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|Worldstock Returns $30 Million to Artisans|
Ticker Added to Web Site
SALT LAKE CITY, April 22 /PRNewswire-FirstCall/ -- Worldstock, the division of Overstock.com, Inc. (Nasdaq: OSTK) that sells handmade jewelry, apparel and household wares made by artisans from various nations, confirmed today that it crossed the $30 million mark in payments made to artisans and the groups that represent them. Worldstock has sold more than $46 million in merchandise since its debut in September 2001.
Worldstock distinguishes itself from its competitors because it returns on average more than 60% of the sales price to its suppliers, typically impoverished or handicapped artisans, co-ops of such artisans, or groups working with such artisans. Worldstock posts background stories about the artisans next to many of the items it offers for sale, and its merchandise is always handmade. The artisans' workshops are typical small, rarely employing more than 20 people. Worldstock currently features merchandise from Bali, China, Colombia, Ghana, Guatemala, India, Indonesia, Israel, Mexico, Morocco, Nepal, Pakistan, Peru, Tibet, Thailand, Tunisia, United States, and Vietnam.
"Many artisans create attractive merchandise, but lack capital to advertise or set up supply chains into the United States. Overstock.com allows these artists to take advantage of the system that we have already built," said Overstock.com CEO Patrick Byrne. "Our goal is to return as much money as possible directly to the artisans."
"The artisans generally can receive significantly more for their work by selling to us, and invest that extra income back into their businesses, without having to sacrifice the quality of their merchandise," added Worldstock Director Angela Ramirez.
A ticker has been placed on the Overstock.com website to allow consumers to track future progress. To find the ticker, go to http://www.overstock.com/Worldstock/6/store.html. The ticker will be updated weekly.
Interviews with artisans are welcomed. To schedule one, please contact Kirstie Burden at (801) 947-3116.
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.
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 size of artisan workshops, countries supplying products for sale on Worldstock, and the artisans' use of proceeds. 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.
SOURCE Overstock.com, Inc.