Overstock.com Investor

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September 13, 2018 at 9:00 AM EDT
Overstock.com opens Kansas City warehouse to bring two-day shipping to 99% of United States customers by October

SALT LAKE CITY, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) announced plans to open a warehouse in Kansas City, Kansas, with distribution from the facility expected to begin in October. The new warehouse is strategically positioned to allow Overstock to offer two-day ground shipping to more than 99% of customers in the contiguous United States.

“Overstock.com has always focused on finding ways to continually offer our customers the best possible shopping experience, including their delivery and post-delivery needs,” said Carroll Morale, Overstock’s vice president of supply chain. “Integrating the new Kansas City warehouse to our existing supply chain network will help us provide faster shipping to our customers just in time for holiday shopping, delivering an improved customer experience alongside the products in every order.”

Overstock has leased the full 517,000-sq.-ft. warehouse located at 5300 Kansas Avenue and plans to immediately integrate the new warehouse into its outbound delivery supply chain, including moving top-selling products from its core inventory and strategic partners into the facility. Eventually, the company will expand the facility’s functionality to include returns processing and expects that the Kansas City warehouse will create more than 100 jobs for the local community within the next two years.

“We are thankful for the support we’ve received from the Kansas Department of Commerce as we have expanded our supply chain to include the new facility in Kansas City,” continued Morale. “This warehouse is another step towards continuing to strategically expand our two-day shipping lanes throughout the country and decrease delivery times for customer orders.”

The opening of Overstock’s newest warehouse coincides with the retailer’s annual Anniversary Sale. During the sale, customers will receive deep discounts on its top-selling products, while members of Overstock’s Club O Loyalty Program will also receive access to additional preferred customer perks and 10% rewards on select products alongside the everyday free shipping and 5% rewards on all purchases they already enjoy as members of the loyalty program.

About Overstock.com

Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to millions of products from third-party sellers. Additional stores include Pet Adoptions and Worldstock.com dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website, http://www.overstock.com.

O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also 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 June 30, 2018, which was filed with the SEC on August 9, 2018, and any subsequent filings with the SEC.

SOURCE: Overstock.com, Inc.

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Overstock.com, Inc.