|View printer-friendly version|
|Overstock.com Responds to Web Auction Customers' Demand for Low Fees|
|SALT LAKE CITY, Feb 16, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- The online auction
platform at Overstock.com, Inc. (Nasdaq: OSTK) is offering 50% off its
insertion fees for items listed between Monday, February 18 at 12:01 p.m.
(MST) and Monday, February 25 at 12:01 p.m. (MST). The promotion coincides
with a protest organized by a group of eBay customers who are dissatisfied
with eBay's recent hike in selling fees and who are encouraging a boycott of
the eBay site during that week.
"Our promotion happens to fall during the same week that an eBay boycott was planned. While we didn't arrange our promotion in response to that particular boycott, we did notice that there are often strike plans. Auction customers are trying to tell eBay something. We overheard and we are responding to their persistent requests for low selling fees," said Overstock.com Chairman and CEO, Patrick Byrne.
"The temporary fee reduction is designed to encourage new traffic to Overstock.com's auction site where people can discover the ways we distinguish ourselves from our competitors," said Overstock.com Director of Auctions, Meghan Tuohig.
Among the advantages of the Overstock.com auction site are fees that normally are lower than those of major competitors, a robust message board, sense of community, and a soft close that extends auctions each time a bid is received within 10 minutes of the scheduled end. Since eBay has announced the new changes, Overstock.com Auctions has seen a 35% increase in the number of active sellers.
The listing fees for the February 18 - 25 Overstock.com promotion are:
Start Price Normal Promotion $0.01-$0.99 $0.10 $0.05 $1.00-$9.99 $0.20 $0.10 $10.00-$24.99 $0.40 $0.20 $25.00-$49.99 $0.75 $0.38 $50.00-$199.99 $1.55 $0.78 $200.00-$499.99 $2.35 $1.18 $500.00+ $3.15 $1.58
For more details regarding the Overstock.com promotion, visit: http://auctions.overstock.com/cgi-bin/auctions.cgi?PAGE=static&pagenum=333536
Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation 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. All other trademarks 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, but are not limited to, statements regarding level and time of discounted rates, ways the company distinguishes itself from competitors, the level of fees compared to competitors, the status of the message board, the sense of community, and the soft close that extends auctions. Our Form 10-K for the year ended December 31, 2006, our subsequent quarterly reports on Form 10-Q, 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.
SOURCE Overstock.com, Inc.