product delivery, whichever comes first.
"We will continue to take every measure as this situation unfolds," said Edwards. "Overstock.com has always, and will always put the safety of our customers first."
Overstock.com, Inc. (NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com is dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution small-scale entrepreneurs in the U.S. by providing them a national customer base. Overstock has additional community-focused initiatives such as a Farmers Market and pet adoptions. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. Overstock (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock Fair Trade, Worldstock, and OVillage are registered trademarks. O.biz, Club O Dollars, and OGlobal are trademarks of Overstock.com, Inc. The Overstock.com, Club O, and Worldstock Fair Trade logos are also registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
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 all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2015, which was filed with the SEC on November 9, 2015, and any subsequent filings with the SEC.
CONTACT: Media Contact:
Mark Delcorps, Overstock.com, Inc.
+1 (801) 947-3564
Mark Harden, Overstock.com, Inc.
+1 (801) 947-5409